The Pros and Cons of Vacation Rental Management Services
A vacation rental is a great real estate investment, but without the right management solution, you’re going to have a hard time making it profitable.
Self management vs. Full-service managers vs. Flexible management solutions
The previous post discussed the benefits and drawbacks of DIY management, but that’s just one option. You can also use a full-service property manager or opt for a more flexible vacation rental management solution.
Flexible management options, like Evolve Vacation Rental Network, handle your marketing, answer guest inquiries, confirm bookings, process payments, and provide flexible options for onsite services like cleaning and guest support.
Benefits of flexible vacation rental management solutions
- Marketing and Booking Expertise – You have access to a dedicated team of industry pros who build your listing, market your home on top websites, respond to traveler inquiries, confirm bookings, optimize your performance based on industry trends, and support you along the way.
- Increased Flexibility – You have the freedom to choose how to handle the cleaning and maintenance. If you live close to the property, you can do it yourself. If you live far away, you can hire the cleaning company of your choice to handle it. And if you don’t know where to start, Evolve can make a recommendation from its network of trusted partners.
- Lower Fees – Evolve’s booking fee of 10% is significantly lower than than you would pay to a traditional manager, so you get to keep more of your income.
Drawbacks of flexible vacation rental management solutions
- Selecting onsite service providers – Rather than having a full-service property manager take care of everything for you, you will need to hire and maintain relationships with housekeepers, guest contacts, and maintenance providers. Companies like Evolve will typically notify these service providers of upcoming reservations to help minimize your involvement.
- Proximity – Flexible management solutions might not have a local presence in your area. In place of that, they may have partnerships with local service providers that act as their boots on the ground to help you and your guests.
Flexible vacation rental management companies offer innovative solutions to some of the most pervasive issues in the industry. However, they may not be right for dedicated DIY owners or those who prefer the full-service approach of local property managers. Ultimately, there’s no ‘right answer.’ It comes down to each individual owner and what kind of solution and services they’re looking for!
Author: Lauren Kaye, Evolve Vacation Rental Network – April 27, 2018