Property Management vs. Doing It Yourself

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Property Management vs. Doing It Yourself

Which one is right for you?

Many billions of dollars have been spent in the US in an effort to kindle the “Do it yourself” spirit. There are many success stories in the world of owner operated vacation rentals. One of the most popular means with which to present your vacation property is a website known as VRBO.com.

This site will allow you to represent your property with photos, videos and all the details you can muster. This type of marketing places you in a group of other units that represent your region, community and destination. You can even buy your way to the top of the search group by paying for the privilege. Of course, be advised, the conversion rates for owners that are new to the site are abysmal. For every 40 rental inquiries you get you might get one booking. The odds aren’t great but if you have the time and inclination, farming your leads can be profitable. That said, VRBO.com has become the place where desperate owners compete with each other in a race to the bottom of the rate barrel which is clearly not the best business plan.

Always keep in mind that though you’ve put your best foot forward with respect to the furnishings and “value adds” you’ve painstakingly provided to insure that your guests have a great stay, it doesn’t always translate to respect for your property. Guests will most often tend toward the thinking that since you own this beautiful piece of real estate that you are related to Donald Trump and can therefore afford to fix/replace/repair anything that may go wrong. This type of thinking breeds a carelessness that can lead to tragedy, costing you time and money to repair. In the best of cases if a guest creates a problem they will call you immediately, offer to repair the deficiency on their own nickel and thank you for being such a wonderful human being. Don’t hold your breath, More often than not, you won’t be aware that something has gone wrong until you’ve already returned the damage deposit and the next guest that stays in your rental tells you about it.

This is one of the terrific benefits of hiring an professional management company. Professional companies take the worry and leg work out of your hands and allow you to sleep at night. There are fees for their services but the value of professional marketing efforts, staff and services easily outweigh the fees.

If you are a property owner, take time to review the Staymonkey.com partners in your area.

2013-06-27T20:19:33+00:00 June 27th, 2013|Tips|