Why should I pay someone to manage my vacation local rental property at the Lake of the Ozarks (or any other property for that matter)? That is something that you should consider before investing in a local rental property seriously. Most companies charge anywhere from 30% to 50% to control a vacation rental property depending on the location and length of the rental season.
Typically the longer the local rental season, the low the percentage and the shorter the growing season, the higher the percentage. Below are a few of the plain things you should think about when seeking to hire accommodations supervisor. Just how much experience do they have in managing a property just like yours and in your specific location? What types of services do they offer because of their percentage?
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How much is their percentage? Are any concealed costs there, i.e. charging extra for handling maintenance issues, yard treatment, cleaning, etc? You have to know what the costs for those services are prior to putting your signature on a contract for management. Marketing is going to play a huge factor in how well your premises rents and eventually how successful you are.
And it is not always how much is spent. A rental company could spend a hundred thousand dollars advertising in Australia for the Lake of the Ozarks and I question that they might see a very good return on the investment. 150 on a vacation rental website that would give them a few thousand dollars or more in accommodations.
So the right question to ask is, “what types and where” these are advertising. If they state printout advertising within a 50-mile radius, I would suggest looking someplace else. Damages, cancellations, and exactly how they handle repairs are a few things that you should research before choosing a company. Who will pay for damages? Do a deposit is required by them? What happens whenever a guest cancels their reservation?
If a repair is necessary are you notified over a quantity? Who will pay for the housekeeping? What goes on if the AC goes out during a guest rental? Ultimately, if you are going to hire a manager you want to find one that you are more comfortable with, that offers the known degree of services that you require and which has a successful track record.