June 18, 2024


Mad about real estate

Should You Manage Your Own Rental Property? is it Right for You?

Should you manage your vacation rental or hire a management company to do it for you? Many homeowners often ask themselves if they should attempt the rental business themselves or hire a professional to do it for them. Of course this is a personal opinion for each homeowner to decide. However, here are a few things to think about when trying to make this decision.

1. Where is your property located? How close are you to your property?

2. How many properties do you own?

3. How many renters will you have at one time.

4. How many weeks would you like to rent out?

5. Do you have anyone to help you with the rentals?

6. Am I willing to give up between 30 – 40{ef6a2958fe8e96bc49a2b3c1c7204a1bbdb5dac70ce68e07dc54113a68252ca4} of my rental income to a management company?

7. Who will pick up the supplies as they are needed?

8. Who do I know that is dependable and will do a good job?

9. How will I advertise my property?

10. How do I know what to charge?

11. Will a management company advertise for me?

12. Can I advertise for free? In not, what will it cost?

13. What about emergencies? Who will be “on call” and how will I handle the emergency calls?

14. What are the extra costs involved with a management company? Any hidden fees?

15. How will I know what to pay my housekeeper if I decide to use the rent by owner system?

You can save on management fees by managing your own property. You can be very successful if you take the necessary steps. It can be fun and very rewarding if you have the right attitude and follow the right system. But, if you decide not to try it on your own, then carefully choose the management company in which you feel comfortable. Ask lots of questions. Find out if there are any hidden fees. Ask for references and act on it. Call them to find out if they ever had any problems with the management company.

Marie R. Ferguson, author of “Breaking all the Rules: How to Rent Your Vacation Home”. An expert landlord of vacation rentals with over twenty years of experience in the financial and real estate industry.

For more information https://www.HowToRentVacationHomes.com and check out how you can get a free property listing for your rental property on https://www.DreamAwayVacationRentals.com