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Following the housing meltdown a decade ago, the holiday property rental sector has undergone significant expansion. Investing in a vacation rental property can provide you with a new source of income as well as new wealth due to property appreciation.

In quickly rising regions like Boyne City, MI, and other cities in Northern Michigan, vacation rental property can be very beneficial. These properties not only have a year-round demand for renters, but they also appreciate at a pace substantially over the national average due to rising local populations.

You’ve Invested, Now What?

One of the first things you’ll need to do after deciding to invest in a vacation rental home is employ a property management company. These groups, which may assist you with a variety of tasks such as marketing, guest interaction, and property maintenance, will make your life much easier.

Though some holiday property owners try to maintain the property on their own, the benefits of employing a property manager usually outweigh the expenditures. In this article, we’ll go through the eight advantages of hiring a vacation property manager. You can decide if making the same decision is in your best interest by knowing why so many property owners do so.

  1. Increased Property Exposure is one of the first things that comes to mind.
    The first—and arguably most obvious—benefit of hiring a vacation home management business is that it will considerably boost the number of people who know about your property. The team will dramatically improve your property’s digital exposure by utilizing social media platforms, Air BnB, local listings, and other venues. Given that more than 80% of bookings are made online, there’s no doubting that having a great online presence may be quite useful.
  2. Profitability to the max
    The most profitable vacation properties in many cities will be those that adopt a flexible price approach. Rather than charging the same fee every night of the year, these establishments will charge higher rates during peak periods and cheaper rates during lull periods. Weekends, important events in town, and the peak vacation season will all drive up demand for vacation homes. You’ll be able to optimize the amount you may charge while still ensuring the home is continuously rented if you work with an experienced team that is familiar with the local market’s natural ups and downs.
  3. Assistance in an Emergent Situation
    Life has its ups and downs, and holiday rental properties are no exception. It would be the property owner’s responsibility to respond swiftly if something went wrong, such as flooding, malfunctioning appliances, gas leaks, or anything else. You can engage a property management team to be on call for you instead of having to be on call all of the time. This not only gives you more flexibility, but it also protects you from any liabilities.
  4. Increased Online Reputation
    You’ll want to make sure that your home is continually receiving favorable ratings in addition to getting visibility online. Before making a reservation, about 59 percent of customers read reviews or look at property websites. Your vacation home management partner will assist you in providing commodities and services that will help you maintain a high average rating. Your property will rank higher in various searches if you have a high enough rating, and you will also get benefits such as being an Air BnB star host.
  5. Cleaning and maintenance on a regular basis
    Anyone seeking to please their guests (which is critical in this market) must ensure that the property is thoroughly cleaned between each stay. Rather than having to clean your premises on a regular basis, it is far more convenient to engage a company to do it for you. Cleaning costs are added to each stay in the property rental market, therefore employing a cleaning service will not necessarily affect your bottom line. Maintenance on rental properties, such as changing light bulbs, repairing leaks, and everything in between, will be necessary.
  6. Improved Customer Service
    You must go out of your way to communicate clearly with all guests if you want to earn repeat customers. If a property owner takes more than a few minutes to react to a message (“We’re locked out!”, “How do you turn the heat off?”,”Are there any nice restaurants nearby?”), their guests may become frustrated, resulting in negative reviews. You won’t have to worry about continually checking your phone or making sure your guests are delighted if you have a whole crew on your side. The team will be able to handle all communications and will know how to efficiently resolve concerns.
  7. Prospects for Growth
    Once someone has established themselves as a successful vacation property owner, they will most likely wish to expand their portfolio. However, if you intend to handle all aspects of guest interactions, cleaning, and marketing on your own, there will be a natural limit to the number of properties you can own. After all, each day has a finite amount of time. Hiring a vacation property management company would allow you to expand your portfolio and increase your earnings.
  8. Increased Profitability
    The most typical reason for vacation property owners not using a rental firm is that they wish to avoid any extra costs. When you do the arithmetic, though, you’ll notice that hiring a corporation raises your monthly earnings. Better marketing, a better guest experience, and superior management will all work together to help you realize your property’s full potential. In fact, some companies will not accept payment unless your property has been rented.

Owning a vacation rental property will take some effort, but when handled properly, it can be quite profitable. Hiring a property management company can help you avoid many of the headaches that come with owning property while also increasing your income potential. While you should take your time to ensure that the partner you choose is fit your property ownership goals, it is evident that these companies may add a lot of value.