Congrats – you just bought a property in the Myrtle Beach area (or are at least thinking about it!). Your ready to start renting out your property to guests but have no idea where to start. Here are 4 reasons why you should use a property management company for your vacation rental:
1. Less Work for You
Okay – let’s be honest. Managing a vacation rental is a lot of work! You are basically running your own mini hotel. Not only do you have to market and get your property out there on the internet, but then you must think about the housekeeping, maintenance, check-in process, payments system, + more.
How will you speak to your guests? Who will clean your condo? What will you do every time someone reports a maintenance issue? What security measures will you put in place to ensure that your guests are safe during their stay? The questions are endless while beginning this journey to renting out your property.
Just think about how much easier it would be for someone else to manage all the details. No need to worry about receiving a 2 AM phone call from your guest telling you that they are locked out of their condo! The property management company can handle all the good and bad that comes with managing a property.
2. Greater Exposure to Potential Guests
Marketing budgets for property management companies can range from $5,000-$25,000 every month! Most likely – these companies will have a dedicated team to get your property the maximum exposure on high ranking websites to attract the best guests. Most property management companies also work with popular third-party booking websites such as VRBO, Booking.com, Expedia, Marriott Homes & Villas + more.
To list your own unit on VRBO alone would cost at least $500 annually plus commission rate per booking. Then actually gaining exposure on these sites is a whole other animal. A lot of property management companies will give you FREE exposure on these websites without the added fees.
3. More Services Available to You
There are a lot of different services needed to manage your property. Let’s start with the basics. To get your property up and running online – who will take the pictures, write the property description, create the contract, and make the house rules/procedures.
Putting up blurry cell phone pictures will frankly not make your property stand out in a sea of highly competitive HD photos and videos online. Hiring a photographer to start you out can be almost $300+. Then – whenever you make any changes to the property – you will have to get all new photos to show guests what they will be getting!
Then comes the housekeeping and maintenance side to the property. Will you be handling all of that or will you hire outside companies to do the leg work? If you plan to handle it yourself – be prepared to consider this a full-time job! Managing a property can be a lot of work!
Property management companies will likely have an in-house photographer, housekeeping company, and maintenance team. On top of that, they will be able to handle all the finances that come with renting out your property.
4. Maximized Revenue
If you are not making money – the property management company is most likely not making any money either. In a competitive market like Myrtle Beach or Hilton Head Island – the vacation rental industry is constantly competing for bookings. Many guests are willing to pay a higher dollar to BBB Accredited Businesses.
Not only that, but many property management companies use industry-driven data to determine the best price per property. These prices can change all throughout the year based on the season and type of customer. If you go based on just what you see other properties are doing – how will you know that is the best price? Trust the experts and leave the pricing up to these property management companies!
Remember again – if you are not making any money – they most likely are not either. They want to see your property succeed.
So what is stopping you from using a property management company? We would love to hear your feedback below.
Curious where to start? Palmetto Vacation Rentals is the premier service that is redefining vacation property management along the Grand Strand. If you need a vacation property management company for your Myrtle Beach or North Myrtle Beach condo or home, then look no further!
Palmetto Vacation Rentals goal is to make owning vacation property in Myrtle Beach an easy and stress-free way of building long term wealth for our homeowners. We have a variety of rental property management programs in the Myrtle Beach area, based on your specific needs, that will help you retain more of the property’s income. In addition, with our extensive marketing and sales program, you are certain to see higher occupancy rates than ever before.
Leave the booking, check-in process, payments, housecleaning, maintenance, and marketing to us!
Check out our Property Management page for more details!