If you’re renting out a vacation property from somewhere other than the area where that vacation property is located, you’ll run into a few unique challenges that local property owners don’t have to worry about.
The solution is pretty obvious: partner with a local property management company who can take cover the marketing, the turnovers, the maintenance, the cleaning, and all of the finances and follow-up.
Professional property managers give you more than the services that are provided. You also get our experience and our expertise, which is difficult to quantify. We have the best relationships in place with vendors, contractors, and service providers. We understand the local market and the shifts in pricing and tenant demands. We know how to handle unexpected and difficult situations, such as hurricanes or beach closures.
Managing any property long-distance is a challenge. Vacation rental management is even more challenging for out-of-state owners because of the frequent tenant turnover and the extra wear and tear that vacation properties suffer.
For rental property owners who can’t simply take a short drive to handle issues, perform maintenance, or meet guests, we’re sharing some suggestions that can help you navigate these challenges.
Main Challenges for Long-Distance Owners
All of these challenges are issues for any rental property owner in Florida’s fast moving and competitive market. However, when you’re worrying over these things from New York or California or somewhere else out of state, the frustration can quickly grow and the expenses can easily add up.
- Tenant and property turnover. Your vacation home isn’t like a long-term rental with a lease period of a year and a good amount of tenant stability. You have new people coming to stay every week or even every few days. You cannot be present to oversee any of the cleaning, maintenance, or restocking. You cannot greet your guests in person when they arrive. If you don’t have a great local team in place to do all of this for you, the rental business you’re running will suffer.
- Maintenance. What happens when a guest calls to report a leak or an appliance that isn’t working? You may be taking the call from hundreds or thousands of miles away. You need someone who can get over to the property right away to take care of the problem and ensure the guests are satisfied. People are staying in your property for the short-term, and they expect to have everything working. You can’t say you’ll fix it “in a few days” because they’ll be gone by then, and feeling like the property was not everything that they expected. Do you have a list of preferred vendors, contractors, and service providers who can respond right away?
- Vacancy. It’s unnerving to have your vacation property empty and unoccupied. In Florida, people are looking for rentals all year long. You’re losing money when you have no guests, and this vacancy may be due to something you missed; a sudden drop in nightly rental prices or a new, all-inclusive hotel that’s gone up not too far away. Keeping abreast of local market trends and shifts is essential to keeping your property occupied, and that’s difficult to do when you’re far away.
These are just the top challenges you’re dealing with. There are also financial and accounting matters to manage, landscaping and preventative maintenance, and of course – customer service. How can you be sure your guests are having an outstanding experience that they’ll review favorably when you aren’t there to make sure of it?
Solutions: Local Property Management and Technology
A trusted network in the local area around your vacation property can help. But, instead of gathering a network on your own that includes cleaners and handymen and pest control people, partner with a property manager, who will have all of those contacts already in place. Your property manager will have existing relationships with plumbers, electricians, and house cleaners. They’ll have high standards for your rental property.
Your property manager will also invest in the latest technology, which makes it easier to manage your property and to keep you involved and in touch.
Technology is a big help to long-distance vacation rental owners. Remote access to surveillance cameras, smart locks, and thermostats provide you with a view of how things look from afar, offering both security and convenience.
You want to work with a management company that’s invested in reliable property management software. This will help to streamline bookings, calendar management, and payment processing. Good tech will also help with virtual tours, provide smart devices, and allow for convenience such as digital check-ins and check-outs. Guests will appreciate that convenience.
Financial Management and Marketing Considerations
Strategically managing finances and marketing are crucial for long-distance landlords. You want to make sure your rental stays competitive and financially profitable. This is another area that property managers can help, especially when you’re working with a local expert. Your management partner should handle all of the accounting and the collection of deposits and rents.
You’ll also benefit from local advertising, online listings, and website management. This will help your marketing efforts and allow for more direct bookings, which earns you more money.
Remote vacation rental management might seem like something that’s totally possible. And, it is, thanks to technology and online platforms that help with marketing and management. However, when you work with a local property management expert, you’ll notice real results that would be difficult to achieve on your own from afar.
As a vacation rental property owner, your goal is not just to manage a rental property successfully, but to create memorable experiences for those who stay at your rental. When a good experience is provided, you can expect fantastic reviews and continuous bookings.
Don’t make the management of your vacation property more difficult than it has to be. A property management partner can make sure that everything runs smoothly and professionally, keeping you in the loop along the way.
We’d be happy to serve as your local management resource. If you would like to talk about how that would look, please get in touch with us at Anchor Down Vacation Rentals.