Questions to Assist Vacation Rental Owners in Choosing a Vacation Rental Property Management Company

1. How long has your company been around, and how familiar are you with the rental scene here?

• It's good to know if the company knows the ins and outs of the area, and having some history helps with pricing and enhances the appeal to potential guests.

1. What's the deal with your agreement term?

• It's crucial to grasp that a property management agreement is simply a deal between two parties. Knowing the nitty-gritty of cancellation terms, understanding your power as an owner to cancel, and the potential costs involved is key.

1. How often do you tweak my vacation rental rates?

• If it's not happening multiple times a week, you should look for another management company.

1. How do you keep tabs on market trends and occupancy rates?

• A good company should have the tech to track these things, but if not, it could affect your property's bookings. Adjusting rental rates on OTA's helps keep your listing lively and visible to potential guests by boosting your rankings in the algorithm.

1. Are your Reservation Agents full-time locals who know the area?

• Having full-time dedicated agents who know your property and the area is crucial for finding the right guests.

1. What's the plan for enforcing rules and dealing with issues?

• Knowing how the company handles rule-breakers is key to protecting your property and maintaining a good reputation. Reinforcement isn't a one-size-fits-all scenario. Agents should consider relevant laws, owners' preferences, and the long-term impact before making decisions. It's essential to be aware of who's making those decisions and how well-acquainted they are with your property and goals.

1. How often do you check security footage?

• Regular checks ensure guests are following the rules and help maintain a secure environment. Your property manager should regularly review security footage during check-in and throughout a guest's stay. It shouldn't intrude on the guests, but it's crucial to ensure that rules are being followed. Avoiding damages should be a shared goal.

1. Do you inspect the property after each guest?

• Regular property check-ups are crucial for ensuring a positive guest experience and preventing issues.

1. What's your commission rate? What additional fees will I be charged?

• Watch out for rates that seem too good to be true. Good management companies typically charge between 20-40%. If it's lower, dig into what corners they might be cutting to the detriment of your property and service.

• Management companies can charge fees like linen fees, laundry fees, restocking fees, toiletry fees, welcome gift fees, inspection fees, staging fees, copy fees, photography fees, credit card fees, regular maintenance, listing change fees, advertising fees, cleaning fees, reservation fees, marketing cost fees, and the list goes on, and on, and on. Be sure to calculate these a la carte fees into your management percentage. These fees can make a significant difference. While they advertise a 20% fee, they may actually charge closer to 35% after all required services are provided. 

1. Can I see a sample owner statement?

• Checking a sample statement can reveal any extra fees and give you a sense of their accounting practices.

1. Will I have a dedicated Owner Representative?

• A consistent point of contact is your communication anchor, ensuring efficient and personalized interactions. This dedicated person becomes familiar with your property, understands your preferences, and actively aligns strategies with your goals. Beyond just handling inquiries, they become a trusted partner invested in the success of your vacation rental.

1. What maintenance services are included?

• Knowing what maintenance costs are covered and what might incur additional fees is important. Are you getting charged extra for someone to handle tasks like changing lightbulbs, filters, and batteries?

1. Do you provide basic services like online access to financials and reports?

• Essential services that any reputable management company should offer for your peace of mind.

1. Do you list on Online Travel Agents (OTA’s) sites? Do you pay to photograph the property?

• This includes VRBO, AirBNB, etc. In the past, relying solely on direct bookings worked well in this area. However, the landscape of how guests discover and plan vacations has evolved significantly. The era of browsing vacation homes in magazines is long gone. Embracing Online Travel Agencies (OTA's) is vital for your property's success, significantly enhancing your visibility in the modern vacation rental market.

• The company should use a professional photographer and offer additional services (possibly for a fee) like twilight photos, 3D tours, and aerial photographs.

15. How much weight do you give to guest ratings of your property post-stay, and what measures do you implement to guarantee guest satisfaction?

• Guest ratings should be a top priority for property managers and owners. A negative review can impact bookings and, ultimately, the overall financial performance. Consistently low ratings may lead to removal from an OTA platform.

• Property managers should take a proactive approach in communication, addressing guest concerns promptly and implementing improvements based on feedback. This will go a long way to ensure a guest leaves with a positive impression of their stay.

Things ALL managers should provide (should be an easy yes for any reputable, professional company):

1. Can I access my financials, reports, and bookings online at any time?

2. Do you list my property on suitable Online Travel Agents (OTA’s) sites? (VRBO, AirBNB, etc.) 

3. Do rates change based on day of the week and time of the year? 

4. Do you manage the cleaning?

5. Do you take online and instant bookings?

6. Can guests pay you with a credit card?