Sitting at the front porch with the exquisite views of the beach, with kids running around with a pup, and no one to answer to sounds like the perfect vacation. Owning a vacation house is something a lot of people dream about. It saves you from renting expensive vacation homes that do not even satisfy you to the fullest! As much as owning a vacation rental sounds intimidating, it has some downsides to it, management of the property is one of them.
Many vacation rental owners hire the services of a vacation property management company for the management of their property, and some choose to do it themselves.
Are you one of those enthusiastic individuals who wish to take care of the vacation homes on their own? Well, here is a list of the pros and cons that come with managing the vacation rental yourself to help you make the right choice!
The Sunny Side of Managing Your Vacation Rental Yourself
If you have a vacation rental of your own, it is a clear indication of how much you love to plan vacations with your friends and families. Such enthusiasm is why many vacation rental owners choose to manage their properties themselves, and these are the benefits they can enjoy!
No Property Management Fee
When you manage your vacation rental property yourself, you save yourself from the fee that property management companies charge. When you hire a professional service for the management of your property, they take the first month’s rent as their first payment. In addition to this, they charge 8-10% of the monthly rent as their fee. Doing it yourself means you are saving yourself from such fee.
Do it Your Way
Another reason why managing the property yourself is a smart option is that you can make changes however you wish. Being the owner, you can manage it better than any professional service. You can maintain it according to the requirements of your family and friends so that when they are in a mood for a vacation, they get exactly what they need!
Choosing the Tenants Yourself
Managing your vacation rental and overseeing all the matters allows you to select the tenants yourself. You can evaluate the forms yourself and rent it out to whoever you like, which is not a possibility when you hire a professional management service.
The Cons of Managing Your Vacation Rental Yourself
Like all other things in life, managing your vacation rental yourself has some downsides to it. Here are some reasons that might make you want to hire a professional vacation property management service.
It is a Challenge
It is not a hidden fact that managing a property rental yourself is a challenge in itself. Handling it yourself means you have to be there at all times, which is not a possibility. There are so many matters that require attention such as chasing late payments, ensuring tenants’ safety, choosing the right tenants, cleanliness, time-to-time infections, and many more!
The Risk Factor
Managing a property yourself is not just challenging but even risky too. Unlike a professional service, you might be unaware of the trends of vacation property, which may make yours a bit outdated, reducing the value of your property, thus, the revenue. Sometimes, outdated properties also carry legal implications.
Vacation rentals may serve as a good source of income, but the key is an effective marketing campaign. A professional rental service knows exactly how to market properties and even have the means to do it, which in the majority of the cases is not something property owners possess. It significantly impacts revenue.
Automation of Vacation Rental Property Management – A Possible Solution
Self-management of vacation rentals is tough and boasts many challenges. If you still want to do it yourself, you can incorporate these automation tools on your property and make it simple, secure, and convenient.
Key exchanges is a hassle in itself, and in many cases, people lose keys during the process. Installing smart locks in your home helps you grant access to the tenants remotely.
Home Temperature Automation
Controlling the utility costs is essential when you wish to cut down on the maintenance costs. Installing a smart home temperature automation system will help you operate the system yourself. Moreover, it helps you in providing your guests with the temperature they prefer without the need of actually being present.
Smart Lights and Sensors
A smart way to cut down on maintenance costs is through lowering the electricity bills. The smart lights and sensor system will detect when the lights are not in use and shut off automatically.
These are some smart ways you can automate the management of your vacation rental and save yourself from the hassle and stress!