Hiring the perfect property management team is a crucial part in starting your vacation rental business. Keep reading this post to find out all of the questions we think you need to ask when interviewing property managers.
If you’re reading this post, most likely you are starting your vacation rental business. So first off, CONGRATS! You’ve taken the first step which is, undoubtably, the hardest. It’s all smooth sailing from here (well maybe not ALL smooth sailing, but one can dream right?!) As you begin this journey, you’ll find some bumps in the road along the way. One of those bumps could be hiring a property manager. Speaking from experience, hiring our property manager was stressful. Mostly because our vacation rental home is our baby. We love her so much and wanted to make sure we found a team that would love her as much as we do.
I’ll be honest, it will be nearly impossible to find a team that will love your house as much as you. BUT, there are a lot of good people out there who will take care of it as if it were their own. So, without further ado, let’s talk about questions you must ask before signing that contract.
This post is all about the questions you should be asking your *potential* property management team!
**Disclaimer: There are several questions listed below. Many of the answers to these questions should be given to you before you even have to ask. However, keep an eye on this list and be sure to ask any of the questions that they did not cover.
The questions are divided into three categories: Cost, Bookings, (and what I like to call) Legalities.
COST
- What do you charge?
- Do you charge the same amount for short term vs. long term rentals?
- Do you charge even if the house is not being rented out? Or do you only charge if people are booking stays?
- Are there “mark-ups” on routine maintenance like lawn or pool care?
- Are there any start-up costs?
- Do you take professional pictures for the listing? If so, who pays for this?
- How is maintenance work handled and charged?
- How do I get paid?
- How much do you think the house will rent for?
- Do you have a recommendation for insurance coverage and/or providers? Do you have an idea on how much this might cost each month?
BOOKINGS
- What apps do you advertise on?
- I prefer to be the host of the listing and add you as the co-host. Is this possible?
- Do you provide both long and short term rental options?
- Do you allow pets to stay in the properties you manage?
- Are there certain amenities you believe would help my house obtain bookings?
- What do you do for your guests to make them feel welcomed?
- How is your communication with the guests? What is your typical response time?
- How do you handle if something is broken?
LEGALITIES
- What is your occupancy rate for the other homes you manage?
- How many homes do you manage?
- Do you have a list of items that you want me to have for the house?
- Do you have a reliable cleaning crew?
- Who sets up the utilities?
- How is your communication with me as an owner? Do you communicate on a regular basis?
- If I go forth with signing a contract, what does that process typically look like?
- Can you send me a copy to look over before I sign?
- If I decide to terminate our partnership, how would we go about that? Do I have to give a certain notice ahead of time?
Now you have all of the questions that you need in order to hire the perfect property management team! Remember, don’t be afraid to ask all of the questions provided. More importantly, don’t be afraid to interview multiple property managers before making a decision. Your management team is the eyes and ears to your house. Take your time with your decision. You’ve got this!
This post was all about property management and questions to ask when hiring!
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