Hybrid Property Management/ Rent by Owner Relationships
Long gone are the days of all or nothing. With more and more vacation rentals open for business each day, property management companies have become more flexible by allowing “hybrid” relationships. You can still rent-by-owner with the added comfort of knowing you have a management company for emergencies or unforeseen problems that may arise. This could be especially helpful if your vacation rental is not near your primary home. There are several different ways you can use a property manager while renting-by-owner:
Long gone are the days of all or nothing. With more and more vacation rentals open for business each day, property management companies have become more flexible by allowing “hybrid” relationships. You can still rent-by-owner with the added comfort of knowing you have a management company for emergencies or unforeseen problems that may arise. This could be especially helpful if your vacation rental is not near your primary home. There are several different ways you can use a property manager while renting-by-owner:
- The owner buys and manages online listings, but the property manager’s contact info is listed. With this method you won’t get inquiry or emergency calls from renters at inconvenient times, such as during dinner or in the middle of the night.
- “À la carte” property managers, where the owner only pays for the services they want. Obviously, cost and services will vary depending on exactly what your needs are. For example, the owner handles their own marketing and bookings, and the property manager handles cleaning, maintenance, and keys and charges a flat fee for each. If you’ve had difficulty finding a housekeeper you like in the past, this could potentially be a good solution.
- Full service property managers who charge a discounted commission for bookings generated by owner. This might work well for you if you do not have as much time to devote to renting your property as you would like, but still want to play an active role in the bookings.
Some
property managers have it written in their contract that the owner
can’t do any marketing on their own, so that’s something owners should
consider when choosing which method works best. If you decide to embark
upon a hybrid rent-by-owner/ property manager relationship, make sure
both you and your property manager are clear on how to run things
smoothly. Clearly state how much involvement your property manager will
have, both verbally and in a contract.
There are so many options when it comes to renting your vacation home these days. If you often feel overwhelmed or frustrated, it’s possible that your current method is not working well. After all, your vacation home is supposed to bring you peace and relaxation, not stress. Finding the best way to manage your business will put the vacation back into vacation rental.
There are so many options when it comes to renting your vacation home these days. If you often feel overwhelmed or frustrated, it’s possible that your current method is not working well. After all, your vacation home is supposed to bring you peace and relaxation, not stress. Finding the best way to manage your business will put the vacation back into vacation rental.
If you are interested in finding a property manager, in the Orlando Florida market, call: 407-217-6699.
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excerpts borrowed from an article published and copyrighted by HomeAway, Inc.© Copyright HomeAway, Inc. 2007
