By hiring a professional property management company for your Lake Tahoe home, you can take advantage of many benefits to ensure your property stays occupied, and by the right tenants. These benefits save landlords a significant amount of time and money and make owning a rental property more rewarding:
One of the most important benefits of using a property manager is their marketing. A good property management company is experienced in knowing where to market their properties, and this benefits you as a homeowner by taking the guesswork out of how and where to market your property to gain the highest visibility out there on the web. The management company should have their own website where they list your property with photos, a detailed description, and online booking capabilities. Some property managers also list their rental inventory on OTA (online travel agent) websites like AirBnB, HomeAway, VRBO, and Booking.com, which gives your home added exposure on the web; property management companies can’t compete with the budgets these OTA’s have to list their websites in the highest possible spot on Google’s search result rankings. A savvy property management company should have an SEO (search engine optimization) professional to be sure the company is ranking high in Google’s organic search results, and a professional handling the company’s paid ads (pay-per-click) as well. Another important item to look for when researching property management companies is a strong social media presence, to not only add even more exposure to your property online, but to add credibility and trustworthiness to the business, which brings in more renters.
Knowledge of the Local Area & Agencies
Established property managers are familiar with their surrounding area as well as the rules, laws, taxes, permit requirements, etc of the local agencies. Being established and familiar with the area also means that property managers have a set list of preferred vendors to troubleshoot maintenance items by licensed, bonded, and insured individuals or companies.
Another advantage of hiring a property management company is having someone to keep an eye on your property. It can be hard to have peace of mind of the well-being of your rental home if you live a fair distance, and a property manager will ensure your property is closely monitored: post-stay security checks (ensuring the property is locked down properly, the heat is set to the proper temperature during winter months, etc), property checks during vacancies, and checking the inside and outside of the property for preventative maintenance items and any yard upkeep needs. Also, property managers are required to display their business sign on each property they manage, so this also deters potential home robberies as a sign means the homes are being closely monitored.
Less Stress, More Freedom, and More Free Time!
One of the most important benefits to hiring a property manager would be having someone else to take on the heavy lifting of the day-to-day responsibilities: keeping your online calendars current, dealing with “high maintenance” renters, handling emergencies and maintenance issues around the clock, and acting as a concierge (answer questions about the area and giving recommendations), for example. Managing a property yourself can be quite time consuming, and a property manager will take these tasks on for you to allow you more free time and remove frustration. Another freedom is being able to invest in distant properties — with property management, you gain the freedom to invest in properties anywhere you would like.
Renting to the right guests for your property ensures the proper care and upkeep of your investment. Property managers with years of experience have a keen eye to spot red flags from potential renters, and the power to deny those renters a vacation or long term stay in your property.
Setting Right Rental Rates
Rates are an important part of the vacation rental process. Do-it-yourself owners will often rely on internet research for nightly rate recommendations, but some sites can give homeowners inflated figures of the rental rates to charge, causing the owner to have a home sit empty because their nightly rates are not comparable to the market norm. Having the right rental rates ensures the highest occupancy rates for your rental property; a good property manager will have the experience to know the proper rental rate for your home, which is valuable in creating the highest return on your investment.
Shorter Vacancy Periods
With your Lake Tahoe vacation rental home being properly marketed in a variety of ways by an experienced property manager, vacancy periods will be much shorter or non-existent. Whether you are renting short term or long, a good property manager won’t leave your property vacant for long — lower vacancy means more money for everyone.
Monetary Responsibility Relief
Property owners renting on their own, especially from outside the rental home area, can be unfamiliar with local city and state laws regarding deposit returns and taxes. These are items that a property management company are familiar with and will handle on your behalf.
Long Term Rental Benefits
Should you decide to list your property as a long term rental (meaning for 30 days or longer), hiring a property manager is highly recommended. A good property manager has the experience to be able to spot potentially troublesome tenants, and can screen to find your home the right renters by running credit and background checks, as well as meeting the prospective tenants in person. Property managers are up to date on state and federal rules and regulations in respect to tenant/landlord requirements and responsibilities, so you won’t risk a “violation” putting your property and finances at risk by not knowing these requirements. A property manager also collects rents on your behalf, deals with tenants issues and late rent excuses, and even handles the eviction process, if necessary.
These benefits, of course, come with a commission fee, which will vary among the different companies and agencies, as well as whether you decide to rent your Lake Tahoe home as a short term vacation rental or a long term rental. It’s worth mentioning that property management is a “get what you pay for” business, so it is imperative to do your research and interview multiple companies to be sure your investment stays properly protected. Larger companies and agencies typically have a smaller fee, but will give your property less attention (and often sub par services, like cleaning), while the smaller companies may charge a higher commission and give your home much closer individual attention and better quality services.
We hope these benefits and tips will help you to determine whether or not a Lake Tahoe property management company is right for you and your Tahoe home. Please feel free to comment and let us know if you have experienced any of these benefits firsthand, or if you have your owner experiences to add! We’d love to hear from you!