5 Types of Property Management Services in Madeira Beach
Less than half of landlords in the U.S. manage their own properties, which shows how much work goes into it.
Hiring a property manager to do the heavy lifting covers the nitty gritty of renting, from marketing your property to recommending the best insurance. But that’s only the beginning.
If you’re unsure about the services on offer, we’re here to educate you. Here are five types of property management services that save landlords a huge amount of time.
1. Marketing
Whenever a prospective guest Googles “Madeira travel and accommodation”, they’re flooded with countless rental properties.
Although this seems overwhelming, a reputable property management service will use its marketing prowess to cut through the noise. For instance, your listing will be posted on their website, social media accounts, and other platforms to generate leads. As a result, your rental property will be booked longer so you can enjoy passive income.
Further, property management companies understand the local rental market inside-out. Thanks to years of experience, the team will know how to undercut competitors and get your property booked out during peak season.
2. Pricing
Figuring out how to price your rental property can be tricky for landlords, especially if you don’t know the local market.
Many landlords fall into the trap of charging the same amount throughout the season and missing out on a fortune. But, when you work with a property management company, they know when to hike the prices, so you earn a hefty profit. These professionals understand how much weather, holidays, and local events impact the price, so it’s important to tap into their wealth of knowledge.
A rental company will also help you create a budgeting strategy. Having a detailed plan will inch you closer to your goals and ensure that everyone is on the same page. The document should detail when you need the days occupied and the ideal price.
Although you’ll be paying for the service, remember that it’s far more cost-effective than handling the property yourself. Figuring out how to market your property, keep guests happy, and maintain the rental will take a huge chunk of your time. Not only is it exhausting, but you won’t be able to invest in other properties and grow your portfolio.
3. Guest Support
Property management companies are renowned for offering premium customer service. As a landlord, your goal is to offer the ultimate experience so that guests leave happy and, if you’re lucky, return next year. Also, if an issue occurs when customers are staying, you want to act quickly and minimize the damage.
Great customer service equals stellar online ratings. Don’t overlook this aspect of marketing because it can sway prospects to book your property, so you generate more income. If enough guests leave positive reviews, your listing will rank higher and show customers that your rental property is the right choice.
4. Property Protection
Every landlord knows that renting out a rental property is a risk.
You never know what tenant you’ll get and how they’ll act on vacation. Luckily, a property management company understands how to financially and legally protect your asset. They will also talk to you about the different types of insurance, so you can make an informed decision.
In the unfortunate event of an emergency, such as a natural disaster, you must respond immediately. Because this isn’t always physically possible for landlords, hiring a property manager offers invaluable support during this difficult time. Other reasons include faulty plumbing, a broken appliance, or power outages.
5. Regular Maintenance
Like with your main residence, routine maintenance is essential. You’ll likely have a quick turnaround with guests, so your property must look presentable and clean between stays. This is essential for leaving a great first impression and keeping your guests safe.
Property management services also have a network of cleaners and contractors to maintain your property. It’s guaranteed that they’re professional and will provide a premium service, often at a better rate. An extra bonus is you can add the cleaning cost to the guest’s bill, so it doesn’t take away from your profit.
How to Find a Credible Property Management Service
Not all property management companies are created equal, so it’s important to research your options.
If your friends or family members use rental properties, ask who manages them. Reaching out to your network is invaluable because they’ll give you honest feedback about the company’s services and tell you if it’s worth the money.
Landlords should also know what to look for. Ideally, the company should offer low vacancy rates, well-maintained properties, and a clear payment structure. Don’t be afraid to ask for a breakdown of costs because you don’t want to discover hidden fees once you’ve signed the contract.
When you’ve got a list of potential candidates, arrange an interview with each one. Come equipped with questions to learn more about the services on offer and to see whether you’re comfortable hiring them. Ideally, ask about what the services include and how the company will advertise your property.
You should also ask about the service’s licenses and credentials. At the very least, the company should have a property management license and, ideally, be involved with trade organizations.
Property Management Services 101
Now you understand the basics of property management services, it’s time to find one for your property.
Property management companies do wonders for landlords as they help market rentals and keep guests happy. These professionals also understand when you can charge more and give you more time to grow your real estate portfolio.
If your vacation property is in the Madeira Beach area, we’d love to help. Contact us here to learn more about our services.