Vacation rental management might be the most demanding of all types of rental investments to manage, but can also be the most rewarding. Imagine managing a property on the beaches of Hawaii or a cabin right on the slopes of the Mammoth Lakes in California. As the vacation rental industry continues to grow and mature, the importance for property management companies and skilled vacation property managers will continue to flourish.
Vacation Rental Management Definition
Vacation rental management is a specialized type of rental property management that deals with the supervision and administration of vacation rental properties such as short term rentals (e.g. AirBnbs), aparthotels, glamping, and more. Management tasks typically include handling bookings, cleaning, and maintenance, to marketing, and taking good care of the overall guest experience.
Vacation Rental Property Management Services
Before the emergence of online marketplace platforms for short-term housing rentals, the vacation rental industry was very niche and predominantly made up of mom-and-pop operators. As anyone with a spare room or house now became able to be a hotelier, some opted to outsource the day-to-day management to “vacation rental management” companies. Below we take a look at some of the most common services offered by vacation rental management companies:
- Guest Customer Service – Communication Throughout Check-In, During Stay, and Check-Out
- Managing Bookings – Coordinating Occupancy Dates and Arrivals/Departures
- Housekeeping – Ensuring Cleaners are Adequately Scheduled, On-Time, Trustworthy, and Thorough
- Marketing and Advertising the Property – Listing the Property on Online Platforms such as AirBnb and VRBO
- Revenue Management and Budgeting – Incoming Revenues vs Outgoing Expenses and Budgeting for Changes in Seasonality or Property Upgrades
- Safety and Risk Management – Ensuring Property is Safe For Guests
- Maintenance and Upkeep – Promptly Coordinating Repairs and Ensuring General Upkeep of the Property
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Vacation Property Management Fees
Although the fees dramatically vary based on location, the fee to manage a vacation rental property usually ranges between 10% and 50% of the monthly rental income. Contracts to manage vacation rental properties are typically “fixed fee” or “commission only” where the property management company is solely paid based on a percentage of monthly rental revenue income. Among the standard property management fees, companies may also charge a booking fee, external amenity fee, maintenance fee, and customer service fee.
Vacation Rental Management Software
Vacation rental property management software is specialized software tools that helps hosts and guests coordinate the many various aspects of vacation rental properties. Common features found in these softwares include booking management, payment processing, advertising, and more.
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