So, you’ve finally made the decision to invest in a short term rental property. Good for you! Now the next thing for you to decide on is whether or not to get a property manager to handle the daily tasks for you.
Getting a property manager to maximise your returns is highly recommended, especially if it’s your first time owning a rental property or you’re not living close to the property. It’s also best to hire one if you’re already busy with work and other things.
You might be wondering if getting property management services in Sydney is right for you, and let us tell you now, it most probably is. Taking care of all the tasks for your short term rental property takes time and effort – from handling the promotion to answering all the inquiries, taking amazing photos, editing the listing regularly, vetting potential guests, doing the scheduling properly, and of course, regular cleaning and maintenance.
It sounds daunting, right? It can be. Before you call the first property manager you see on the internet, though, here are some questions that you should write down and ask your potential managers:
Questions You Should Ask a Vacation Rental Property Manager
How Is the Rental Market in the Area?
You certainly want a manager who is knowledgeable about the local market. They should be in tune with what’s currently on-trend and what’s not, too. They should know the best seasons to do promos and when the peak season is. Also, they should know all the local regulations by heart as this could potentially affect the performance of the rental.
If they can’t give you an answer you’re satisfied with, interview other property managers until you find one that meets your standards.
What Are Your Contract Terms and How Much Is the Fee?
Don’t wait until the end of your meeting before you ask this. You want to know from the get-go if the fee is something that you can handle or not. It’s not uncommon for property managers to charge anywhere between 25% to 40% of the rental income. In some areas, the fee could even be higher.
Before deciding on a rental property management company, make sure that you can afford to pay their fee while still meeting your target income.
Regarding the terms, you don’t want to be locked into a long-term contract because you don’t want to end up with someone who fails to do their duties for a year or two. Ask if it’s possible to make a short-term contract first, with an agreement to extend it if you both find the deal satisfactory. You should also ask for clauses that cover performance failures like if they don’t clean the property regularly or if they only get fewer than three bookings in six months, you’d be free to end the contract with no penalty.
What Services Are Included?
You don’t want to sign a contract without knowing what you can expect from the property manager. They should be able to enumerate all the services and have those clearly indicated in the agreement. Some of the things you want to be included are marketing the property, writing and updating the listing, cleaning and maintenance, walkthroughs, photography, and any repair service needed during a guest’s stay.
These are just three questions that you should definitely ask when you’re interviewing a potential candidate for vacation house rental management. Of course, you can ask other questions you want, too. The important thing is that you don’t do the selection process hastily. Sure, you want your property to start earning as soon as possible but not at the cost of having headaches due to poor management later on. Take your time and do your research, so you won’t have any regrets about your choice.
Own Better is among the most trusted experts when it comes to vacation rental property management services in Sydney. Contact us today so we can discuss what we can do for you!