Weighing The Options Available
Congratulations on purchasing a vacation rental! You likely have a lot on your plate and even more questions in your head. The most important question you’ll likely need to address first is how you plan to set up management of the rental. There are three primary routes vacation rental owners go:
- Self-managed – Going this route puts everything on your shoulders including accepting the reservations, managing communication, managing cleaners, managing maintenance, etc..
- Semi self-managed with boots on the ground – This is a middle ground approach where you manage all the reservations, communications, etc. but have a partner that handles boots on the ground. That partner would be responsible should a guest need anything onsite during their stay or to review in-person maintenance fixes, etc..
- Hiring a property management company – This is the hands off approach where a property management company is brought in. That company handles all communication, repairs, cleanings, etc.. In return, the property management company usually takes a cut of total revenue from bookings.
What route should you go?
This can be a difficult decision and depends on so many factors such as where you live in relation to the vacation rental, how much time you available, your experience with property management, your comfort with technology, your willingness to handle emergencies, & perhaps most importantly, what type of monetary returns you expect to make from the property.
Here at GoGuidebook, we’ve worked with a lot of vacation rental owners and property management companies and know a lot of factors that go into this difficult and important decision. Therefore, we’ve created a quiz you can take. Following submission, we instantly output feedback on each answer and provide our recommended management direction. The quiz contains 9 multiple choice questions and takes only minutes to complete. It is also completely free.Start Quiz
Vacation Rental Management Quiz
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