Hatteras Property Management vs VRBO
Posted On Wednesday, December 17, 2014
In resort communities like the Outer Banks, the real estate market has definitely begun to rev up. With this rebirth of interest in investing in vacation rentals, property owners are trying to figure out the best options for maximizing rental income. There are many possibilities out there but the two most popular that come to mind are renting it yourself through listings like VRBO, HomeAway and FlipKey or listing it with a local property management company.
At first, it is common for many new rental property owners to think that they can handle the management of the property themselves. But in reality, managing a rental property takes a great deal more time and involves much more than simply handing over the keys to renters for a week. It actually comes with a hefty price on its own.
To have a successful and profitable rental property, it is imperative to have bookings. That is the easy part and why some owners have the idea that the only thing that needs to be done is to list the property on VRBO and let the reservations take care of themselves.
Nothing could be further from the truth! It involves so much more—namely, providing the type of services to those renting the property that require immediate attention so that tenants have a positive experience. This encompasses not only handling the reservations and housekeeping but also maintenance issues that may crop up at 11pm on a Sunday night. And, while most maintenance problems are unavoidable and minor, they almost never happen during the day.
Handle Day-to-Day Operations. Like we mentioned earlier, the biggest advantage of working with a vacation rental company is, without hesitation, the day-to-day operation of the property. When something breaks or overflows, the issues are handled relatively easily since the company has contacts all over who are willing to practically stop what they are doing (even on Sunday when they are not working) and fix the problem. If the property is listed on VRBO and managed by the owners, the problems may take several days to fix, if at all.
Up to Date on Local and State Regulations. Local property management companies also are up to date on the local and state rules and regulations regarding rental property.
Marketing and Promotion Vacation Rentals. Let's not forget the marketing. While VRBO is very well known to the point that many management companies even list their properties on the site, simply listing a rental property on VRBO is like throwing spaghetti on the wall to see if it sticks. Successful property management companies market their company as well as the properties they represent. Then, when inquires are made about vacation rentals, the staff is so well versed on every property that they talk about specific rentals to pair them with the right reservations.
Truly the best investment a property owner on the Outer Banks is teaming up with a vacation rental management company to handle the management of their vacation rentals.