What's the Value in Hiring a Property Manager?
Whether or not you perceive value in hiring a property manager for your vacation rental property, I think there is one thing we can all agree on:
Property management is a LOT of work!
A good property manager - whether that's you or your trusted management company - will:
- Work to ensure your personal, financial, and property goals are met (and exceeded) as a direct result of their services
- Take the hassle out of owning a rental property, providing you with more time, money, and freedom to invest in additional properties to grow your rental portfolio - or simply, to invest back into your own life
- Create an unforgettable experience for you and your rental guests
"It's too expensive to hire a property manager!"
I'm not a financial advisor, but I do know that if you can't buy it twice, you can't afford it. So if you're in a fortunate enough position to be able to buy a rental property, I am confident in the fact that you can afford to invest in a property manager.
Even better, a good property manager will not only increase your profitability (essentially helping you pay for their services and more!), they'll also find ways to save on maintenance, repairs, and more because of their experience and connections in the community — all while maximizing the cost, value, and efficiency of your rental property.
"I don't trust a property manager to take care of my property the way I do."
Let me answer this by stating the characteristic that continues to set Salty Escapes apart in such a saturated market like Destin: we take a personalized approach to everything we do. I truly believe that I was destined to do this job, and that's why I take my success in this line of work very seriously. It's personal to me! Aside from my children, there is nothing more important to me than the happiness of you and your guest's happiness and complete satisfaction with your Salty Escapes experience.
You don't have to take my word on this... my reviews speak for themselves!
We're not done yet! Here are a few impactful benefits you will receive when you hire a property manager to take care of your rental property:
Guests are more likely to trust a rental management company
When an interested prospect first comes across your property, they'll want to know the essentials: where is it located, what does it look like, and who is responsible for it. More importantly, what is their track record?
That track record not only speaks volumes about the quality of a company but establishes high expectations and gains their trust from the start.
Trust and a positive experience from start to finish are essential in creating a bond between your property and guests. Satisfied guests are not only more likely to return to your rental property, they'll also recommend it to others!
Property managers have years of experience and knowledge that results in an unforgettable experience your guests are proud to recommend to their friends and family.
Property management is a full-time job (that you won't have to worry about if you hire a trusted manager!)
Unless you're looking to become a full-time property manager yourself, odds are you don't have enough time and energy into maintaining all of the ins and outs of the business.
Below are just a FEW of the responsibilities that come with managing a single rental property:
- creating custom experiences for guests to enjoy when they stay at your property - both in the home and out on the town!
- setting, monitoring and adjusting the right rental rates for your property's market
- marketing and promotion of the rental property
- execution and negotiation of rental agreement terms
- oversee all payment transactions to track what has been paid, what is scheduled to be collected and what payments are still outstanding
- managing local vendor relationships to save you money and get you quality assistance when it is most needed!
- manage and conduct all daily operations at the property such as scheduling cleaners, maintenance and inspections routine inspections
- thorough bookkeeping and record-keeping procedures to deliver timely and accurate financial statements and tax payments
- experience and knowledge in property management to effectively solve even the weirdest situations... you name it, we've probably dealt with it!
- 24/7 availability to handle incidents or urgent repairs
- a thorough understanding of federal, state, and city laws and regulations
- and a lot, lot more.
No one said it would be easy!
Your trusted property manager will be able to save you money in your rental property endeavors.
From reduced management costs to budgeting and even community connections, your property manager's goal is to save you money to increase the efficiency of your rental property!
A good property manager is not going to take advantage of you and your money because their success lies in the profitability and cost efficiency of your property.
Many property owners argue that it would be cheaper to manage their rental property themselves. But consider this. You're losing more money by managing your property on your own than you would if you paid someone else to do it. No really! Time is money and doing it yourself means a lot less time to make money to fund your property in the first place.
In case you hadn't noticed... property managers don't just save you money. They save you incredible amounts of time and stress too! One could argue that these two benefits alone are worth all of the money in the world!
To top it all off, your property manager likely has trusted connections in your community to assist when things go awry - whether it's a maintenance issue or an upkeep issue. These connections are not only trusted by your property manager to take good care of your second home but are also often cheaper than competitors because of your property manager's continued service and relationship with them.
Let's talk a little bit more about why free time can bring you more financial freedom.
You took the leap and hired your very own property manager to take care of your second home. Sure, it was an investment that you had to stop and think about, but the possibilities it opened far outweighed the fears you initially had.
With the time and freedom that a property manager gives you, you can turn around and invest your time and money in another property - which of course, your property manager would also take on. You're now making passive income off of 2 different rental properties. And you don't have to stop!
When you take a step back to consider the cost of property management in terms of the profit your property will bring you, it doesn't seem so scary anymore!
Perhaps the most important benefit of hiring a property manager is having someone available 24/7 to manage your property.
As a property owner, you have to prepare and plan for these occurrences, as well as broken or damaged property on occasion.
These situations are usually unavoidable, but at least they are your property manager's responsibility when they occur! I would much rather get an early morning call debriefing me on a situation and explaining how it was fixed and that everyone is in good spirits than a middle-of-the-night call from a panicked guest that requires my assistance.---
As a property owner, you want someone you can not only trust to take care of your second home, but someone who you know will be there when you really need it.
When your AC stops working while a guest is celebrating their 4th of July family vacation, I'll be there to fix it and get the situation taken care of - all while making sure your guest feels heard and appreciated in the process! The best part is - my property owners have full faith and trust in me to manage their property without supervision or assistance, meaning you get to live your life elsewhere knowing your property AND guests are being taken care of!
I've lived in the Destin-Fort Walton Beach area my entire life and am very familiar with the community and local events and attractions. Beyond the operation side of things, I'll be there to help provide your guests with a one-of-a-kind experience from booking day to vacation day!
Salty Escapes offers completely customizable management options:
- Full rental management services available for owners that want to maximize their rental investment as an absentee owner with ZERO involvement.
- Limited rental management services for owners that want to be involved but need specific services for the specific areas they are unable to take care of.
- Non-rental management services for owners that choose not to rent but need property care and maintenance services.
- A la carte rental management services for owners that wish to select services based on their specific needs.
If you feel like you might be a fit for any of these options and would like to learn more, please reach out to me at firstname.lastname@example.org for more information!