Why use a management company?

In last weeks blog we covered the pros and cons of using Airbnb to rent a cottage. Investigating all of the options available is what a prudent cottage owner should do. So, this week we are looking at what it means to use a management company to help you with your rentals and what you should ask the company’s you interview.

The caveat to this article is that you need to do your due diligence when choosing a management company as all management companies are not equal in their fee structures and offerings.

1) You can generate revenue in a passive or semi-passive way. Many of the management companies will do the work for you so you do not need to worry about anything. If you have your own handy man or cleaner most will continue to use them.

2) One of the hardest things for cottage owners is finding reliable cleaners and handymen. Management companies have built those relationships and because they often have more thane one rental in an area they are often given priority over independent owners.

3) They can manage and work with you on weeks you want the place for yourself.

4) They will take care of getting reviews for you and providing that top notch experience.

5) They allow for flexibility in the rental lengths versus the traditional long term rentals.

6) They will track issues with guests and will ensure that those guests do not return to any of the properties under management.

7) They would have insurance for themselves against liability.

8) You do not need to learn how to market your property they do it for you.

9) They have access to many sites and software to coordinate the bookings to ensure that you are seen on many sites but do not double book.

10) They should be able to ensure you are competitive and timely on your rates.

11) There should be a screening program in place to ensure you are getting top quality guests.

12) They are on call 24/7 to handle all of the calls ,questions, complaints from guests.

13) They handle all of the payments, paper work, refund (if necessary) etc with clients.

What key things would I ask a management company I was interviewing:

1. What will you do to make my property stand out and get me the best income?
2. How do you screen guests?
3. How quickly do I get paid?
4. What is your fee and what does it cover?
5. Do you provide the cleaner, handyman etc?
6. What pictures are being posted?
7. What sites do you use?
8. Do you have insurance?
9. Are you part of TICO?
10. What problems have you had in the past and how were they resolved?

There is so much to think about before you choose your rental company. If you have any questions about management company we would love to answer your question. Please reach out to Sean at sean@serenityrentals.ca

Happy cottaging!