SHOULD YOU GO IT ALONE?

4 THINGS TO THINK ABOUT IN THE RENTALOF YOUR INVESTMENT OR HOME

Let’s face it: sites like Airbnb and VRBO have become such an integral part of the vacation rental market and vernacular that several cities have had to come up with legislation to enforce stricter guidelines on how people rent their homes. It’s a little different in a ski town, says Robin Craigen, President and CEO of Moving Mountains. “In a ski resort, we have many different kinds of visitors and online vacation rentals work for a certain kind of experience, but it needs to be managed carefully,” he says. “These sites are very much value-oriented and are great for finding a cheap or last-minute deal. But as a homeowner, you have to realize what you’re getting into.”

Property management companies will often list the properties they manage on VRBO and Airbnb, but that’s only the beginning of what’s involved in professionally managing all the properties in their portfolios. According to Craigen, it is impossible to overstate the importance of having someone available 24 hours a day, 7 days a week; not only to ensure a guest’s experience, but also to make sure a home is properly protected.

So, what can a professional management company do that Airbnband VRBO can’t? Here are four points to contemplate, whendeciding whether you want to go it alone, or to hire the pros.

A COMPREHENSIVE MARKETING PACKAGE

Sites like Airbnb and VRBO are part of the plan, but they also usemyriad of other tools such as state-of-the-art web sites, investment in search engine optimization, as well as up-to-date strategies like “pay per click” budget for online search engines like Google, so people are able to find their properties easily and organically. There’s also the stand-alone reputation of an established business with a vast clientele that can generate a lot of repeat business. It is also important for potential guests to be able to speak with a real person with local knowledge, to ask questions about the property and get more information - many people want to this connection before they commit to a booking.

PRE-SCREENING OF GUESTS

One of the biggest concerns with online vacation rental sites is the “what if” factor for owners regarding who is staying at their property, especially when homeowners aren’t in town to interact with the guests personally. Having a professional property manager overseeing everything give owners a peace of mind in the selection process for who will be at their property. Especially in luxury home rentals, finding the right property for the right person or group is key. For homeowners who book their property through Airbnb or VRBO, there is less control over who is going to be in their home, which is something to consider.

MANAGING THE GUEST EXPERIENCE

A professional property management company can have someone there to make sure the guests’ stay goes smoothly from check-in to check-out. “Guest experience is everything in this business,” Craigen says. One of the services his company offers is a small selection of exclusive homes that are fully catered with everything from grocery shopping and driver service to ski equipment rentals and lift tickets. Property management companies can offer a level of service to their guests throughout the duration of their stay that most individual home owners don’t have the resources to provide, especially if they are out of town.

SOMEONE IS ALWAYS ON CALL

If you are renting your property yourself, when a pipe bursts, someone can’t figure out how to connect to wifi, or even something so small as a light bulb going out, you are the one getting the call – and that can be at all hours of the night. Worse, if the guests are unruly and neighbors complain, you will be the one having to mediate the situation, as the property owner. Property management services usually include on-call service 24 hours a day, seven days a week. If something happens, someone (besides the homeowner) is available to answer the phone and respond within minutes.

The lower-cost, lower-service model of Airbnb and VRBO certainly have a place within the vacation rental market. However, there are many factors to contemplate if you are considering renting out your property. Make sure that you are aware of the rules and restrictions, and that you are willing to take on the responsibility of managing not just the property, but the guests who will be staying there as well. If you aren’t, then hiring a professional property management company may be the right answer for you.