Owning vacation rental property can be a rewarding source of extra revenue for you.
However, if the property you rent out is geographically distant from your home, it can be almost impossible to ensure it is maintained to your standards or to handle emergency situations on the premises without a local property manager there to provide hands-on support. Even if your vacation rental property is just across town, there are many benefits to hiring a property manager.
It’s the property manager or management company’s job to make sure the property is well-cared for, clean, stocked with household supplies, and that everything runs smoothly for your renters. Local property managers are also generally better able to handle plumbing emergencies, appliance malfunctions, and other unexpected issues than property owners, especially when the property owner is geographically distant. Good property managers have established relationships with local service providers so you can rest easy knowing that if the furnace or air conditioner breaks or the toilet overflows at 2 a.m. in your rental unit, someone else is handling it.
Hiring a property manager can also demonstrate to vacationers that you are professional, responsible, and reliable. Ultimately, creating a better experience for your customers can lead to positive reviews which, in turn, can lead to more bookings and increased revenues for you.
Some property management companies can also handle all of the details related to marketing your vacation property, handling bookings, inquiries, payments, purchase and renew vacation rental insurances, taxes, fees, etc.
From a risk standpoint, hiring a local property manager can also significantly lower your risk exposure. If your property is seasonal, the property manager can handle all of the tasks associated with winterizing your vacation rental property, closing it for the season, and opening it back up when you are ready to begin renting it out again. Because property managers are in the business of property maintenance and upkeep, they will periodically check in and can handle vacation rental property off-season emergencies. If there is a broken pipe or window, or another maintenance issue that needs to be addressed, it can be handled promptly. This can help keep your costs down and limit losses.
The appropriate insurance coverage for your vacation rental business, like the coverage provided by CBIZ Vacation Rental Insurance, also enables you to list your property manager as an Additional Insured on the policy. Listing your property manager as an Additional Insured provides him or her with the liability protection they need, while giving them the extra incentive to help ensure your property is protected against losses.
For more tips on ways you can improve the customer experience while protecting your investment in your vacation rental property, contact CBIZ Vacation Rental Insurance today to request a free quote.
This blog may contain scenarios that are provided as examples only. In an actual claim situation, coverage is subject to the terms, conditions and exclusions of the policy issued. The information provided is general in nature and may be affected by changes in law or the interpretation of such laws. The reader is advised to contact a professional prior to taking any action based upon this information.
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