The intersection of technology and vacation rentals creates opportunity for both traveler and homeowner. Many Margate, Ventnor and Atlantic City homeowners are well aware of rental sites like Airbnb, VRBO and HomeAway.
Sites like these make it easier for South Jersey homeowners to enter the vacation rental business. But listing your Margate or Ventnor home is only the first step. Here are a few important things to consider. Read 4 steps from Rob Stephens, as seen in Inman News >
1. Who’s in charge of renting: a property manager or the homeowner?
The first step is to determine whether to go it alone or to hire a property manager. Renting the property solo can be a great option, but it requires personal involvement. You will need to interact with the guests, keep track of scheduling, collect funds and follow up on any issues.
However, a property manager will handle all those details for you but will charge a commission, usually in the 20-35 percent range.
It’s incredibly important to make sure to hire an excellent property manager. If your client does decide to use a property manager, tell them to make sure the manager knows what is expected out of the rental process and estimated rental income.
I often hear testimonials from customers who are not getting many bookings from their manager. If your manager isn’t effective, consider hiring a new manager or renting the property through an online platform. In the end, don’t be afraid to make a change or try something new.
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