Winter is here, which means it’s peak season for vacation rentals in Arizona. Visitors are especially drawn to the Phoenix and Scottsdale areas with our beautiful weather and abundant amenities.
If you’ve been thinking about starting a vacation rental of your own, it’s important to factor in the commitment it takes to manage it. Running a successful vacation rental can be a challenging, yet rewarding business. In some cases, it can be a full-time job but for the more passive operator, there are options that make it less time-consuming like hiring a vacation rental manager.
There are certainly pros and cons to each option, and what’s right for you depends on your goals, patience, and availability.
Pros and Cons of Managing Your Own Vacation Rental
The key benefits of managing a vacation rental yourself are the cost savings you are able to realize and the firsthand knowledge you gain on your operations. Some owners don’t feel comfortable not being involved in the details of every guest. They want to know who’s staying when, as well as keep tabs on the check-in and check-out process. Some vacation rental owners also enjoy the hospitality aspect of being a landlord while serving as a host that answers questions about the home and the neighborhood.
If you’re willing and available to commit the time and want to save a little money, self-management of your vacation rental may be the option for you.
Hiring a Vacation Rental Manager
The benefits of hiring a vacation rental manager can be summed up by getting the primary benefits of owning a vacation property but not having a lot of the day to day challenges. Proper management can maximize your revenue while eliminating operational headaches.
If you want to run a successful vacation rental, it’s not just about picking the right property. It’s important that you prepare your property for rental, which is different from preparing a home for yourself. In the beginning, it’s an everyday commitment.
A good vacation rental manager will not only help you get set up for success, but they will also watch market availability, pricing, and bookings to look for opportunities to make adjustments that maximize your revenue.
The property manager will also be there to answer inquiries from prospective guests (those that have lots of questions but never book), as well as those who end up staying in your rental. From managing the turnover of new guests checking in to those who have questions about how to turn on the TV (yes, it happens), your vacation rental manager is invaluable.
Managing Vacation Rentals in 2020 and Beyond
People are seeking safe places to travel to in 2020. Renting a vacation property has greater appeal to consumers than staying at a hotel. It’s important that your property be clean and properly sterilized after each use.
Guests may need special attention or have questions regarding your property and how it may impact their health and safety. Vacation rental owners will need to stay on top of information regarding travel restrictions, local health policies, restaurant closures, etc. Yet another thing your vacation rental manager will be able to take care of for you.
Vacation Rentals are a Rewarding Investment
Whichever option you choose, owning a vacation rental can be a rewarding investment. It gives you the freedom to travel to your own vacation home, earn extra income, and diversify your investment portfolio.
If you’re interested in investing in a vacation rental or starting a vacation rental with a property you currently own, the experts at Tru Vacation Rentals can help provide the resources to ensure your success. Contact Odessa at 602–909–7710 for more information.
About the Author
Odessa Keilman is a long-time Phoenix resident, with 20+ years of experience in contract writing, pricing negotiations, budgeting, and project planning. She has 8 years of experience in the Vacation Rental Industry and holds an MBA from Arizona State University’s WP Carey School of Business.