If you own one of the 1.3 million short-term rental properties in the US, you may be wondering how you can boost your earnings.
There's a common misconception that owning a short-term rental affords you a luxurious lifestyle. In reality, it's a lot of work to secure enough short-term rental bookings to break even, let alone make significant side income.
For this reason, many property owners opt for short-term property management to help out. There's plenty of information out there on the benefits of property management, but not much about the disadvantages.
Keep reading, because in today's post, we'll discuss the downsides of vacation rental management. With all of the information, you can make the right decision on how to run your short-term rental.
Less Control Over Your Property
When you sign a contract with a short-term rental management company, you're putting your investment in their hands. On one hand, this takes almost all of the difficult work of owning a vacation rental away, leaving you to collect the income.
The property manager will take care of marketing the property, screening renters, guest services, maintenance, and everything else. It all sounds pretty great, right?
Well, if you're someone who wants to control the comings and goings of their investment, it can feel intrusive. You'll have a lot less control over the property, who rents it, and what goes on inside.
Fortunately, a good property manager will offer personalized services. If you want to be involved, you can pick and choose which services to take advantage of.
Hiring a property manager doesn't guarantee more short-term rental bookings. Yes, they'll bring a level of professionalism and expertise to the table that will help you appeal to more of the huge number of tourists coming to St. Augustine each year.
With top-level marketing techniques, your property will be put in the best light, but there's still no sure thing when it comes to bookings. You're at the mercy of numerous factors, such as the neighborhood your property is in, its amenities, and how much you want to charge.
If you're paying a property manager and don't get enough bookings, it can feel like wasted money. That brings us to our last disadvantage.
It's an Extra Expense
You have to pay a fee to have property managers look after your short-term rental. If you're living in the red because you have an underperforming vacation rental, it doesn't always make sense to hire a property manager. It might be far more affordable to handle property management duties yourself.
Before you make that decision, talk to a local property manager. They'll help you understand the ways in which their services can actually help you make more money.
Is St. Augustine Short-Term Property Management for You?
Now that you understand some of the disadvantages to go along with the advantages, you can make an informed decision about short-term property management. If you're going to do it, it's important to find a reputable property manager who can actually help you.
At PMI Palm Valley, we're St. Augustine's top vacation rental manager. To learn how our services can boost your short-term rental bookings, contact us today for a consultation.