The Unique Real Estate Blog

I was contacted yesterday by a prospective renter for one of my homes. This time the questions were a little different than usual. She wants to rent my home for a week, while she shops for a vacation home of her own. She started to pose all of the questions I have heard time and again about the intricacies of renting out a vacation home when you are not using it. Basically, “How do I rent my home from another state?” The task sounds daunting. You have your rental home, townhouse or condo ready for guests. You have gone through all the steps. Now panic sets in.

What does Property Management mean? What does it entail? Will it cost money? time? Can I handle it? Where will I find someone to manage my property? These are all questions that now have simple answers for me since I have traversed the subject, but I remember my concerns and apprehension in the beginning. “Property Management” is just a scary term for maintaining you rental property and renters.

If you are going to manage your rental property yourself, it is quite easy. It just requires a little organization and time, but is saves you money, and we are all about squeezing every penny out of our investments! This means that you will handle any concerns or issues your renters have with the property while they are staying there. This can be as simple as their arrival and departure, to problems like how do I change the thermostat? What you are really doing is just handling the little annoying calls about simple things. You MUST handle every question and inquiry with a friendly and accommodating solution or advice. You MUST be available to run to the property and do things like hit the re-set button on the garbage disposal or flip a breaker for your guests. Remember, this is not their house and renters are usually apprehensive if anything minor goes wrong and they are afraid of breaking things. If something needs a professional repair you can find a contractor at Reliable Remodeler. They offer a FREE service that matches you with licensed & insured contractors in your area. Basically, you are babysitting the house. It sounds bad, but it is like having a child, you do not need a masters in Engineering, just a little patience and a friendly smile. If you can handle this, you are saving 6%-12% of your rental income. A dollar saved is a dollar earned!

If you do not live close to your rental property or do not have the patience or time for this, then a Property Management Company is the way to go. They will charge anywhere from 6%-12%. They will be available for your renters to Check-in and Check-out, they will handle any concerns your renters have during their stay. They will be the one getting the phone calls. If you live out of state, the Property Management Company will also make sure your lawn service, and pool services are showing up on a weekly basis. They will notify you of any problems with the home that may need repair and coordinate the repairs. If you are out of state, Property Management Companies offer an invaluable service.

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