Every year, thousands of people who love cheesecake, art, and museums come to Greensboro, one of North Carolina's Piedmont Triad cities. Setting up vacation rentals in this amazing city is every investor's dream. The demand for accommodation services is good, especially during the summer.
If you've already made the investment, thumbs up! However, you might have realized that running a short-term rental isn't as enjoyable as a walk in one of Greensboro's parks.
The good news is you don't give up. As a savvy investor, you can hire a vacation rental management company and let it do the heavy lifting for you.
There are several companies to choose from. This guide will help you zero in on the best one for your needs.
1. A Strong Local Presence
There are about 33,000 short-term property management companies across the U.S. Some of these are national companies with branches serving various location markets. The vast majority are small businesses that only serve a single local market.
When hiring a vacation management company, it's essential to choose one with a strong local presence. Start by establishing whether it has a local office in your city or town. That's how you'll tell if it's committed to serving that local market.
If a company is based in the next town, it doesn't deserve your business. Close proximity to your rental makes management easier since there are issues that will require quick visits to the property.
2. Adequately Staffed
Vacation rental management companies have property managers on staff. When you hire a company, it will assign your property to one of these managers. This is standard practice in the industry.
However, challenges can arise if one property manager is in charge of too many rentals. They won't have enough time to attend to your property and guests. This is why it's crucial to ensure the company is well-staffed before entrusting it with your vacation rental.
Ask the company about their staff-to-property ratio. On average, a manager can handle about ten properties. So, if a company has 100 properties on its portfolio and only five managers on staff (1:20), it's fair to conclude that it's not adequately staffed to handle your property.
3. Services
From marketing to maintenance and handling reservations, there's a lot that goes into managing a vacation rental. Some companies offer full-service management and others only offer specific services.
You have to get a list of services the company offers before hiring it. If you're looking to take a hands-free approach, you need a full-service vacation rental management company. If you only need help with a certain task, such as guest screening, you need a company that offers partial property management.
Keep in mind that the type of service will determine the cost. You'll pay more for full-service management, obviously.
Find the Right Vacation Rental Management Company
There's a thriving vacation rental market in Greensboro, NC, but that alone isn't enough to make you a successful investor. You need the right vacation rental management company in your corner as well.
PMI Marathon is a full-service short-term rental management company in the Triad. We do all the work for you, all at a fraction of your proceeds.
Call us and let's discuss your needs!
