My traditional rental portfolio has grown nicely over the past few years and I am looking to purchase a short term rental in a vacation destination. The market I purchase in is less important to me than finding a management partner that has strong reviews. Anyone have somebody they feel strongly about?
Find someone local. The big national ones aren’t going to provide the level of service you need to be successful in an increasingly competitive marketplace.
Dave, thank you for your response! I agree 100%, that is the same advice I give to my out of state clients purchasing traditional rentals with me in Manhattan, KS.
Agree with @Dave Stokley . If using a PM the local ones seem to do a far better job.
Interesting approach by the way.
Easy to self manage using your phone and the tools that Vrbo and Airbnb supply. Save that 30% PM fee.
+1 to @John Underwood 's comment. You can do it easily yourself.
Look into Evolve property management. They've been doing it for ten years at an industry low rate of 10%.
I personally would not do Evolve - I've heard bad things. You could do a much better job - the key is in the set-up. Make the place "question-free" - meaning when you set up the property, make sure you have a guest book that answers 90% of questions they might ask you. Put labels on everything to show them how to use things. Make it obvious how to do things around the home.
Lastly, you'll need someone you can trust to be within a few minutes or an hour. Save teh management fee, unless you have 5+ properties and are trying to scale
Find someone local that is familiar with the market as compared to a big management company. You can also self manage even if you're doing remote.
@Jefferson Simmons iTrip is a national company that has local business owners in about 80 markets. They have the big technology of all the national companies combined with locally owned branches to give you the great service and expertise of the locally based PM. Cheaper (and better) than Vacasa and way more full service than Evolve since you will be a remote owner.