5 Tips & Tricks for Successful Property Management of Vacation Rentals

Property management involves handling many jobs simultaneously. These range from dealing with guest issues to negotiating contracts to maintaining the grounds and more. Successful property management keeps everything running smoothly all day, every day. When issues and situations arise, it’s important to be prepared to handle them properly. Follow these tips and tricks for successful property management of vacation rentals:

1. Set Consistent Policies and Protocols

If you want to succeed as a property manager, you need to set policies and protocols that are consistently followed. This eliminates miscommunications and mitigates potential problems. Property rules for guests should be in writing and provided upon booking. It’s also important to have set protocols in place for various situations that could occur. For example, if a guest breaks a rule regarding the parking policy at a property, you need to follow through with the correct protocol such as issuing a warning or towing the vehicle.

2. Keep Your Books Up to Date

For successful property management, it’s essential to maintain organized financial records. These should include details regarding rent, property expenses such as maintenance and grounds keeping, employee payroll, etc. You need to know how much money is coming in, how much is going out, and where it’s going. If your other property management duties don’t allow time for bookkeeping, you should hire a qualified bookkeeper or bookkeeping service to handle your books.

3. Outsource When Necessary

It’s okay to outsource as a property manager. For example, it’s good business to hire a bookkeeper when you’re overwhelmed with financial paperwork. Certain property repairs need to be handled by specialists as well. If a vacation rental has carpet that has repeatedly been soiled by pets, it may require professional cleaning services. A key to successful property management is knowing when it makes sense to outsource some of the work.

4. Perform Regular Inspections

Another great property management tip is to schedule and perform routine inspections. These can help reduce the risk of potential problems with vacation rental properties. You can find and fix issues before they become major problems. This also helps you maintain compliance standards. Some of the items that should be regularly inspected include:

• Smoke/fire detectors and alarms
• HVAC systems
• Roof, gutters, and downspouts
• Windows
• Emergency exit access
• Water lines
• Decks

5. Utilize Technology

To be a successful property manager, you need to apply the latest software and technology solutions throughout the business. Manual checklists and old-school methods of property management will keep you behind your competition. Integrate property management software and housekeeping software to streamline your scheduling, maintenance, and cleaning processes. Find software programs that are available as user-friendly apps so everyone can be on the same page.

‍ResortCleaning for property managers makes it easy to make sure your property is being cared for. This convenient and comprehensive software allows you to keep a schedule for housekeeping services, maintenance, and inspections as well as manage and follow up on work orders. Find out how ResortCleaning improves your property management services so you can successfully manage your vacation rental properties.