Denver, Colorado welcomed 36.3 million visitors (including 19.9 million overnight visitors) last year. Take advantage! Renting out a vacation property allows you to generate easy income.
Without help, however, vacation rental management can become time-consuming.
Instead, weigh the pros and cons of short-term rental management this year. Relying on an experienced property manager could help you generate more income than before!
Make your choice after reading this guide today!
Pro: Higher ROI
Hiring an experienced property manager can help you market your vacation rental property. They can:
- Hire a photographer
- Create multiple digital listings
- Use search engine optimization
- Create digital ads
Marketing your listing using multiple digital marketing strategies will expand your online visibility. As more people find your listing, you gain more opportunities to book guests.
The best vacation rental management companies offer tenant screening services. They'll help you find reliable renters who will pay on time.
Renting out a vacation property and relying on management services will help reduce your vacancy rate. The rental vacancy rate in the US is already over 6%. You can book renters throughout the year to continue generating income.
Your property manager will also help you determine competitive rental prices. Otherwise, renters may turn to other vacation properties. They'll even help you take advantage of revenge travel trends.
Con: Costs
Before choosing a vacation rental management company, learn more about their services. Compare prices between three local companies.
Though you will have to consider the costs involved, hiring a property manager can save you money long-term. Remember, they'll help you avoid long vacancy periods. Their legal services can also help you remain compliant with local laws, allowing you to avoid fines.
Pro: Compliance
Owning a vacation property requires you to keep up with local laws and regulations. If you fail to stay compliant, you could receive a fine. Hiring a rental vacation property manager can help.
They'll ensure you remain compliant, even as laws continue to change.
Con: Less Control
Hiring a vacation rental management company will take many responsibilities off your shoulders. You won't have to worry about:
- Guest communications
- Marketing
- Check-ins/check-outs
- Housekeeping and upkeep
- Regulatory compliance
Outsourcing these tasks will save you time. However, it also means you'll need to relinquish control.
Choose a property management company that allows you to customize your agreement. You can choose how much control you maintain over daily tasks.
Pro: Maintenance
The best property management company will hire contractors to complete maintenance tasks quickly. Maintaining your property can help you avoid costly repairs. It will also make it easier for you to attract guests.
Your property manager will schedule cleaning services between guests. A clean, well-maintained rental can make a strong first impression. You could have an easier time attracting guests back for future visits.
Choose Short-Term Rental Management
Owning a vacation property can become time-consuming and stressful. Consider the benefits of short-term rental management services. With help, you can generate income from your rental without stress.
PMI Denver Metro provides high-quality property management services using state-of-the-art technology. We have decades of experience helping property owners like you!
Contact us today to experience the benefits of using our services.
