We see it all the time: Owners decide to turn their vacation home into a rental or buy a rental property specifically as an investment. They sign up with Airbnb or VRBO, intending to do all the work themselves. While it seems like a straightforward and lucrative side gig, the DIY aspect of the project soon spirals out of control. Suddenly, it’s not fun or easy anymore. Worse, the investment could be losing money.

Before long, many property owners start wondering “Do I need a property manager for my vacation rental?” We’ve compiled a list of nine telltale signs that hiring a property management company might be something to consider.

This is where an experienced investment property management company like Miami Residences Management and Vacation Rentals (MRMVR) comes in. By handling the day-to-day operations of short-term and vacation rental properties, we help owners maximize their revenue while maintaining the property’s value. Best of all, we give them a much-needed break.

Answering the Question: Do I Need a Property Manager For My Vacation Rental?

It’s not easy to ask for help, but managing a vacation rental is a lot of work—and often too much to handle alone. You’ve likely invested a lot in your property and want to see it succeed. If any of the following situations sound like yours, it’s time to consider hiring a property management company.

1. I own too many properties. The more vacation rentals an investor has, the harder it will be to take care of guests’ needs and the properties themselves. That is not to say that an owner must have multiple properties to feel overwhelmed. Even one apartment or condo can be a lot of work, especially as a DIY owner gets older or if they also have a full-time job.

2. I live too far away. Often the reason for investing in a vacation rental is so the owners can enjoy it themselves. Here in the Miami area and other tourist-friendly destinations throughout the southern states, we’re very familiar with snowbirds coming down for the winter months. Unless the owner lives near their property, they’re going to need someone to look after it. 

3. I’m tired of being “on call.” Who will guests call if they lock themselves out, a pipe bursts, a fuse blows, or the air conditioning fails? Vacation rental managers must be available 24/7. Responding to ordinary questions as well as emergencies is an important part of managing rentals. Getting help from a property manager can give owners the freedom to go on their own vacations, enjoy family events, or even get a good night’s sleep without interruption.

4. The rental is vacant too often. Attracting guests means keeping up with other rentals with competitive pricing and effective marketing. Property management companies keep their fingers on the pulse of the local market, showing off a property’s amenities to their best advantage. They understand how to adjust the nightly rate according to the seasons, holidays, and local events, keeping it occupied throughout the year. 

5. Guests are leaving negative reviews. Good reviews are essential to keeping a vacation rental booked. While an honest review is helpful in pointing out how the owner can improve their guests’ experience; too many not-so-great ratings can make vacationers reluctant to book a stay. The trick is to anticipate potential hiccups and address issues before they become problematic. Along with responsiveness to guest questions and problems, a property manager can stay on top of maintenance, cleanliness, and adding personal touches that earn those five-star ratings owners love.

6. My vacation rental is looking shabby and run-down. If there’s a downside to a high guest turnover rate, it’s the amount of wear and tear a property can experience. A lot needs to happen between check-out time and the arrival of the next guest. Not only will MRM’s professional cleaning teams leave the property spotless, but they’ll also inspect for maintenance issues that require repair or replacement of furnishings, flooring, appliances, etc. 

7. I’d rather not deal directly with my guests. Not everyone has a knack for interacting with strangers. Even if you enjoy conversing with people you don’t know, things are different when fielding demands and complaints. A property manager for a vacation rental communicates with guests on the owner’s behalf, providing information and enforcing rules. 

8. I’m wearing too many hats. Investing in short-term and vacation rental property is a business, but few individuals have the mix of management, finance, accounting, legal, compliance, and marketing knowledge necessary for success. MRM’s clients have access to a talented team of professionals for every aspect of property management. We take care of the details and provide you with all of the financial data and reports that you need.

9. My bottom line is suffering. Each of the items on this list can become a drain on cash flow, chipping away at profits. Consider what it costs to self-manage your own property, not only in dollars but in time, energy, and stress. Entrusting the daily responsibilities to a property manager like MRM means leveraging our expertise and resources for an economically and efficiently run rental. Not only will you gain peace of mind, but much of the cost of a property manager for a vacation rental is tax deductible!

Finding a Property Manager For a Vacation Rental

As a vacation rental owner, it’s easy to feel overwhelmed. It takes a lot of work to keep a property desirable and profitable. Property management companies can help shoulder the burden and give your investment the attention it deserves.  

If you ask yourself, “Do I need a property manager for my vacation rental?” and the answer is “Yes”—or if you’re still not sure, contact MRM. We’d be happy to discuss our services and how they can give you a much-deserved break from self-management stress.