1. Quicker Screening & Sourcing Of Renters
At Network Realty, our Professional Vacation Managers have a variety of tools at their disposal to help them find & screen potential renters. It used to be the case that individual property managers could have a great deal of success marketing their properties using the term "by-owner", but those days are a thing of the past.
Due to the way technology has changed in the last few years, there's no way for an individual manager to compete with the level of distribution a Professional can achieve. The additional property management fees are quickly offset by the sheer amount of revenue professionals can pull in for your property. Plus, you won't have to deal with the headache of management.
2. Get More Free Time
The amount of time it takes to manage even a single Vacation Rental property can quickly add up to several hours per week - especially during peak season. You're in charge of handling everything from housekeeping & maintenance to reservations & guest requests.
Not to mention - you've got to find people to rent the property in the first place! Couldn't you find a better use for your time somewhere else? We know you could.
3. Spend More Time Looking For Other Vacation Rental Investments
When you get back all that free time by using a Professional Property Manager, you can put all your focus back on what put you in this position in the first place - a great investment! When you think about it, isn't it a win-win situation?
You'll get all the benefits of owning a Vacation Rental property (passive income, a place to vacation when you need it) without any of the drawbacks (the major time investment).
4. You Can Finally Sleep In
Usually, when you're the property manager of your Vacation Rental, it's your job to do everything. But you can rest easy when you leave the job to Network Realty. That's because we'll be the ones watching over your property when a guest has a problem in the middle of the night.
We have a lot of experience in this area, so you can trust we'll respond to your guests in a timely & respectable manner.
5. No More Tax Headaches
Another time vacuum for individual property managers is staying on top of local & state compliance laws. We're always keeping track of those changes, so never fear. We'll even file your sales & lodging taxes!
6. Handling Customer Requests
Often, individual property managers underestimate how much time they'll have to spend responding to vacation rental customer requests. But just like any service business, our industry comes with a great deal of required hospitality thrown in. Lucky for property owners, that's where we shine.
That means you won't have to take on a whole separate job like you would if you were managing your own property.
7. We'll Protect Your Property While You're Away
No one wants to feel that they're bound like a prisoner to their Vacation Rental property. That's why we want to help you by providing all the custom care your renters could hope for - while freeing you up to live your life. All of this while your property is continually earning passive income for you and your family.
8. Get A Better Bang For Your Buck
The subject of yield management is often a difficult one for individual property owners to get right. Unless you've had direct experience maximizing rates, occupancy, & gross revenue, it's very difficult to find that sweet spot.
Our Professional Property Managers can help you by figuring out the perfect balance between how much you can legitimately charge without risking scaring away potential guests.
9. Laying Down The Law
The Vacation Rental Industry, specifically it's regulations & laws, is always changing. Just like trying to keep up with a sport you only have a slight understanding of, this can be one of the most confusing aspects of "by owner" property management.
To avoid getting yourself into any potential legal battles, let our highly invested Property Managers take the lead here.
10. We've Got A Team Behind Us
Like we mentioned before, it takes a lot of your free time to respond to maintenance & service requests. Not to mention, you usually have to find those providers yourself. That's not the case when you work with a Professional Property Management company.
We handle all the "behind the scenes" logistics, & already have well-established relationships with our providers. This means that service requests we send out to our providers are usually processed faster than general requests coming from individuals.
11. Other Connections With Providers
Another benefit of using a Professional Property Management company is the fact that you don't have to be at the beck & call of your guests when maintenance issues arise. That's because we always schedule routine maintenance on all of our properties.
That way, they're much less likely to need emergency repairs. If any emergencies do occur, however, we have a great history with our service providers - so you can trust they'll do the job right the first time.
Have you seen light? Contact us to see all the management services we provide today!
One of, if not the most important aspect of managing a successful vacation rental property is the quality of your tenants over time.
Think about it like this: if your rental property is like a human body, the tenants are the food that body takes in. In the same way junk food & too many sweets can destroy the health of your body, terrible tenants can wreak havoc on your vacation rental property.
Unfortunately, the screening process many property managers use is completely hands off and is often a silly form on the checkout page of their website. This is a faulty solution and allows bad tenants to slip through the cracks.
But it's also not as easy as calling the person or sending a personal email to them. That's because it all comes down to the quality of the questions you ask. Ask the wrong ones, and you're in the same leaky boat as before. Ask questions that are overly common, and the tenants will have prepared answers (lies) for you.
That's why you need to know how to screen vacation rental tenants the right way. But don't worry, that's what I'm here for - so read on.
Throughout your screening process (and life in general) you should avoid asking questions that lead to "yes" or "no" answers. That's because it is much more difficult to catch someone in a lie when they're asked this type of question.
It's important to know when they're lying because the whole point of the tenant screening process is the figure out how responsible they are. Like I said, it's very hard to do this using "yes" or "no" questions, so we need to use open-ended questions instead.
These types of questions force potential tenants to think about their answer, making them less likely to lie. Also, if they do lie, it is infinitely easier to catch it in this situation.
That's why you need to remove "yes" or "no" questions from your tenant screening process forever. Open-ended questions lead to more informative answers and make lies easier to detect.
As it is with so many other aspects of life, honesty is the best policy when it comes to dealing with potential tenants. That's because there's nothing they hate more than negative surprises.
For example, the worst case scenario after telling them about an issue with the property is that that simply choose not to rent it.
On the other hand, if you fail to disclose this information, they're sure to leave negative reviews all over the web about your company. Sure, losing the sale is unfortunate in the short term, but those pesky negative reviews can be impossible to get rid of - creating far more problems for your company down the line.
Ultimately, you're always looking for glowingly positive reviews. If you're honest with the tenant and they still decide to rent with you, there's a significantly higher chance that they'll respect you for it.
That respect can go a long way in terms of how they treat your property while renting. In fact, I've even seen tenants leave amazing reviews for "less-than-amazing" vacation rentals - purely because they enjoyed dealing with the property manager.
Another benefit of those positive reviews is that they act as a sort of insurance policy for the property. The more favorable the reviews, the more people will want to rent the specific property - keeping your pockets happy into the future.
Don't ever feel like you need to hide any potential flaws with your property. Respect the potential tenants by telling the truth, and they'll tend to reflect that respect back to you.
In the end, there's no formula or script to make the renter screening process completely flawless. Even after implementing all I've described above, you'll still need to use your own best judgment in deciding whether or not to rent to the potential tenant.
That's because the screening process is all about trust on either end. No matter how well designed your screening questions, they'll never replace good ole' human intuition.
Why is the tenant screening process all about mutual trust? Well, because if there is a shared feeling of trust between you and the tenant, they'll feel exceedingly worse about damaging your property. Not to mention, that feeling of trust leads to a far more enjoyable experience on both ends.
Don't rely on your questions alone when you're screening tenants. Always trust your gut feeling and remember - "If it looks like a duck, walks like a duck, and quacks like a duck - it is a duck".
Any questions we missed? Contact us here today - we can't wait to help!
As the 2017 Wells Fargo Championship PGA Tour event comes to Wilmington on May 1st through the 7th, the city and surrounding areas are set to benefit in many positive ways. The area will be home to countless activities throughout the week of the event starting April 30. Thousands of people from all across the country and globe will descend on the area and be a great boon for the city and area.
Outside of the obvious economic impact, a 4-day major event like the Wells Fargo Championship can bring strong, positive effects in housing and real estate markets as well. Below are three ways the Wells Fargo Championship will positive impact the real estate market in Wilmington.
Many people across the country have never heard of Wilmington. The Wells Fargo Championship will bring the city to millions of people, either the thousands in attendance or the millions watching from their homes.
These increased eyeballs will see the absolute best of the city and area. You never know who might be watching that thinks the area will be perfect for them and move themselves or their business here.
PGA Tour events are big deals. They help bring in attention, tourists, and extra revenue for the city. While they are big events, they do not bring nearly as many negative aspects like Olympic or World Cup games do.
Instead, the city rallies around events like this and it brings people together. Events like these cause home and business owners to take pride in their city and residence. That will boost property values for most people living in the Wilmington area.
Hardcore Golf Fans
The absolute die-hard golfer is always looking to golf the next, great course. A great way to show off the best golfing your city has to offer is by hosting a PGA Tour event or major championship. Wilmington has the chance with the Wells Fargo Championship to display the Eagle Point Golf Club for all golf fans to see. Areas with great golf courses often start to see more and more courses open as golf fans move to the area looking for new golf haven.
There is no doubt the event is going to be a major success and will show off to the world the best Wilmington has to offer. All the increased attention, enthusiasm, and golf fans from the Wells Fargo Championship will give the area a great boost, both in the economy and real estate market of southeastern North Carolina.
Today’s real estate market is hot, which means that now might be the perfect time to get your home ready to sell. If you want to perform a large-scale home renovation, note that it could affect your property value. Below is a look at some of the best and worst renovations when it comes to their return on investment (ROI).
The old real estate saying, “kitchens and bathrooms sell homes” does still apply in today’s market. While it may be true, adding an extra bathroom is not an investment that you are certain to recoup. Whether your new bathroom is midrange or upscale, you are only likely to get back about 56 percent of what you invested.
It is a well-known fact throughout the real estate industry that swimming pools are poor investments. The reality is that they are often more of a hassle than they are worth to homeowners. They are expensive with initial costs that can range from $30,000 to over $100,000. They are also costly to maintain and can present an enormous legal liability. It is highly unlikely that you will recoup the investment when you sell.
Expensive remodels that place your home above neighborhood standards are unlikely to get as much in return as you would expect. For example, that second story is unlikely to make a prospective buyer willing to pay more if the home is among single-story homes. The home will seem overpriced even if it has more to offer than neighboring properties.
While backup generators can be useful during blackouts, they are expensive to install. In all likelihood, you will only recover a fraction of that investment when you sell.
Installing a new steel front door can transform your home’s look and feel, which means that it has a significant impact on curb appeal. Other benefits include improvements to both the energy efficiency and security of your home. With its low initial cost, a new steel front door is arguably the one renovation that can give you the most value for your money.
These days you can get vinyl siding with finishes that resist fading and with lifetime warranties that far surpass those on older siding. Keep in mind that siding plays a significant role in curb appeal as it is one of the first things that prospective buyers see when they pull up to your home.
A homeowner receives returns on their solar panel investment with lowered electricity bills and tax credits. You can determine the kind of ROI that you will get by dividing the annual benefits by the initial cost.
New attic insulation is one of the most cost-effective investments that you can make in your home’s value. The extra insulation will also reduce the amount that you spend on energy.
As you can see, a renovation is not always the best option for improving value. Unless you need extensive work to get your home up to code, it makes sense to think carefully before investing in one.