close
Business

UNDERSTANDING PROPERTY MANAGEMENT

Untitled

Property management covers the entire process of managing rental properties. To oversee the smooth running of staff, both sales office, cleaning and repair teams.  A great property manager will effortlessly control the rental properties and achieve maximum capacity and build trust with both owners and renters alike. When looking to rent property most renters will prefer to deal with a professional body who are consistent in their policies and are pleasant and easy to deal with.

PROPERTY MANAGEMENT BENEFITS FOR VACATION PROPERTIES

There are many benefits to using a property management company for renting a vacation property for both the renter and the owner such as:

  • A distinct point of contact for any issues, to handle queries, repair issues or complaints
  • Cleaning and repairs carried out in optimum time to reduce empty days
  • Legal and financial processes taken care of with secure deposit systems
  • Managing promotions and advertising to ensure the properties are occupied to the maximum throughout the year

UNDERSTANDING PROPERTY MANAGEMENT SOFTWARE

Many individual property owners, investors and property management companies are now using free Property Management Software (PMS) and are benefiting from the massive range of tools currently available.  With a PMS system in place your entire management team can have access making life much more streamlined for everyone in the chain.

PMS solutions such as https://www.lodgify.com/ offer easy to find properties with the use of software to enable searches no matter if they are for a city Penthouse suite or a simple bed and breakfast. These systems can work well if you have one property or a hundred.  

PROPERTY MANAGEMENT TOOLS AND HOW TO USE THEM

Property management tools are the programs that exist to make life as easy as possible in the rental markets, whether they are for accounting or producing legal agreements, they are made to ensure the transactions and considerable paperwork and processes are not missed.

Built into the PMS platform is accounting software that is able to be accessed by the management team easily, it can be used simply on one program or app and can keep track on all rental property transactions even including rent arrears if applicable. By using a property management app as you will never have to fill an office with filing cabinets and paperwork and you will have the property taken care of and filled to capacity.  With a PMS system in place you are able to build your own website full of personal information about your property encouraging tenants to your rental and keeping a track on the dairy and prices at all times.

WHEN TO USE A VACATION RENTAL PROPERTY MANAGEMENT SERVICE

A Vacation rental is the perfect answer to a steady second income but can be hard work when it comes to managing it yourself.  A PMS system can help you to keep on top of the cleaning schedules in order for your guests to enter the property safe in the knowledge that you are maintaining a first class service and can make sure that any repairs are authorised and carried out in good time.  The PMS system will track keys and locks and take care of any change necessary without you having to worry that your property is ever left compromised.

BEGINNING A VACATION RENTAL MANAGEMENT COMPANY

There is much to consider before you reap the rewards of a full bank balance and smiling customers, but most importantly is to consider the use of property management insurance to ensure that you are fully protected against any unforeseen event that will at some point occur in your career.  

 

Eddie Nobles

The author Eddie Nobles