Buying a Vacation Rental Home on Oahu Hawaii – Part 8Posted by Douglas Fischer on Friday, July 29th, 2011 at 11:38am.
Buying a Vacation Rental Home on Oahu Hawaii – Part 8
Hybrid Property Management/ Rent by Owner Relationships
According to an article written by a community editor at “Community from HomeAway” an online organization that deals with optimizing your vacation rental business, the following points were made:
Long gone are the days of all or nothing. With more and more vacation rentals open for business each day, property management companies have become more flexible by allowing “hybrid” relationships. You can still rent-by-owner with the added comfort of knowing you have a management company for emergencies or unforeseen problems that may arise. This could be especially helpful if your vacation rental is not near your primary home.
There are several different ways you can use a property manager while renting-by-owner:
- The owner buys and manages online listings, but the property manager’s contact info is listed. With this method you won’t get inquiry or emergency calls from renters at inconvenient times, such as during dinner or in the middle of the night.
- “À la carte” property managers, where the owner only pays for the services they want. Obviously, cost and services will vary depending on exactly what your needs are. For example, the owner handles their own marketing and bookings, and the property manager handles cleaning, maintenance, and keys and charges a flat fee for each. If you’ve had difficulty finding a housekeeper you like in the past, this could potentially be a good solution.
- Full service property managers who charge a discounted commission for bookings generated by owner. This might work well for you if you do not have as much time to devote to renting your property as you would like, but still want to play an active role in the bookings.