Buying a Vacation Rental Home on Oahu Hawaii – Part 13

Posted on Thursday, September 1st, 2011 at 10:33am.

Buying a Vacation Rental Home on Oahu Hawaii – Part 13

I thought that the following article, found online at
7 Things Owners Should Know About Property Management

1. There are certain Advantages and Disadvantages to working with a vacation rental property
management company.

There are some considerations you should make before starting the search for a vacation
rental
property management company. Having a professional firm take care of your home
affords you many distinct advantages and disadvantages.

Advantages:

  • Someone is local in the event something should go wrong.
  • A professional property management firm is on duty 24/7.
  • If a major storm occurs, they can assess the condition of your vacation property and take immediate
    steps to repair and minimize the damage.
  • Handle guests that are too noisy or disruptive to neighbors.
  • Help ensure that your vacation home is in presentable condition by keeping it clean and well
    maintained.
  • Safeguards your property and protects your asset.

    Disadvantages: There is a cost for these services. In the end though, there is usually higher cash flow using
    a property manager as compared to ‘by owner”. Every situation will vary.

    2. While this is your property, strangers will use it.
  • Can you tolerate the fact that people will use your home and there will be additional wear and tear on
    the property?
  • There will be a greater likelihood of damage.
  • Professional Professional vacation rental property managers caution that it is important to try and be
    emotionally detached and NOT emotionally invested vacation rental property managers caution that it
    is important to try and be emotionally detached and NOT emotionally invested
  • Damage is not acceptable, but must be anticipated.

    3. Once you agree to rent your property with a vacation rental property management company, they should
    understand it is a business relationship with certain obligations.
  • The vacation rental property management company will provide you with many services.
  • You must expect to deal with maintenance, cleaning, and home upgrade issues.
  • Keeping the property competitive in the rental market is as important as having the property available
    for rent.

    4. Once your home is "under management", the property is no longer available on an unlimited basis to you
    or your family or friends, particularly during high rental periods.
  • You should realize that the renting of a property is an agreement with a third party and you cannot
    have access to the property until your guests depart.

 

Read Buying a Vacation Rental Home on Oahu Hawaii - Parts 1-12

 

 

Mahalo For Reading.

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