Purchasing a vacation home or investment property is an exciting milestone and once the keys are in your hand, it’s time to start thinking about how to make the most of your new asset. If you’re looking to generate rental income, keep the home in excellent condition, and minimize stress, hiring a professional property manager is a smart next step. Here’s a step-by-step guide to finding and securing the right property management company after your purchase:
1. Clarify Your Goals
Start by outlining what you want out of your property. Are you planning to use it occasionally or strictly as a short-term rental? Are you hoping to maximize income, or are you more concerned with maintaining the property long-term? Clear goals will help guide your conversations with potential property managers.
2. Research Local Property Management Companies
Look for companies that specialize in your property’s location. A local team will understand seasonal trends, local regulations, and guest expectations. Read reviews, ask neighbors, and check platforms like Google, Yelp, and to narrow down your options.
3. Evaluate Their Services
Not all property managers offer the same level of support. Consider whether you need full-service management (including marketing, bookings, maintenance, and guest communication) or a more limited package. Be sure to ask questions about:
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Marketing strategy and platform exposure
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Guest screening and 24/7 communication
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Housekeeping and maintenance coordination
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Owner portal access and financial reporting
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Local licensing and tax compliance
4. Compare Fee Structures
Understanding the cost is key. Some companies charge a flat monthly rate, while others take a percentage of each booking. Be sure to ask what’s included in their management fee and whether there are additional costs for things like deep cleans, emergency repairs, or annual inspections.
5. Schedule a Property Walkthrough
A reputable property manager will want to see your home in person (or virtually) to assess its condition, recommend improvements, and ensure it meets rental standards. This is also a great opportunity to discuss occupancy projections, guest demographics, and pricing strategies.
6. Review the Management Agreement
Once you’ve selected a company, carefully review their contract. Pay attention to:
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Length of the agreement
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Cancellation policies
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Owner responsibilities vs. manager responsibilities
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How and when you’ll be paid
Don’t hesitate to ask for clarification or changes – this is a partnership, and transparency is key.
7. Prepare Your Home for Guests
With the help of your new manager, get the home rental-ready. This may involve staging, professional photography, installing a smart lock or welcome signage, and setting up housekeeping schedules. Your manager will typically provide a checklist to streamline this process.
8. Launch and Monitor Performance
Once your listing goes live, your property manager should handle the day-to-day – but you’ll still want regular updates. Review monthly statements, keep an eye on guest reviews, and schedule check-ins to ensure your goals are being met.
Looking for Property Management in Mammoth Lakes or Steamboat Springs?
At Nomadness Rentals, we specialize in short-term vacation rental management with a focus on maximizing income and guest satisfaction while protecting your investment. Whether you’re a new homeowner or switching from another company, our experienced team makes the transition seamless.
Let’s talk about how we can help you get the most out of your new property.
