We all are looking for some extensive passive income ideas, and there is none safer and better than renting your property to happy short-term tenants looking to have a good time.
But for that, you need the right people to see your property and rent it. And that is where a short-term rental or STR management company comes in.
They are professionals who know how to reach the right audience looking to rent a property like yours.
However, plenty of companies provide vacation rentals memphis tn. That is why you must prepare a list of questions to ask such companies.
So, today we are going over four essential questions that one must ask before hiring them:
1. How have you been doing?
The aim of this open-ended question is how the management company has been performing in the past.
How many bookings does it cater to everyday during the holiday season, and how does it showcase your property to the prospects to get more bookings?
A management company’s social and digital presence determines how many people will look up to a property through them. So, do ask this question.
2. How do you frame your packages?
Management companies generally frame their packages based on the property owner’s preference.
For example, if they want to take up a marketing management package, then the company will work on promoting the property on social media platforms and Google.
On the other hand, if you want a complete package, the company will manage day-to-day operations from marketing and hospitality to photography and food.
Most people choose a complete package to make their trip convenient for them. So, ask the company to describe their packages in detail.
3. What commission do you charge?
Management companies generally charge around 4-5% commission on the rent.
However, the share may increase if you buy complete packages that include food, hospitality, tourist guides, photographers and drivers, etc., for the tenants.
Also, ask them to give a complete breakdown of everything from service fee to commission to avoid future confusion related to price.
4. Where do you advertise my property?
Though we are in 2022, some companies still live in the postcard era. They would distribute pamphlets and posters to let people know about your property.
That is why you must confirm the mediums they will be using to advertise your property. Platforms like Facebook, Instagram, YouTube, and Google are some of the most viable options that can bring quick results.
But to leverage them, a company needs to have a social media team that can manage its property promotion. Therefore, it is essential to ask them about their team’s competence and approach to social media management.
How does a management company compare with self-management?
After having covered all the essential questions, you must be wondering, can’t I perform all these functions myself instead of outsourcing them to someone else?
Well, a lot goes into the successful management of a property and client. From listing your property and marketing it to taking care of clients’ needs and being in their service 24×7, managing the entire process is not that easy.
People have a lot of expectations from their vacation; they pack smartly for weekends and are looking forward to a great stay.
That is why it is best to hire professional short-stay rental management companies who are vastly experienced in handling their clients.
So, consider these four tips before hiring a professional rental management company. Contact one in Memphis today and get your property listed at the best price.