There are obviously two sides to every story. For every Red Riding Hood, there is a starving wolf at the door. But vacation property management companies might actually be the woodcutter to save Little Red Riding Hood as far as investment is concerned. Or are they that wolf in sheep’s clothing come to chop off the unwary investor’s head? The answer, as always is complicated.
Buying a rental property is always fraught with peril. There are many things to consider. And for the novice, finding that advice on the first rental property is absolutely essential.
Let’s be honest. We have just come out of a property market that has been affected by a global pandemic – and in that market, everyone seems to be going for the brass ring as far as property valuations are concerned. As with all investments the cycle will calm, but rental property seems to provide a return on investment that is difficult to beat – and has provided that return year after year Pandemic or not.
So it would seem a no-brainer to invest in a property to rent – but the truth might be somewhat different. Managing property can be a headache. This is why many people leave it up to the professionals.
Now one of the most active markets in the world is the vacation market. It continues to perform year after year, but it is a market that is fraught with problems for the investor.
Firstly there are the tenants. They will be there one week and gone the next – so they feel no attachment to the property. That provides two challenges. The first is that they simply do not own the property – so they feel very little about maintenance.
The second actually comes before the first – who is renting the property?
Vacation property management companies take all the guesswork out of making money for the first-time owner. And many owners choose to use their services over the long term. They take care of the day-to-day management of those properties and make sure that the folks who choose to rent from you have a background that is impeccable. this means that you will get paid at the end of the vacation period.
This may seem like business as usual, but all too often, without proper vetting, your rental property will look like it has had a bomb hit it by the time the vacations season has ended. A professional vacation property management company will ensure that even if this should happen, the deposit will cover any damages – and they will also deal with the body corporate. That is no small task after those college students return to their studies after partying down at your rental accommodation.
As with most things in life it is sometimes best to leave specific jobs to the professionals. After all, you want a return on investment, not more stress in what is already a stressful world. Take some time off and let these companies manage your property. They know what they are doing and you can enjoy peace of mind.