Pro’s and Con’s of Self Managed Vacation Rentals
Whether you own a beach home on 30A, a villa in Destin, or a condo in Panama City Beach, there are a lot of things to take into consideration before putting your vacation rental on the market, chief among them whether you should manage it yourself or work with professional property management. Panama City Beach offers extensive opportunities for you to make a big return on your property investment, but how you manage your property matters.
You’ll make a lot of decisions when it comes to renting out your vacation home or condo. Should you update your unit with new furniture? Splurge on upgraded electronics? Give the walls a fresh coat of paint? And ultimately: will you work alone or with one of the Panama City Beach rental management companies? Vacation rental listing websites like VRBO or Flipkey provide a lot of self-management tools for your vacation rental, but they don’t mention the daily tasks that come with the management of your property. Are you up for the task?
To help you decide which way to go, we’ve broken down some of the biggest pros involved in either managing your property yourself or having Blue Sun Properties, one of the leading rental companies in Panama City Beach, Florida, manage it for you.
Pros of Self-Management
Save on commission fees. Some management companies charge as much as 40% commission to manage your vacation rental, which can result in a big cut in your profits. (We only charge 20%.)
Complete control of who enters your property. When you manage your property yourself, you know exactly who has access to it at all times, including guests, housekeepers, and maintenance.
Pros of Professional Management
Better exposure equals more bookings. We know exactly how to market your property and will have a greater reach in terms of potential vacation renters. And the more people you can reach with your listing, the more bookings you’ll have.
Speaking of marketing…. Do you have a website for your property? Where will you market it? How much do you intend to spend on marketing? Who is answering your rental inquiry emails while you are at work or spending time with your family? We’ll handle all of that for you, with professional marketing and websites, and knowledgeable, professional customer service.
Housekeeping oversight. Nothing turns a rental sour quicker that an uncleaned unit. We’ll inspect your property after it’s been cleaned to make sure the housekeepers are cleaning the property to your guests’ expectations.
Expert maintenance and repair contacts. When the A/C goes out or the garbage disposal gets jammed, who will you call? We have on-staff maintenance and a list of preferred service providers who can take care of issues quickly to minimize disruptions to your guests’ vacation.
No need to deal with after-hours emergencies. The phone rings at 2am: a guest left the key in the condo before they went out and can’t get back in. You can stay in bed, though—we got this. We have after hours attendants that can issue new codes or retrieve existing codes to help guests get back into the property.
Rent payments are handled for you. Accepting rental deposits by check gets dicey sometimes, especially when a guest books a stay five days prior to arrival or you need to return a damage deposit. We have a merchant account where we can handle all of the financial aspects of your property, including collecting rent payments by check or credit card and issuing any necessary refunds.
Frees you from having to do your own evictions if a guest becomes unruly. There are many factors involved in doing a legal eviction if a guest becomes unruly or violates occupancy or age restrictions. We know the ins-and-outs of the process, and will take care of these issues for you.
Knowledge on local tax regulations. Monthly taxes are a time consuming process, but are required to ensure you are legally renting out your property. Depending on where your property is, there could also be local tourism taxes that must be accounted for. Failure to know all of the required taxes could cost you money in the long run. We’ll make sure your tax payments are paid on time, every time.
Efficient property licensing. The Florida Department of Business and Professional Regulations requires all transient rentals to be licensed under Section 509. We’ll take care of licensing your property for legal transient vacation rentals.
Save on time. Managing a vacation rental is not a hobby—it is a part time job at its least demanding time, and a full time job during peak seasons. By working with us you free up your schedule to focus on everything else going on in your life.
A professional management company makes owning a vacation rental property fairly painless by taking care of all of the non-glamorous tasks involved in its management. Should you decide to use a professional management company, please consider Blue Sun Properties LLC, known for managing many of the best condo rentals in Panama City Beach. We would love to talk to you about our program and develop a business partnership with you. Contact us via our website or at 888-447-7804 ext. 5 and start making money on your investment today.