No matter what type of rental property you own in Breckenridge, you might have wondered whether hiring a property manager is a good investment.
Short-term rentals demand more intensive management than long-term rentals. While property managers like us can handle the workload efficiently, our services often come with significant commission fees, which can be a drawback for some.
Not sure if investing in property managers is worth it? Unsure how they can benefit your Breckenridge short-term rental business? Here are five impactful ways that professional managers can contribute to your success.
1. They handle the setup process for new properties.
Whether you’re starting with your first Breckenridge rental or expanding your portfolio, property managers have the knowledge to assist you through the setup process.
They’ve got you covered for selecting the perfect furniture, securing top-notch photographers, and writing a truthful and appealing listing description.
At Ski Country Resorts, we know what it takes to make your rental stand out in a crowded market. With years of experience, we've perfected strategies that ensure high occupancy rates and quickly earn those all-important five-star reviews.
This experience is key to driving your success quickly and sustaining consistency throughout your rental operations in the long term.
2. They are highly effective in managing everyday tasks.
A considerable amount of a host’s work revolves around routine tasks, which can be both complex and labor-intensive. Here’s how professional managers can help with everyday tasks:
Around-the-clock guest support.
High-quality guest support is essential for gaining those valuable five-star reviews. Your communication with guests kicks off before they even book and continues well after they’ve checked out.
In our role as Breckenridge property managers, we coordinate over a hundred guest interactions every month for each vacation rental we manage. It’s a pretty significant number! But with our expertise, we’ve developed templates and streamlined processes to boost efficiency and ensure the highest guest satisfaction.
Providing timely responses.
In this industry, quickly responding to guest inquiries is extremely important. Delays can result in guest dissatisfaction, which often shows up in their reviews. Remember, the optimal response time is five minutes or less for each inquiry.
At Ski Country Resorts, we follow this principle, and we maintain a 24/7 guest support team dedicated to promptly addressing all inquiries and requests. The outcome is almost always positive, and it is reflected in the frequent great reviews we receive for our outstanding guest support efforts.
Handling Urgent Issues.
In short-term rentals, where guests come and go frequently, it's not uncommon for unexpected challenges to pop up. Having someone ready to step in, especially someone experienced in resolving such situations, is highly important.
This is where your property manager steps in.
We are not only ready to address any challenges but also have access to a network of top-notch plumbers, handymen, and other experts in the region who can be brought in when necessary.
Keeping your vacation rental in top shape.
With the constant flow of guests, a short-term rental needs more care than a regular home. Quality property management companies take a proactive approach, ensuring upkeep through regular maintenance schedules and routine inspections.
They hire and coordinate with a reliable cleaning staff who also manage tasks such as checking inventory and restocking supplies and amenities.
Identifying the right professionals for both scenarios can be a challenge, but property managers are on top of it. They typically collaborate with excellent cleaning and maintenance companies, ensuring your rental property remains in excellent condition.
3. They Also Manage More Complicated Matters.
Running a vacation rental in Breckenridge involves more than just handling everyday tasks; unexpected challenges, like plumbing or electrical issues, HVAC breakdowns, and internet disruptions, to name a few, frequently happen.
When these issues arise, a professional property manager can take immediate action, which is essential since delays might result in legal complications.
Once again, at Ski Country Resorts, we employ effective and affordable approaches to resolve more complicated matters. We also have a valuable network of professionals — experts we’ve partnered with for years, ensuring we receive the best market rates.
Finding skilled contractors to resolve last-minute challenges is not easy. Yet, when necessary, we assume the responsibility of sourcing, briefing, and negotiating with them.
As part of our broader strategy, we implement a proactive approach, which includes preventive measures like conducting rigorous annual inspections of fire extinguishers and smoke detectors.
4. They oversee administrative tasks and marketing efforts.
We believe it’s a misconception to view vacation rentals as “passive income.” The reality is that this business involves many responsibilities. Beyond what we’ve already mentioned, there’s also a significant amount of administrative and marketing work required to ensure your short-term business thrives.
While helpful software tools can ease the process, the ultimate responsibility for ensuring everything runs smoothly lies with you or your property manager.
Admin tasks involve business development, marketing, and other additional responsibilities. An important task involves frequently assessing local demand and adjusting dynamic pricing strategies to maintain a steady flow of bookings. This is how you achieve financial success.
While pricing tools like Wheelhouse and Pricelabs can be useful, nothing beats the expertise of a professional who grasps the industry’s complexities — that’s what truly sets you apart!
5. They cover their costs while increasing your profits.
By now, we hope it's pretty clear that property managers can truly benefit your vacation rental, but we get it — you’re probably wondering about the price, right?
You’re absolutely right. Bringing a property manager on board in Colorado or anywhere else does come with a fee, which can occasionally be quite high.
The main point, though, is that property managers boost your income, and the time they free up for you will not only offset their costs but also result in much greater profits.
First, as we mentioned earlier, they can help you avoid high contractor fees and reduce cleaning expenses. Second, property managers can increase your income by applying their administrative and marketing skills, along with implementing dynamic pricing strategies.
All of this leads to a significant increase in your revenue.
Frequently Asked Questions About Rental Property Managers:
What services can I expect from a property manager?
When you hire a property manager, you can typically expect them to provide a wide range of services designed to make the management of your property easier and more efficient. In addition to the responsibilities we've mentioned, their services also include guest screening, rent collection, financial management, property marketing and leasing, guest relations and communication, property inspections, legal compliance and risk management, accounting and record-keeping, vacancy management, and handling emergencies.
How is the property management fee structured?
Property management fees are typically structured in a few common ways, depending on the services provided and the agreement between the property owner and the management company. Here’s an overview of the most common fee structures:
Percentage of Rent Collected: The most common structure, where the manager charges 8% to 12% of the monthly rent.
Flat Fee: A fixed monthly fee, regardless of the rent amount, often ranging from $100 to $500 per unit.
Leasing Fee: A one-time fee when a new tenant is found, usually 50% to 100% of one month’s rent.
Additional Fees: This may include setup fees, maintenance coordination fees, vacancy fees, and eviction fees, depending on the services provided.
But keep in mind that each structure varies based on the level of service and agreement between the owner and the manager.
What should I look for when selecting a property manager?
When choosing a property manager, it’s essential to consider several critical factors to ensure they will effectively manage your property. Here are some key aspects to focus on:
Experience and Expertise: Look for a property manager with a proven track record in managing properties similar to yours. Check their experience in your local market, as they should be familiar with local laws, regulations, and market trends.
Reputation and References: Research their reputation by reading reviews, testimonials, and asking for references from current or past clients. A strong reputation and positive feedback from other property owners are good indicators of reliability and quality service.
Range of Services: Ensure they offer a comprehensive range of services, including tenant screening, rent collection, maintenance, marketing, and legal compliance. Clarify what is included in their standard services and what might incur additional fees.
Communication and Transparency: Assess their communication style and responsiveness. They should be easy to reach and keep you informed about important matters. Look for a property manager who provides regular updates and detailed financial reports.
Fee Structure: Understand their fee structure, including management fees, leasing fees, and any other additional costs. Compare their fees with other property managers to ensure you’re getting value for money.
What questions should I ask a potential property manager during an interview?
When interviewing a potential property manager, asking the right questions is crucial to ensure they are a good fit for your property. Here are some key questions to ask:
How long have you been managing properties?
How many properties do you currently manage, and what types are they?
What specific services do you offer as part of your property management package?
Can you explain your fee structure? What percentage do you charge, and are there any additional fees?
What costs should I expect beyond your management fees?
How often will I receive updates or reports about my property?
What is your process for handling tenant complaints or disputes?
Can a property manager assist with legal disputes related to the property?
Yes, a property manager can assist with legal disputes related to the property, but their role is typically limited to certain areas, such as lease enforcement and evictions, compliance with local laws, mediation and conflict resolution, documentation and record keeping, coordinating with legal professionals, and advising on legal matters.
While property managers can assist with legal disputes, it’s important to remember that they are not legal professionals. For significant legal issues, especially those that may lead to court proceedings, it’s recommended to seek the advice of a qualified attorney.
With Breckenridge property managers, you save time and energy — while also boosting your income.
Property managers in Breckenridge can guide you through various other facets of running a vacation rental.
With their support, instead of being overwhelmed by management responsibilities, you'll have more free time for personal interests and to figure out how to enjoy the extra money you'll be pocketing.
At Ski Country Resorts, we believe in property management that goes beyond business. We envision a world where homeowners aren’t burdened by hidden fees, contract loopholes, or ulterior motives. We’re dedicated to treating your property as if it were our own, ensuring top-notch care.
Want more advice on managing your Breckenridge vacation rental? Check our blog for up-to-date tips on improving your operations, drawing in more guests, and increasing your revenue.
