Below are some questions that we consider important to ask yourself prior to choosing to use your property as a vacation rental:
Are my expectations reasonable?
Are like properties renting for the same amount that I want my property to make? Look at the calendars to see if they are full at the price you think your property should rent for.
Am I comfortable with strangers in my ‘home’?
There will be wear and tear. Guests appreciate a small amount of personality in a rental home but they also like to envision it as their home during the time they are staying there.
Do you expect to have positive cash flow?
Most owners who rent their property are looking to offset the costs of ownership. If you need the property to make a certain amount of money each month, make sure you have money put away for the unexpected expense.
Are you expecting a full calendar?
Demand varies and November (off-season) differs from February (peak season) in Hawaii. There will be times of the year that it is going to be very difficult to fill without heavy discounts because the supply of vacation properties is higher than demand.
ask the manager!
What is the management company doing to stand out from the crowd? Below are some questions that we consider important to ask the manager prior to choosing what company to hire to manage your vacation property:
What are your fees?
There are a variety of fees that can come up. You should be prepared to ask a new manager about marketing fees, advertising fees, cleaning fees, bill paying fees, etc.
Can I see a sample of real owner statements? Do they charge fees on top of their commission?
- Do you charge the owner for travel agent commission or any other types of commissions?
- Do you charge the owner for any cleaning costs?
- Is there a linen charge? What is included?
- Do you charge a fee for paying bills for the property on our behalf?
- Do you pay Hawaii General Excise and Transient Accommodation taxes and do you charge for the service? How often are taxes paid?
- How is maintenance charged? Is there an hour charge minimum? What preventative maintenance is done?
- Is there a charge if the owner wants to use their own property or have their friends or family there?
- What extra costs will show up during the year?
Do you as a management company measure yourself?
Are there comment cards and/or solicitation for guest reviews? Reviews are critical in marketing properties more than ever, and there are many guests who will not stay at a property that does not have reviews. You, as an owner, should be seeing what guests are saying about your property and you should want to work with a company that is accountable.
Does the management company contact the guest after they arrive?
The better reservation software can send out an email to each guest the day after they arrive. An up-to-date property manager will have on-line guest books, texting, and modern software.
How does the management company analyze prices?
How often do they change prices and seasons? A full calendar can indicate a too low pricing strategy. Dynamic pricing software has become very effective.
What is their marketing philosophy?
Are they using up-to-date technology and marketing techniques? Do they charge the owner for marketing and/or advertising?
Do you inspect the properties prior to guest arrival?
What are the cleaning and maintenance procedures to ensure the property is always presented at its’ best and for everyone to feel safe.
what about inventory?
We have comprised a list of minimum inventory that is standard for vacation rentals, a lot of which can be purchased directly through us. We purchase and store many items in bulk to help save time and money and to ensure missing or broken items can be readily replaced when necessary. We have a Linen program and a Plates and Silverware program in place. We provide many of the bathroom, laundry and kitchen supplies that are needed by the Guests during their stay.