Isle of Palms Magazine Winter 2016-17

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The Isle of Palms Is a magnet
for short- and long-term vacation
rentals. If you have the means to
rent out a property on the island,
the rewards are almost guaranteed.
Properly handled, your rental property
can be a great investment, but if it is
poorly managed, it can instead become an overwhelming
investment of your personal time without fully reaching its
income potential.
The headache of managing bookings, marketing your
property, being available around the clock to handle
maintenance problems, scheduling
cleanings and following up on
damages or stolen property will
have you thinking life at the beach
really is a beach. Luckily, property
management companies are there
to do just that: manage your
property so you can kick back and
enjoy the ride. But with so many
options, how do you choose the
right one? Your rental property is
a big investment, so doing your
homework upfront will pay off in
the long run.
1. Longevity in the Area:
When evaluating a property
manager or property management company, their
experience in the area is invaluable. Property managers
who have been working on the Isle of Palms for
years have gotten to know and understand the local
rental market and seasonality, as well as the rules and
regulations of island rentals.
2. Fees and Contract Terms: It’s important to know
what you’re getting involved with, so be sure to read
the fine print before signing on the dotted line. Some
things to consider: are on-site services included or à la
carte? What are the terms of the contract? If possible,
include an “out” option if the company doesn’t live up
to your standards, but be aware of possible penalties
for breaching the contract early.
3. Booking Ability: Your vacation rental isn’t going to
book itself, but the property manager can help make it
seem like it. If you plan to have the property manager
handle the bookings, ask questions. Will your property
be listed on top rental websites? If so, who covers that
cost? What is the response time for booking questions?
Are the marketing sites mobile-friendly? Can you
book online with a credit card? In today’s tech-savvy
environment, you can only hope that’s the case, but
not everyone has moved to the cutting edge.
4. Communication: While you may not live there
full-time, being in-the-know about your property
is important. Ask how the property management
company keeps in touch. Is there a regular schedule of
communication such as updates, monthly reports and
statements? Does the company perform walk-throughs
after guests leave? How are damages
and missing items handled?
5. Service Options: There are a lot
of moving parts when it comes to
managing vacation rentals. When
choosing a property management
company, it’s important to ask
what services are included in the
property management company’s
fees and how payment is made.
Does the company handle
repairs, walk-throughs, check-ins,
maintenance and housekeeping?
What about fund collection from
renters? Are there additional fees?
If so, what for? What is paid
upfront and what is paid on a recurring basis? What
kind of reserve does the company require?
6. Maintenance: Let’s be honest. Unfortunately,
most renters don’t treat your property like they
would treat their own, so maintenance issues become
commonplace. Ask the property management
company if they have clearly defined procedures
in place to handle both preventive and immediate
maintenance issues. Do they have their own
maintenance crew or do they work with preferred
vendors? Is landscaping or lawn maintenance
included? What about getting a variety of quotes
or negotiating prices? How is the bill for this
maintenance handled? It’s a good idea to set a
maximum amount the company can spend without
contacting you.
7. Size Matters: Ask how many properties each
manager handles, on average. Small companies
are wonderful, but in the 24/7 world of property