5 Property Management Tips from a Family Who Knows
Lake Ozark Vacation Destinations was born from our family’s desire to find a way to buy a lake home and offset the expenses of paying for it. Our family absolutely loved coming to the lake and spending time together, and we wanted to be able to have our own home here. So, we got the idea of using it as a vacation rental. It turned out to be the best of both worlds. We developed a way for the property to pay for itself without interfering with our ability to use it when we wanted to. As more people are considering investing in a vacation rental home like at the Ozarks, we are here to help and encourage you. Today’s blog includes tips for anyone wanting to do their own vacation rental management. We also want you to know that if you don’t want to have to think about it, we provide property management services at Lake of the Ozarks as well and will be happy to put your vacation rental home on our program. To see some helpful tips about property management and what it entails, just read this blog!
Find a Trusted Attorney
You will need a trusted attorney for any business but for vacation rentals, some specific knowledge is needed. From lease agreements to liability waivers, there are a lot of legal issues involved in renting a vacation home. It is important to have an attorney knowledgeable in vacation rentals to help you with drawing up those contracts and waivers and even advising you on how to structure your business. Your attorney will be able to help protect you and reduce your personal liability in case someone gets hurt on your property or damages your property.
Tenant Screening Process
As you might imagine, getting the right tenants and avoiding those who would damage or disrespect your property is a critical part of property management. You have to be careful about who you allow to stay in your home. There must be an effective process in place to screen your tenants and avoid potential disasters.
Have Experienced Service People
As with any home repairs, regular maintenance, and upgrades are necessary from time to time. Trying to handle those things when you don’t live in the area can be much more challenging. You will want to have a list of trusted tradespeople on hand that you know you can count on so when something breaks or needs a service repair, you know who to call to get it fixed quickly and properly.
Safety and Security
Of course, you want to make sure that your property is safe, and that any guests on your property are safe as well. It’s important to keep an eye on the grounds and notice and correct any safety hazards. If you don’t live here full-time, you might consider a security system with high-resolution cameras so you can check on your property remotely.
Accept Online Payments
With today’s consumers, people expect to be able to pay online. When it comes to vacation rentals, an online booking option is pretty much a necessity along with credit card processing. It will also take some oversight and organization to have accurate recordkeeping, so you are able to keep track of managing your tenants and know that everyone is paying on time.
We are Here to Help!
It can take a little while to get in the groove of everything but don’t get discouraged. We are so happy that we got into the vacation rental business! By now we are experts, and we are happy to help anyone that wants to try to make income on a vacation home at Lake of the Ozarks. If you’d like to find out more about how we can help promote, rent and manage your vacation rental at Lake of the Ozarks without you having to think about it, we would love to meet with you! Give us a call at (636) 474-9878 and be sure to follow us on social media to hear more tips and information about vacation rentals at the lake!
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