3 Top Tips for using Short-let property management companies
If you have a 2nd home or travel for business a lot of the year, letting your home whilst you're away is a great way of bringing supplemental income from what is likely the biggest asset/cost in your life. The downside to sharing your property is also the thing the very thing that attracts guests, flexibility! This means that it's too much hassle for most doesn’t. What with variable check in and out times, regular cleaning and linen changes, it's no wonder more and more are handing these responsibilities to management companies.
Here are my 3 top-tips (although the first has many facets) for handing the management of your property to a company whilst you're away.
1) Shop around for companies that provide the service. It is an involved process so it's key to making this arrangement work for you. The important things to look for when evaluating a company;
- Do they offer insurance? Your home and contents insurance will not cover you if a guest accidentally causes damage. So, it’s essential to get extra cover. This should be part of the service your property management company provides
- What percentage of the nightly rate does the agent take? Agents can take from anywhere between 40-60% of the nightly rate. This could be crucial if you’re hoping to have your mortgage repayments covered.
- Ask about how they check guests’ backgrounds. These are simple but essential checks for your peace of mind
- Ask for testimonials from other homeowners who’ve listed with them. It’s one thing for to have glowing reports from guests but you want to know how their relationship will be with you
- Do they have a trusted maintenance team? This is preferable to using someone you know. Their team will be used to responding at a drop of a hat. When guests are paying the equivalent of hotel prices they rightly expect things like boiler breakdowns to be solved right-away
2) If you have anything of sentimental or very high worth objects that would be hard to replace, it’s worth locking up a room in your property and securing it with tamper taping. Or else you could have the item(s) put into storage.
3) Get extra keys cut. It makes sense to cut one set per bedroom plus 2 more for the management company. One of these will be for the cleaning team
Once you're satisfied with your choice, you can relax whist you're away knowing that your home is in trusted hands and that your holiday or mortgage is being paid for with virtually no effort on your part.
Michael Andrews
Business Development Director
Capital Places