The best property management company can turn your ideal home into your prized nest egg
The surging buyer confidence underpinning the rebound in U.S. property prices — driven by mortgage rates near record lows — is spilling into resort communities like Hilton Head.
The robust rental markets (both long-term, as well as vacation rentals) are a critical component of the real estate market recovery.
Besides taking advantage of low interest rates, the benefits for owning rental property on Hilton Head Island are fantastic, beginning with asset appreciation. The income generated from rental activity will help offset taxes, insurance and maintenance expenses.
Additional benefits are tremendous but less tangible. This is a place to relax, rejuvenate and reconnect with family and friends. Your home can be a place to create lasting memories for years to come, and may become your future retirement home or nest egg.
If you already own a vacation rental property and you want to make a change in management, or if you have a new home that you’re converting into a vacation rental, first consider long-term or short-term rental.
Long-term rental works well for the owner or investor who doesn’t care to use the property on a regular basis. The benefits of a fixed, regular rent check is appealing and your home may not receive as much normal wear and tear as would a short-term rental property.
Long-term rental managers can make ownership extremely easy and their fees are usually well worth it to avoid the time, energy and problem-solving skills necessary to manage your long-term rental.
If you need more flexibility in the uses of your property, then the short-term vacation rental option is for you. Renting your home short-term also has the potential upside of higher annual revenue vs. a long-term rental.
Hiring an effective property management company can ease the burden of property management, and fees for their services can often pay for themselves through increased revenues, peace of mind and possibly even tax benefits.
The range of property management services varies, but the best property management company can turn your ideal home into your nest egg.
Good vacation and rental management companies are first and foremost all about marketing.
Look for a company with:
- A robust website, mobile app, and social media marketing strategy;
- 24/7 phone vacation specialists to take advantage of every opportunity to book your home;
- And global marketing utilizing the hundreds of vacation rental distribution channels available.
Next, your property management company should take care of your home like it’s their own.
Look for a company that:
- Has their own housekeeping and maintenance crew on staff;
- Inspects your property weekly if it’s not booked;
- And is able to tell you what improvements you should do in an annual assessment of needed upgrades to maximize revenue and your enjoyment of your Hilton Head Island rental property.