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Picture this: you’re about to go to sleep after a long day at work. Before you can shut off the lights, you hear the phone ring. Your tenant is calling you about the leaky bathroom.
Unlike the stock market, real estate requires hands-on work. This investing model can turn into a second job. Delegation becomes essential as you build your real estate portfolio.
Hiring the right property manager will save you hours. You won’t receive calls deep into the night from your tenants.
Property management companies can take those calls for you. They also help preserve your property.
Property management companies let real estate investors focus on finding great deals. However, not every vacation rental property manager provides quality service.
Investors must discern between effective and ineffective property management companies. Hiring the right property manager can save you hours each week.
Wondering what goes into finding a real property management company for your rental? We’ll share a few indicators to look for in each property manager.
Savvy Local Market Knowledge
Local markets play a significant role in real estate returns. Laws and consumer behavior vary across states and counties.
The best property management companies know the local market. However, don’t take their word for it.
Ask them questions about local markets and consider how they respond. If the property manager lacks confidence when discussing the local market, look elsewhere. Insufficient understanding of local markets will hurt tenant recruitment efforts.
Conduct a search on Google such as “property management near me” to find a local property manager. Local property managers should know more about the area than non-local property managers.
Do some initial local market research so you can fact-check the property manager. If a property manager mixes up a region’s offseason and peak season, look elsewhere.
Ask the Property Manager about Their Fees and Contract Terms
Before you consider hiring a property manager, determine your budget. How much can you pay for the property manager’s services?
Knowing this budget will help you negotiate with a property manager. You can also look for another choice if a property manager surpasses your budget. Ask about the property manager’s fees and contract terms.
Most property managers receive payment as a percentage of rent. This structure incentivizes property managers to keep your vacation rental properties fully occupied.
Most property manager fees do not exceed 50% of your rental income. It would help if you looked for property management companies that offer lower fees. Even if you can afford the fees, reach out to several managers so they compete for you as a client.
Review the contract terms to see if it offers any opt-out clauses. Property management companies should allow owners to opt out due to poor performance. This clause places the significant risk on the property manager.
Ask questions about the contract and voice any objections. Talking with multiple property management companies will allow you to review various contracts. You can compare contracts and see which ones offer the best terms.
Review the Marketing Strategy
Your vacation property needs tenants to generate consistent cash flow. Property management companies find tenants and welcome them to the property.
Poor marketing can increase vacancy during the peak season. This scenario is a vacation rental property owner’s nightmare.
An effective marketing strategy capitalize on peak seasons and get some offseason traction. Ask each property manager how they will promote your vacation rental.
A property manager needs digital marketing expertise to reach the most people. Old-school tactics work, but ask about their Facebook ads and social media strategies.
Many property management companies adapted to incorporate digital marketing in their strategy. Make sure your property manager does the same.
Speak with Their Current Clients
A property manager’s current clients provide a glimpse into their performance. Property managers can boast about their services, but their clients know the truth.
Ask each property manager if you can speak with current or past clients. Property managers with excellent performance should welcome this request.
If a property manager balks at this request, challenge them and see how they respond. Some may cite confidentiality.
If other property managers share a few clients, reach out to those clients first. If those clients are happy, ignore other property managers who withhold information.
Check Their Staff and Property Portfolio
Each property manager comes with a staff and property portfolio. Both factors impact the type of service you will receive.
A large staff increases the likelihood of timely service. More people can manage more responsibilities across the property manager’s client portfolio.
However, many clients can spread the staff too short. A property manager with ten employees may sound appealing. Ten employees won’t suffice if that property manager services 100 properties.
A smaller staff with fewer properties can give you more attention. If you are nervous about the staff’s size, ensure the contract includes opt-out clauses.
Looking for Property Management in the Myrtle Beach Area?
Managing a property is challenging. You’ll get numerous calls from existing tenants. When a tenant leaves, you must quickly fill the vacancy.
A property manager addresses these concerns and more. Property management companies let you focus on finding deals.
If you are looking for property management in the Myrtle Beach area, we can help. We provide 24/7 access so you can reach out at any time.
We also provide professional housekeeping services to ensure your property looks sharp. Contact us today to see how we can assist with managing your property.
Tourists are taking Myrtle Beach to the next level.
Tourists are taking Myrtle Beach to the next level. The occupancy rate for Labor Day weekend in 2021 was close to 77%. That’s 34% higher than it was in 2019.
A Myrtle Beach vacation is great for adults and children alike. Yet you shouldn’t rush down just yet. You should look at some travel tips to plan your perfect vacation.
What are the weather and crowds like in Myrtle Beach? What are some great things to do? How can you find a comfortable and affordable place to stay?
Answer these questions and you can create a great vacation without too much stress. Here is your quick guide.
Look at the Weather
The weather in South Carolina is warm and humid year-round. July is the hottest month, with temperatures reaching into the 90s. January is the coldest, yet the average temperature hovers in the high-50s.
Though Myrtle Beach is hot, it is not always dry. Thunderstorms can break out in the afternoon and drop a substantial amount of rain. The storms bring the temperature down, but they can bring beach days to a close.
If you choose to visit Myrtle Beach in the spring, you can find mild temperatures. Yet you may encounter sudden storms and tornadoes.
The autumn is when the hurricane season peaks, so you may not want to go during October and November. The winter sees temperatures drop downward, but many businesses are closed for the season.
You should plan on going to Myrtle Beach during the spring and summer. You should pack light clothes, though you can bring a windbreaker and a rain jacket.
Beat the Crowds
The peak season for Myrtle Beach is between June and August. Crowds are a little lighter during the last week of May and the first week of September, but they are still substantial.
If you are concerned about crowd sizes, you can book your vacation for mid-May or mid-September. You can enjoy the warm weather and great stores while avoiding the long lines.
If you plan on visiting Myrtle Beach during the peak season, you can still find ways to avoid crowds. Go to restaurants and indoor attractions in the middle of the week, not on the weekends. Visit the beaches after mid-afternoon, when most families pack up to leave.
Discover Things to Do in Myrtle Beach
You can see a lot during a Myrtle Beach trip. Try to find a few different attractions that you can visit every day.
Beaches
As you might imagine, the most popular beach in Myrtle Beach is Myrtle Beach. The beach offers sparkling waters that are perfect to swim and parasail in. If you want to go for a walk, you can walk along the boardwalk and stop at different stores.
The Golden Mile stretches for two miles. Many beachside mansions face the sand, which creates a quieter beach for people who want some privacy.
If you want to go fishing on the beach, you can visit Myrtle Beach State Park. Pets are not allowed on the beach, so it is a good place to visit if you are allergic to pet hair.
Museums
Myrtle Beach has many small museums you can explore when it is rainy. The Franklin G. Burroughs – Simeon B. Chapin Art Museum has nearly a dozen installations on display. You can also take pottery classes from the museum staff.
If you prefer something more fun, you can visit the Hollywood Wax Museum. The museum features wax statues of many famous actors and celebrities. You can walk through a maze of mirrors and a haunted house as well.
Miniature Golf
You can find miniature golf courses scattered throughout the town. Most of them are geared toward children, but couples and single adults can try their hand at them.
Cancun Lagoon Adventure Golf is one of the more unique courses in South Carolina. It offers 27 holes divided into three courses. You can go through a Mayan pyramid and look at waterfalls while you play.
Live Events
Entertainment venues in Myrtle Beach have scheduled concerts throughout the spring and summer of 2022. The Carolina Opry is a variety show that has received notices in CNN and other news outlets. If you like magic, you can see shows from Charles Bach and other illusionists.
You can also find festivals and food events. The Carolina Country Music Festival will occur between June 9 and June 12. The Spring Festa Italiana is an Italian food festival that will take place in June.
Find Great Myrtle Beach Vacation Rentals
You should book your accommodations for a summer vacation at least four months in advance. If you wait, you may not find affordable prices or high-quality services.
Renting a home or apartment can provide you with more amenities than renting a hotel room. A vacation rental also works better for vacations that are a week or longer.
Spend time looking at your different rental options. You should examine packages and special deals, especially ones that center around events like festivals. The rates for most properties are similar to ones for hotel rooms while giving you more space.
You can find rentals for resorts and properties with golf courses. These rentals tend to get booked early on in the season, so you should reserve your space as soon as possible.
Plan Your Perfect Myrtle Beach Vacation
You’re a few steps away from a great Myrtle Beach vacation. The spring and summer offer warm temperatures with some rainy afternoons. The crowds get thick, but you can get avoid them by heading to the beach late.
You can find a lot of different beaches in Myrtle Beach. But you can also visit art museums, play miniature golf, and listen to great music. If you want to truly relax, you should try a vacation rental instead of a hotel.
Look for packages to keep your expenses down. Palmetto Vacation Rentals provides premium rental packages. Contact us today.
