A low tax rate of 0.83% makes Montana one of the best states to purchase rental property in. However, managing these buildings can be challenging for new landlords. That's where professional vacation rental management companies come into play.
Read on to learn the ins and outs of corporate housing rental management, vacation property management services, and beyond.
The Pros
One big benefit of hiring a property management company is that it can save you time and stress. You don't need to be on-call 24/7 because someone will handle tenant requests and emergencies for you. Experts will also perform tenant screening and draft up leases so you don't have to.
Another benefit is that they have the expert tools, knowledge, and resources to do a good job with these things. PMI's pre-existing contracts with quality maintenance crews mean 100% reputable hires. We also have state-of-the-art screening tools and understand the legalities of lease documents and other paperwork.
Maintenance response time gets faster, and tenants will have a better experience at your vacation rental or other short-term rental unit. This keeps it family-friendly, clean, and comfortable.
Plus, when you're renting things out for short-term leases, you need to worry about vacancies. You'll have more tenant turnaround than a long-lease building would, and a property manager can help you plan for this turnaround. You'll have fewer vacancy rates to contend with so you can make more rental income.
The Cons
There are only two real disadvantages of hiring property managers. The first is that it's an expense that many landlords don't want to make.
Most management companies charge a monthly fee. This usually is a percentage of your rental income each month. You may also need to pay leasing fees to market your property.
However, even with these fees, you save more money in the long run. You can set more competitive rent, decrease vacancy losses with good marketing, and expect more tenants to stay with you. Plus, since you won't need to spend hours every day dealing with your property, you'll be able to look for more properties and generate even higher income.
The other is a lack of control. Property managers usually offer a hands-off approach that doesn't involve you in minor issues. Luckily, though, you can rely on great communication anyway with a one-stop landlord/tenant dashboard.
You won't be left in the dark!
Are Vacation and Corporate Housing Rental Management Worth It?
As you can see, the answer to this question is a resounding "yes." There are tons of great things about property management. All of the cons are easy to rationalize as beneficial (or easy to avoid with reputable and reliable property managers.)
Just make sure that you choose a top-notch rental company. Good managers will help you create competitive vacation rental prices while offering all of the services tenants expect and require.
Get Short-Term Rental Management in Kalispell
Now that you know the biggest pros and cons of short-term rental property management services including corporate housing rental management, it's time to take the leap and invest in professional assistance.
We offer free rental valuations, connections with cleaning and maintenance crews, and everything from lease management to rent collection. Reach out to PMI Realty Management MW to learn more about your investment's earning potential.
