Rental Home Walk-Throughs: 4 Ways to Protect Yourself

“You know you have a good compromise when both sides are slightly unhappy.” (Many Authors Credited)

As a Charlotte property manager, my least favorite part of the job are the end-of-lease walk-throughs; that is, when the tenant moves out, and we visit the property to check out its condition. If there are damages, we need to decide whether they are “normal wear and tear” (no charge to the tenant) or damages that need to be repaired from the tenant funds. It’s very subjective.

There are three scenarios when it comes to these property manager walk-throughs. The house is left in:

Great condition: The tenant gets their security deposit back and the owner doesn’t have to pay much to get the home in market shape. Everyone is happy. Mediocre Condition: Some of the damage is normal wear and tear, and some of it was caused by too much rough play by the tenant. This is where the greatest conflicts occur between owner and tenant. Poor Condition: The security deposit is basically conceded by the tenant. They know they don’t deserve anything back and hope that there is no future contact concerning the property. The owner is able to use the security deposit to mitigate repair costs.

 

I’m going to focus on the most challenging situation, the home left in “mediocre condition”. This can elicit two different responses from the same walk-through report:

Owner: “You’re killing me! That tenant treated my home like a kid’s tree house and they are only being charged $500 for damages? Add a zero please! They should be put in jail! Did they ever think to cover the food in microwave so it didn’t erupt all inside of it? Did they decide to save money on towels and wipe their hands on the walls? The carpet was new when they moved in! You’re being easy on them! You represent me, remember? Why do you like them so much?”

Tenant: “You’re killing me! I treated that home like my own! I cleaned it daily. We took our shoes off when we were inside (which we shouldn’t have even bothered with, being that the carpet was shoddy-looking when we moved in- I told you this!! Remember??) There might have been a couple things wrong, but I could have fixed them for like $50! $500? Are you crazy?? I thought you liked me! This is highway robbery! You’ll be hearing from my attorney!”

Property managers are really trying to do the right thing, but are stuck in the middle of competing interests. It’s sort of like being friends with both the wife and the husband when they are in the midst of a divorce. You want to be friends with both (like usual), without either of them feeling slighted. Practically-speaking, that can be tough to do!

To make this experience as clean and easy as possible, I’d offer the following four suggestions to landlords:

Trust your instincts- there is no “right” answer and it is usually impossible to make both parties entirely happy Be specific on damages and document repair costs Have a consistent methodology on how costs are assessed Take pictures or use video during the walk-through so tenants can see the damages they are being charged for

Though rental home walk-throughs can’t always be pain-free, there are ways to limit potential fall-out from this necessary part of the property management business.

Holiday Home Property Management – Marketing Tips For Owners Who Are Marketing Their Own Properties

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Effective marketing is an integral element of lucrative holiday home property management. Unless the vacation house is achieving good levels of occupancy, the yields on the vacation home won’t be maximized. If you use a letting agent, the agent will handle all marketing and PR for your benefit and you don’t need to be worried about it.

The better vacation home services companies will also occasionally have the ability to assist you with your site and online marketing. However, several holiday homeowners don’t use agency services and prefer to manage their own properties.

Marketing is a specialist area and for that reason, owners are often much less proficient at marketing as they are in other facets of property management. So if You’re an owner who markets your own holiday houses, here are six marketing tips to help you win customers and achieve the highest possible yield from your property investment:

TIP 1: Firstly, work out who your target audience is for the vacation home. Taking into consideration the price band, place, style and design of the house, what sort of individuals are most likely to want to remain there? By way of instance, some holiday homes are great for families with young kids, some are perfect for older people who are interested in being near nature, some are fantastic for young individuals who need to be close to attractions and nightlife.

A clear definition of your target audience is a crucial first step to successful marketing. As soon as you’ve defined your target market, add any accessories and accessories to the vacation home that are the type of thing your target audience will appreciate. By way of instance, a vacation home aimed at young families will be made more appealing by a choice of age-appropriate DVDs, a choice of toys and the supply of items like cots or buggies your customer would prefer to not bring with them.

 

TIP 2: once you’ve chosen the target market for your vacation home, consider all of the ways that you can attract this specific target audience. Which are the magazines and papers your target audience read? If you’re not sure, ask the advertising departments at different books to send you information on their readership. This will help you work out where you should be marketing or looking for some free coverage through PR

TIP 3 Make the most of the internet. The world wide web is used by nearly all prospective clients as their first port of call for study when they’re arranging a holiday. So it is very important your vacation property is presented and it can be on the internet. Whether you have your own site or your market on a site belonging to somebody else, don’t be tempted to cut corners on photography to the web site.

It’s well worth having a professional photographer to ensure that your vacation home looks it’s very best. Constantly use online booking if possible, so that it is as simple as possible for a client to go ahead and reserve once he or she has been fascinated by your vacation home.

TIP 4 Do not miss out on the massive potential profitability of attracting repeat customers. Many people like to come back to the exact same holiday home for several years if they have a fantastic experience first time around. So make it easy for potential repeat customers to opt to return.

Set up an email newsletter so you can keep in contact with them and tempt them with a stream of special offers in addition to news about the local area and perhaps even a webcam. You might also like to think about offering a reduced rate if clients reserve to return next year, whilst they’re still on their first stay. Individuals tend to be sad to leave so it’s a fantastic time to lure customers with the possibility of a return trip.

Many accommodation providers in the tourism sector see around 70% or 80% of customers returning. Taking advantage of the prospect of winning repeat business is a vital tool for successful marketing. TIP 5 Attempt to increase your reservations by thinking laterally about how clients could enjoy the vacation home from the peak season.

Most holiday home property management businesses say that although the peak season achieves full occupancy without too much trouble, the biggest marketing challenge is achieving high occupancy early and late in the season. That is where effective marketing can really come into its own. One tried and tested tip is to make a theme for a rest.

By way of instance, maybe your vacation home is near gardens that look amazing in the early Spring. In that case, this can be made in an effective marketing proposal, pointing out how close your vacation home is to major gardens and possibly even developing a partnership with neighborhood gardens, so you provide entry tickets as part of the rental cost for the week.

If you start thinking laterally about what’s happening in the neighborhood of the vacation home at various times of the year, you’ll find it easy to think of successful marketing strategies for achieving more sales from the peak season. TIP 6 The last tip is to pay close attention to how you are able to stand out from everybody else.

The vacation home market is competitive and it’s crucial to stay 1 step ahead of the rest. It goes without saying that cleaning solutions and key holder services must be organized to the highest standards and your client will expect these to go like clockwork. To stick out in the competition you need to go 1 step further than just providing a simple service. These days, many self-catering vacation homes also provide daily cleaning solutions – bringing a service normally only associated with resorts to the vacation home market.

Tips for Buying or Renting Holiday Homes

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You wait for the special day to seriously that you’re going to be embarking on a journey for the holiday home. Renting or buying homes at a certain place, miles apart from the homeland is a cool one of Europeans nowadays. Such homes were owned by both the rich and well away previously. However, now with the spike in leasing businesses, many others can consider leasing or buying holiday domiciles.

Before purchasing a vacation home, you want to sort a bit on where you need to get it, its own area, people and civilization of this place and also more. Below are a few ideas that might assist you to get one. The very first and front most issue is you need to first determine is the place you should really buy your holiday home. Ordinarily coastal areas are somewhat more preferred in regards to purchasing one.

If you’d like some kind of isolation at which you are able to love being with only your loved ones, you ought to be on the lookout for places which are not very busy, yet ideal for the living. It is also possible to consider purchasing a house in coastal regions at which you might well not have to play with at the shore but find the most useful of scenic hills and sweet atmosphere.

It’s fantastic to feel that your own pocket before settling about buying a vacation home. Ready your self and think just how much you are able to shell out for the own holiday season. Holiday homes include different prices which vary in place, installations offered etc.. By way of instance, if you’re on the lookout for purchasing holiday domiciles in Italy or England, then you ought to be well ready to devote a king’s ransom.

If you’d like something more economical but still wish to get a beautiful region, you are able to search for you in the Kingdom of Thailand or Bali. However, in which you purchase one, make certain all basic conveniences are for your use. Envisage you purchased a holiday home and then came to find out that there’s not any source of power or communicating in the area; nothing else might be worse compared to the Garner enough advice on the culture and people of this place.

Your own decisiveness can alter upon training there are more diverse civilizations and intriguing people in a place compared to one other person. Make cyber-space your friend; find out about the neighborhood stores and recreational facilities and different places that you believe are necessary. Also, be sure the positioning is shielded with road and air transport systems.

After purchasing a vacation home, you ought to look after numerous things that may not be apparent at first. You are going to need to look after taxation and ensure they are paid punctually. In a few nations, the pace of taxation for the property as well as other assets is rather significant. Make yourself clear with this and determine ahead in the event that you will be in a position to afford this in the long term.

Buying domiciles and leasing them all through this season is a superb solution to earn easy income. If you have the kind, do a proper search on the internet about matters such as the worldwide comprehension of an area, the price of purchasing a vacation house in this location, access to basic services at the place, etc..

Look over your holiday home out of the customer’s perspective because your holiday-home should appeal to your potential clients. Focus on Particular Selling Factors such as exquisite perspectives at the place, luxury room provided, the option of power and internet connectivity and the rest of the activities that’ll present your premises a direct merchandising price. Do wide research prior to purchasing a holiday home and keep maintaining it precisely after purchasing.