Why Do You Need A Management Agent For Your Vacation Rental?

Thinking about letting your Vacation Home? The process of letting a property can be a complex and time-consuming one, but the rewards can be considerable when you get everything right. When you're planning to rent your VR, a management agent can be a valuable resource in taking care of the whole process for you. A managing agent can provide a range of services, from collecting rent and managing the day-to-day running of the property to addressing the legal aspects of the let on your behalf. So what can a management agent offer you and what should you look for when choosing the right agent?

When to use a management agent
A property management company can help you, when you don’t want to deal with the financial or legal aspects of the let directly with your tenants and prefer to have it all dealt with by the professionals. Whatever your circumstances, a property manager can provide you with a wide range of services designed to make the process easy and relatively painless for you as a 'sleeping landlord'.
What services does a management agent offer?
A good management agent will provide the full range of management services for your properties. The management agent will act as the lynchpin between the owner of the property and the tenants who are renting it and are often responsible for:

• Sourcing suitable and reliable tenants for the property

• Accompanying potential tenants to view the property

• Providing you with information on the latest safety regulations

• Collecting the rent from the tenant

• Transferring the rental income to your account and providing you with statements of account

• Managing and arranging any necessary repairs

• Inspecting the property periodically and feeding back any comments to you

• Providing tenants with notice at the end of the tenancy

• Re-letting the property as quickly as possible and minimising any 'down-time'

• Dealing with legal aspects of the tenancy/property, including evictions, non-payment, harassment or problems with squatters.
What should I look for in a management agent?
One of the most important things to look for in a management agent is their qualifications. Check to see if the management agent is a member of the Association of Rental Letting Agents (ARLA). ARLA has recently introduced an award called the Technical Award in Residential Lettings and Property Management (TARLPM). Look out for this accreditation when selecting a property management agent. ARLA lists qualified management agents on their website, so it's a great place to start looking.
How much does a management agent cost?
The cost of instructing a management agent will depend on which services you buy into. The majority of management agents will ask for a percentage of the gross rental income, rather like a commission. Don't always be tempted by the cheapest fee, however. You want your agent to be motivated to keep the property occupied and the tenants happy at all times, so negotiate a mutually rewarding deal where you can. Fees can range from anywhere between 5 of your gross rental income for a basic service, to 15% or more for a full management service.