![]() Joseph and Feldhusen also tell me that there's a right way and a wrong way to actually manage that property. When it comes to short-term vacation rentals, there's still significant upside here even with a property management team helping you out. Joseph and Felduhsen say that you're looking at roughly 10 percent to 30 percent property management rates and up, of the gross rental fees, depending on the management level you're seeking. If you're looking to do this the right way, you can go it alone, or you could scour the area for an expert property manager that can help take some of the pressure off. Every dispute can be resolved with the proper amount of communication and determining just what the problem is that needs to be solved. But, if you fail to communicate that mistake with the guest and you allow the problem to fester, you could have a major issue on your hands that will likely result in a complaint. ![]() One of the ways you can find yourself getting into hot water is if you set the wrong expectations and you fail to communicate.įor example, when it comes to short-term rentals, if you describe a feature that's not available in a property, it's not the end of the world. At the end of the day, you have to set the right expectations by going the extra mile and ensuring that you have clear lines of communications open. Managing property the right way is all about transparency, hard work and communication. Related: Buy a Rental Property Before Year-End: Why and How How to manage property the right way. In my conversation with Michael Joseph and Tom Feldhusen, co-founders of InvitedHome, I was given acute access into the world of property management by a pair who've built a small empire on true foundational values, leveraging the currency of trust while systemizing and digitizing crucial procedures over the course of a decade of growth. How you go about doing that will either set you apart in a good way or a bad way. We're not just talking about finding the right tenants and charging the right price, but also in creating a healthy and vibrant environment where you're not looking to squeeze every last penny out of your guests or long-term tenants and that everything in the home works and isn't on the verge of failure or disrepair. The goal? Expertly manage the entire experience. While there are likely hundreds of property management tips for running a tight ship, so to speak, the following 15 tips are going to help you elevate your skill set. But, you better be prepared to put in the time, because you won't find this easy to do. If you have the time, and you're just starting out, then you likely want to save the hefty fee that often comes along with property management companies that take the reigns. Find a good, local property manager that can take care of all the details for you. Well, what's not so obvious or straightforward is particularly how you go about managing that property. The best part? Even if you put 15 percent or 20 percent down on a property, you still receive 100 percent of the rental income. ![]() Real estate is a prime example of one of the >best ways that we can create a passive income from a real-world asset that increases in value over time. While short-term rentals are on a steady rise, long-term rentals have also long been a source of the Holy Grail of all income: passive income.
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