If you do rent your vacation property in Myrtle Beach, it is important to choose the right property management company to manage your rentals. Here are some tips:
Finding a property management company – what to look for:
• Where and what methods does the company advertise vacancies? Are they aggressive in their search for renters? If you choose to rent your second home this will prove invaluable.
• How does the company show properties? Do they only show during business hours? Do they simply hand over keys for prospective tenants to view the property alone or do they actively show the property?
• How do they screen tenants? What kind of background checks are they performing?
• How do they collect past due rents? As you will likely be renting out your second home for a limited time, it’s highly suggested you have the company collect rents – and damage deposits – in full at the time of or even before the rental.
• How does the company handle maintenance costs? What schedule do they have in place to ensure your property is frequently checked for potential problems? (e.g. filter changes, water damage, etc.)
• Is there a system in place to handle after-hour emergencies?
• What kind of reports can you expect to receive on your property?
• What percentage of the rents does the rental management company keep as their commission/fee?
Some companies charge higher percentages than others. But keep in mind usually these companies are “on-site” rental managers and can therefore actually collect more revenues from the vacationers. It’s important to look at the final net numbers and not just the up-front fee percentage. The bottom line is what really matters.