There's a good reason why nearly 140,000 people are living in Columbia, SC. Besides being the capital of South Carolina, the city also holds a unique southern charm that makes it a popular vacation destination.
If you want to start renting your property to travelers in Columbia, you might be considering a short-term rental management company. While there's no denying that these companies make renting easier, there are some cons that you need to consider.
In this guide, we'll be going over a few of the pros and cons associated with these services. That way you can decide for yourself if they're the right decision for you.
Pros of Short-Term Rental Management
One of the biggest pros of short-term rental management companies is that they save you a lot of time with less commitment. Now, there's no need to find bookings, clean the property, market, or deal with the accounting. The management company will deal with it all.
What's more, they'll also utilize a variety of pricing strategies that can help you maximize your profits with more income. This expertise can be invaluable, especially if you don't have a lot of experience with short-term rentals.
They can also screen guests to ensure that you're not getting any troublemakers on your property. They can also encourage repeat guests to book your property each year if they had a positive experience.
Cons of Short-Term Rental Management
The biggest downside of short-term rental management companies is the cost. Nothing comes for free and these services are no different. Most companies will typically charge between 8% to 12% of your booking profit.
As such, you won't be making as much money as you would on your own. You also won't have as much control over how you use and market your property. Lastly, many people experience communication problems with their management companies.
However, this typically only happens if you pick a subpar management company. Any service worth its salt will keep you up-to-date on any bookings and potential problems (like more maintenance or more repairs) with the property. So make sure you research how to find the best company.
How to Find the Best Short-Term Rental Management Company
The first thing you want to do is confine your search to short-term rental management companies that operate in your area. Make sure that they offer a full range of services, from marketing to accounting.
Ideally, you'll also be able to read through some of their past reviews to see what other owners' experiences have been like with them. Lastly, make sure that they're good communicators.
One of the biggest complaints often associated with these companies is that they don't communicate enough with the owners.
Ready to Make Short-Term Rentals Easy? Contact PMI Soda City
We hope this guide helped you learn more about the pros and cons of short-term rental management services in Columbia, SC. Here at PMI Soda City, we know that management companies aren't for everyone.
However, for those who want to make their life easier while maximizing their profits, we're here to help. If you want to learn more about all the different short-term rental management services we can provide, get in touch with us today.
