All Forum Posts by: Sarnen Steinbarth

 This is a great list!

• Make sure they are properly licensed
• Ask about their experience, particularly with the type of property you seek to be managed
• Ask them what their tenant selection criteria is
• Ask about their payouts, accounting and dates
• Do they have tech-savvy features like tenant / owner portals, online payments / applications, etc.
• Ask about their advertising methodology and who pays for it
• What about maintenance and cleaning - is it in-house, who do they use
• Finally ask about their management fee structure (too many people decide on this alone).

Expanded information is available in this blog post on the same topic.

 Agreed that you should never trust a "self-generated reference"  always do your own independent tenant screening.

Online rent payment options seem to be very popular with tenants.

Prior to starting my current company I owned a property management company and my tenant's loved paying rent online.

Are you interested in credit reports as well?  Or just background / eviction?

 Thanks - glad we are on the same page!

I think it really depends on the property.  In my opinion properties well suited for vacation rentals have:

• A great location for tourists
  
  • Near outdoor / recreation destinations (beach's, ski resorts, etc.)
  • Near nature (on a river, lake, ocean, etc.)
• Or perhaps a great location for business / corporate housing (Downtown, near major companies, etc.)
• Decent demand year-round (If it sits vacant 40 weeks out of the year you would be better off with a long-term tenant).
• Great amenities (WiFi, TV, Furnishings, Linens, Coffee, small appliances, etc.)
• Accept credit card payments
• Pool / Hot Tub is a nice bonus
• Outdoor space at the property (Deck, balcony, patio, BBQ area, etc.)
• Pet friendly (not required, but will get you more interest)

If your property seems to meet many of the above characteristics it is probably well-suited for a vacation rental.

Some major differences you will need to figure out (compared to long-term)

• Who will do routine housekeeping
• How will you get the guests moved in and out (lock box, in person, etc.)
• What laws govern your locations
• What tax implications (bed tax, reporting, etc.) will you have to figure out
• How much extra will you need to charge to make all the above worth it.

 Glad to help. Student housing is a very popular trend these days.

Make sure you have some tech-savvy tools (like online applications, marketing, etc.) as they will be in high-demand for student renters.

 Best of luck with it!  

• Utilities (water / garbage / gas / elec.) - who will be paying these?  Often times the landlord in student housing.
• Long-term capital expenditures (roof, siding, etc.)
• Bad debt / unpaid rent (though your 10% vacancy factor will likely more than cover this if you are in a decent market)
• Legal (hopefully little to no costs)
• Advertising (A lot of free options these days so you may not need any budget here)

Personally I think the maintenance factor is about right (Usually between $50-$150 per unit, per month - higher for single family / older properties).

• Market the unit widely on popular sites to get a number of applicants
• Screen Tenants Thoroughly
  • Credit Check
  • Criminal Background Check
    • Sex Offender, Felonies, etc.
• Check with previous landlord references
• Verify Employment / Assets / Income
• Verify Identity
• Be reasonable with:
  • Policies
    • Have a fair set of rules at the property and stick with them
  • Prices
    • Price the unit appropriately in the market
  • Property
    • Have a well maintained property
    • I have found that crappy properties attract crappy tenants