Here it is a new year and just about this time, a lot of Outer Banks rental property owners are gathering financial information, reviewing income and expenses and looking forward to the peak season. Of course, everyone want to make as much money as possible, so it’s probably the expenses that get the hardest look.
And, when looking at costs, property management fees are certainly one of the expenses that will be reviewed . . . followed by a quick, “Can I do this myself?”
And the easy answer to that is an unqualified maybe.
Of course that answer comes with a lot of caveats, which is why the answer was maybe.
For most property owners, their rental property is the largest business investment they have–and like any business investment, to make it successful, there is a significant amount of expertise and time needed to maximize its potential.
There are two separate points to consider here–time and expertise.
Many of our property owners have an excellent background in marketing–but knowledge without the time to apply it, is not going to create a successful outcome.
The Outer Banks is a very competitive, very sophisticated market. To succeed in this environment, you must develop a strong, consistent marketing presence. The presentation of your home to the public is one of the things you are paying Brindley Beach Vacations to do for you, and it is something we do very, very well. Our marketing includes print advertising in key markets, online marketing and a robust and easy to navigate webpage.
What is the financial commitment you feel you can make to market your property? Do you feel you can budget $500, 600, $800 or even $1000? How does that compare to the $500,000 marketing budget of Brindley Beach Vacations?
If you decide to market your own property, are you prepared to take inquiries at just about any time of the day . . . or night? It may not be convenient for a customer to call before six or seven o’clock; it’s very possible that the most convenient time to call is after the kids are in bed–in some cases, nine or ten in the evening. A robust webpage with relevant information is a necessity, but not every decision is made on line, and we take pride in the personal touch we offer phone inquiries.
Another point that must be addressed–do you have the resources to create your own webpage and update it on a regular basis? By a considerable margin, the majority of our rentals originate from an online search. Are you in a position to take advantage of the internet as a marketing tool?
Property management, though, is much more than marketing your property. Homes have to be cleaned and inspected. If something needs to be repaired, there has to be someone available to get it fixed.
Brindley Beach Vacations has the same goal you do–we both want to maximize your rental income. It will be no shock to anyone that the more successful you as a property owner are, the more successful we will be as a company.
Property management is complex and time consuming. Is it a task that an individual can take on themselves? For the owner who has the right combination of time and expertise . . . probably–or is that maybe. However, if you feel that your Outer Banks rental home would be better represented by the best property management company on the Outer Banks, the staff of Brindley Beach Vacations looks forward to working with you.