2) Get You Money Immediately - Most property management firms receive the rental monies from your guests and hold them in a trust account for 30 days or more before any funds are dispersed to you, the owner.

3) More Exposure -  By creating a rental listing with one of the vacation rental portals, (i.e. VRBO.com, Greatrentals.com, etc.) you enhance your exposure on the internet.  Rental service firms usually prepare a listing on their personal website and do not market your property much beyond that.  You can augment a rental listing with a personal website, marketing materials and more.

4) Retain Control - Many management firms DO NOT SCREEN prospective guests.  They merely advertise the property, manage the calendar, collect monies and handle the paperwork.  If you self-manage, you screen the prospective guests and decide who to rent to, and more importantly, who NOT to rent to.

4) Manage Rental Calendar - Your home not rented next weekend?  You can decide to block off the calendar and take a weekend for yourself or just show up.  You decide when you want to be there and when you'd like  to rent it out.  You maintain complete control over the calendar.

5) Maximize Your Bookings - You might have a guest who wants to stay 6 nights instead of the 7 night minimum.  You can negotiate with guests to maximize your calendar.  Rental agencies may simply say "no" and that is against their "policy" and you lose a potential booking. 

6) Maintain Personal Knowledge - Did a renter break a dish or did they take something home that they shouldn't of?  When you self-manage your property, you stay on top of exactly what's going on with it and are aware of its condition at all times. 

7) Rate Control - Half way through the season you might  decide that you set your price too high or too low.  You can change it - setting the price wherever you feel it should be with no hassle.

8) Rental Listing Flexibility - If you maintain a rental listing with a site such as VRBO.com, you can update your listing whenever you want to.  Say you get a cancellation for a week in July and it's already the end of June.  Change the banner in your rental listing to read "We had a Cancellation - available July 5 -12!"  Again, you can maximize your rental calendar through your own marketing efforts.

9) Rewarding - I have had a lot fun getting to know my renters through their stay at Cedar Shores Lodge.  Several have left cards and little gifts for us.  Many have sent us pictures and notes saying how much they enjoyed their stay.  It's very gratifying  helping other people to enjoy themselves, relax and get away from it all.

10) Easy To Do - Honestly, it's just not that hard to run a rental business once you get it set-up.  What takes the most time is getting it established and creating a procedure.  Once you have that down, it tends to run pretty smoothly.

11) The Vacation Rental Consultant Advantage  - Let's face it, time is money.  You can develop your rental business with the advice of someone who has been through setting up their own business and avoid hours of research and development time.  You can benefit from our experience and get your property up and running sooner for a nominal price.  You keep all of your rental income and have a valued resource to call on for business advice.

ARE THERE ANY POTENTIAL DISADVANTAGES TO USING A RENTAL SERVICE OR MANAGEMENT AGENCY?

Not all management firms are alike but here are some of the reasons I chose NOT to have someone else rent my home for me:

1) Loss of Revenue - The majority of management companies I spoke to charge a minimum of 20% of every rental to market and handle the administrative details associated with renting your property.  If you have a limited rental season, this can be a big factor.

2) No Guest Screening - Many companies do not screen individuals.  If they receive an inquiry for available time and the potential guests provide the funds, they book them.

3) Cash Flow - Rental companies hold your funds in a trust account for at least 30 days before dispersing funds to you.  If you self-manage, you dictate rental policy including when fees are due and have immediate access to the funds upon receipt.

4) Service Costs - If you elect to go with a property management firm, 9 times out of 10 you are still responsible for the hiring and the cost of services such as cleaning, lawn care and snow removal.

5) Tax Loss Write Off Opportunity Gone - The IRS does not allow an owner to write off rental losses unless you "actively participate" in the rental process.  By using a management firm, you likely are not part of the rental process.  It is extremely important that you check with a qualified tax  accountant and understand exactly what tax implications there are BEFORE you make a decision whether to self-manage or use a service.

6) Loss of Control - The management companies are in business to make money and as such may have restrictions on when and how much time you can spend in your home.  You may lose access to your home entirely during a rental period.  Additionally, you normally have to follow their prescribed rental practices which you may or may not agree with. 

7) Marketing Limitations - Most management companies will market your property but are usually limited in their scope.  They may have their own website and do some general advertising but you may not get the kind of Internet presence you really need to effectively "market" your home.

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