What sort of things can you expect from hiring a rental management company to care for your property? Many people think about this in detail before really looking into hiring professionals to care for their properties. Depending on how many different locations you own, however, and the types of renters you deal with, having a rental company could help or hurt you. There are three major types of renters out there: students, vacationers, and business-class renters. Each renter has specific needs and requirements. Some want to deal with you, while others are fine with a go-between.
If they are studying abroad for a semester, or if they are staying for a year doing an internship or clinical trial, students are short-term renters at best. They’re not the sort that care very much about how up-to-date the property is, either. They don’t care if you bought the floors from a high dollar store in Gurgaon or not. In fact, if you have slightly worn floors, they are more likely to rent from you. Students tend to cause more damage than other renters, in part due to their young age, and in part due to their lack of experience. They are also the least fussy of renters and will deal with broken items at a far higher rate than older renters. In short, students are there for the experience and rental home is just a place for them to sleep and store their things. These particular renters work best with a management company for that reason. They just want to pay their rent, make sure nothing is too broken to use, and move on with what they were doing.
The most finicky of all the people who will be staying in your property also stay for the shortest period of time. They tend to want locations that are almost cliché in décor, as well. Where college students and business renters are more understanding about properties that look like home, renters want a getaway. That means that to attract a vacationer; you’re going to have to have a place that is stocked with expensive furniture, fixtures, and landscaping. They are, by far, the most needy of people to rent to, and don’t tend to do well with management companies. They want to deal with you as an owner, and they will want to deal with you immediately. The major benefit to vacationers is that they do not stay long, and you can charge rather exuberant amounts depending on the time of year and demand.
The most steady and dependable renting class are people that travel and stay on contracts for their jobs. Business contracts tend to last for any length of time so they can be needier than college students upfront. They may have to work out especially circumstances and have a specific rental agreement before they move in. However, once the basics are up to their standards, most business people are content to work with a management company for basic maintenance of their property and rental payments.
Guest Post by Claudia Henny