We Minimize Risk
While you may think you can rent your home yourself by marketing your property off of vacation rental websites, there's so much more that goes into renting your home to vacationers. At Keys to the Lake, we make sure that everything is taken care of for you so you don't have to worry about any missing steps. In addition, many people who decide to rent out their vacation homes themselves fail to inform their insurance companies they're renting their second home without using a professional manager, which puts themselves at risk. We minimize a homeowner's liability by using bonded workers and workers that are covered by workers' compensation insurance.
We Make Things Easy
We make things easy for potential renters, as we're able to take credit cards, which assures more rentals. Most rentals want to either defer payments or earn miles by paying with credit cards. If you rent your property yourself, in order to take credit cards, you'd have to use a third-party service, which could cost the property owner more than the average property manager pays for those services.
We Handle The Taxes
No one enjoys paying taxes. So It is not uncommon for those who decide to rent their house themselves to simply not charge tax to the renters and not pay taxes to the taxing authorities. This may appeal to renters, as it affords them financial saving, and it is less paperwork for the property owner. But local tax authorities are mobilizing and starting to access property owner's Federal Tax returns to identify property owners who have reported the expenses associated with their rental homes. Professional property managers relieve the homeowner of tax collection, tax reporting and, of course, interest, penalties and criminal penalties.
We Handle The Refunds
At Keys to the Lake, we help out our property owners by relieving them of the infrequent but inevitable nightmares where heat or air systems break and the renter won't remain in the home, or where weather prevents renters from getting to the home and they want their money back. We can write contracts that make it clear to the renters when a refund is in order and when they should not expect one. We'll also field the requests and inevitable arguments so that the property owner does not have to be bothered.
We're Easily Accessible
In order to be successful in renting out your property, you must readily available, which can be hard if you also have a full-time job in addition to managing your property. There are websites designed to make it easy for property owners to market their own properties. However, those owners must be willing to make themselves available by phone and have computer access. Aggressive owner rental websites can get a property rented as easily as a professional manager, but most property owners lack the time or energy to respond promptly to the many non-renting inquiries. And in the case of vacation rental properties, there is the added challenge of maintaining availability calendars.
We Have Access To Good Renters
Websites that feature listings by owner attract bargain shoppers. Renters assume that a property owner who is not paying for professional management can give the renter a discount over market rates. Professional managers have a large pool of renters who are more interested in getting the home they want than in getting a bargain. Renters who are shopping rent-by-owner websites often send multiple email requests, soliciting discounts, to see who will give them the best price. Professional managers monitor the rental market to determine when and if we need to give discounts We have a good sense of when to discount and by how much. We are equipped to do the heavy work for homeowners. We make rental home ownership a more pleasant experience.
To learn more about our Lake of the Ozarks property management services, contact Keys to the Lake at 573-964-5397. We can help you get your long-term or vacation home ready for renters, and more importantly, help get you some extra income from your property!
"We don't aspire to be the largest company in the region. Rather, we are determined to be the best at what we do!" ~ Mark Krantz, Owner