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Getting Started - A Checklist For Holiday Rental Property Managers

This article contains information and tips to assist property managers in preparing their holiday apartments and holiday homes.

Property Owners should also read the article with additional information for owners.

So now that you've decided to rent your property as holiday rental accommodation, what comes next?

Property Management Documentation

The first step is to ensure your property management documentation and authorities are in place with the property owner. Property Managers must ensure that they meet the regulatory requirements in their jurisdiction in relation to management agency agreements or management contracts.

This may include some or all of the following steps:

1. Provide the property owner with information about your Management Services and Marketing proposal.

2. Completing an Appraisal and Suitability Inspection.

3. Prepare a Pricing Plan for Peak and Off Peak Pricing.

4. Completing a Management Agency Agreement.

5. Completing a Schedule of Fees and charges.

6. Registering and duplicating sufficient property Keys and Access Cards.

7. Property owners Instructions or Special Requests should be recorded.

8. Set up your Trust Accounting and payment processes for the holiday property.

Best practice involves preparing a property listing checklist and ensuring the director or licence in charge signs off prior to commencing advertising the property.

The owner might be enthusiastic and keen to advertise immediately, however you should keep in mind, taking short cuts in listing a property can create liabilities.

Preparing the Holiday Rental Property

The property should be thoroughly inspected and items requiring maintenance or that present a potential risk should be attended too.

The following important steps should be undertaken before advertising:

9. A Deep Clean by a commercial standard cleaning company is required.

10. Mattress protectors and pillow protectors must be refreshed.

11. Fresh Linen and Spare Linen must be in place and regularly updated.

12. Inventory Report should be prepared and counter signed by the manager and owner. For best practice consider a photo inventory (take lots of pictures and store these on a CD in the Visitor Information Folder and in your office.

13. Condition Report - for you and the property owner as well as inserting a copy in the Visitor Information Folder.

14. A Visitor Information Folder should be prepared and include emergency contact numbers and information, instructions on the use of all appliance, special instructions, a copy of your terms and conditions of stay, local information and other information required by regulation for visitors. Rent-A-Home offers a template in Portfolio Manager for registered managers. this will really help you learn the various aspects of the property such as how to operate Alarms, Pool pump and other appliances or features.

15. Utilities should be arranged such as the electricity, gas, cable tv and telephone with direct debit and monthly billing. This set up ensures that you can keep an eye on unreasonable usage and avoid disconnection or disruption.

16. Gardening or Regular Maintenance should be scheduled at regular maintenance at the appropriate frequency eg. lawn mowed fortnightly during spring and summer and monthly during winter.

17. Landlord Insurance is highly recommended for all rental properties. Read the terms carefully and ensure that the booking terms and conditions and operations meet the requirements of the insurance policy.

If you have suggestions or further comments, click contact us. We'd love to hear from you.

Once the property has been thoroughly prepared, you'll be ready to advertise the holiday rental property.

See further articles on how to create a stunning advert and to list on www.rent-a-home.com.au.

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If you have any ideas for articles or need assistance listing your accommodation please click the Contact Us menu option and send us your message.

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