Whether you’re a rental property owner, or just looking for a great getaway for you and your family, you’ve probably seen the posts on Craigslist and thought about renting from a private owner, or renting out your property yourself.

For a tenant, choice of stay is an important part of the vacation experience and can ultimately affect whether the vacation is fun and worry-free, or full of stress and a waste of money.

For an owner, a rental home can be both a big investment and a big risk. The rewards of renting out your property can be overshadowed by the headaches of property damages, liability, cleaning, and scheduling.

Avoiding Risk as a Tenant

When planning your vacation, it’s important to make this time you’ve taken off to relax as stress and worry-free as possible. When making the choice between property management and a private owner, consider these questions to make an informed decision about whose hands you put your hard-earned time and money into.

• Does the owner or manager have references?

Making sure that previous experiences are positive and validated can go a long way towards securing your safety and enjoyment.

• Are you paying market rate?

Property managers use a market rate rental price and thoroughly research the area’s rates to ensure that they can reach the highest level of renters. Therefore, you know that the rate you are getting is standard and reasonable. Make sure you know what the rent is worth before you lay down your deposit.

• Are you legally protected?

Paperwork is an important part of protecting your family from liability, safe standards, and rental returns if something should go wrong with the property. Make sure that what you’re signing protects you as well as the property owner, and is sufficiently detailed to safeguard you and your investment.

• Will they help you get the most out of your vacation?

Property managers do their best to offer an enjoyable service to nurture repeat customers. They work with local contractors and vacation rentals to save you a good deal of money and time planning with free loaners for all your vacation needs. Baby strollers, bikes, and beach accessories available through a managed rental can make it a breeze to plan your vacation and get the right gear.

Avoiding Risk as a Rental Property Owner

If you’re considering renting out your property on your own, think through these questions to ensure you have the information and experience you need to get the most out of your property:

• Do you have experience managing rental property yourself?

If this is your first time renting property, you may want to think about having an experienced hand at the wheel. Although your rental may run smoothly, knowing what to do if it doesn’t can save you time, money, and headaches.

• Are you familiar with the landlord/tenant laws in your area?

Certain regulations are required of landlords, and legal action can be placed on those who are found in non-compliance.

• Do you have contractors on hand that can give you a quick turnaround at a reasonable rate?

If your rental property springs a leak, having a plumber who can fix it quickly can save you a large amount of money and further damage to your property. Otherwise, you must be willing to drop everything to handle these issues yourself.

• Do you know how much your rental property is worth?

Property managers know the fair market rent for the areas they cover. That ensures that your property is rented at a rate that will be inviting to tenants and produce high returns.

• Do you know the process for handling a tenant that does not pay or that you must evict?

Having the proper paperwork and processes to handle these issues can keep your rental income from stalling and your property from damage.

• Do you have the correct binding contracts for your tenants to sign?

It’s important to ensure that your property is handled in a professional matter, to make agreements secure against questionable happenstance or conflict.

Although it may sound tempting to take a lower rate from a private property owner, consider the peace-of-mind, professional paperwork, and extra perks that come with managed rental properties. Managing your property through a property management company can take the headache out of your investment and provide you with the best rates at the highest protection and assurance.

Take vacationing to a higher level and leave the details to the experts to give you safety in your investment and more time to enjoy the finer things in life.