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Arizona Realty & Retreats


Vacation Rental Management


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Providing More Than Just A Rent Check

Property management, in its broadest terms, is the operation, control, and oversight of real estate. However, there are many facets to vacation rental management that many new investors and renters don't realize. Many look at property management as simply properly screening or testing an applicant's credit, criminal history, rental history, ability to pay the rent and minimizing vacancies, as well as broadly maintaining the property and making sure it’s kept in proper working order. Although these aspects are important, they’re certainly not all-encompassing, especially in the vacation rental world. 

As a division of the nationally recognized Real Estate brokerage, Equity Arizona Real Estate,  AZRNR is proud to be a part of Equity's policy of fair and just.  As a separate entity within the Real Estate and Property Management Community,  AZRNR was formed under the business model of competence, Transparency, Service, and Commitment.  Four points that cover the most important aspects of trusting a company to manage your real estate investments.  However, we also wanted to exemplify Quality, Experience, and Exposure. These are the 7 pillars of our success!

TRANSPARENCY
Clients love our level of transparency. All owners have the ability to access their financials, documents, tasks, and discussions on-line 24/7.  By having real-time knowledge of the state of their property also gives owners the information they need to make informed decisions in a timely manner and that's in the best interests of their financial and real estate goals. 

ACCESSIBILITY
Although your property manager is generally your primary contact, each property we manage is handled by a team of professionals looking out for your best interest. We work with each client individually to communicate whatever, and however, you prefer. From the smallest detail of letting you know that a task has been completed to communicating only the items that may have a financial impact on your returns. The best interest of our customers always come first and we know how important communication is. We're available after hours for emergencies and we have emergency on-call Maintenance vendors available at all times. Your time, money and investment are valuable to us and we understand that our value rests a great deal on our availability to you.

ACCOUNTABILITY
Although we work hard to make sure that our services are "perfect", we are human.  However, what helps us stand apart from other companies, is the way we handle ourselves, and the effort we put forth to protect your property. We not only do we hold the required E&O insurance but go above and beyond to retain a separate $1,000,000 liability policy for each rental booking. our managers, staff, and vendors also maintain separate independent liability insurance. Furthermore, we're confident we'll be able to meet your expectations so we do not hold you in any management contract.  You can cancel at any time with 30-days notice!

COMPETENCE
Our staff and managers have years of experience in the industry and by Arizona law, all property managers are required to be licensed Real Estate Agents. However, we also require our agents to set themselves apart and undergo more rigorous training and education to receive specific designations of their choice in the industry. This provides better adherence to compliance policies and further protection for our clients. Lastly, we also retain experienced, top-rated attorneys to address property management legal matters when necessary.  

Quality

As Licensed Real Estate agents and Nationally designated Vacation Home Specialists, we’re equipped to provide the expertise and range of services necessary you need in this ever-changing industry. We specialize in all aspects from start to finish and our network consists of professional, top quality resources including licensed general contractors, responsive maintenance personnel, Exceptional housekeepers, handymen, landscapers and more. Our name depends on the quality of service we provide from both the client and the customer's standpoint so we're cognizant to perform in a professional, fair and just manner. 

Experience

With an accumulated 55+ years of experience, our team has come to know that property management, and specifically vacation rental management, involves thorough tenant screenings, comprehensive rental agreements, rent collection, maintenance, inspections, eviction and the ability to execute. but we also know that it involves the processes, systems, and manpower required not only to accept rent using up to date legal documents approved for the area in which the property is located but also accurately managing the accounts and finances of your property. Our professional full-time property managers utilize top-rated software to manage and maintain the necessary records for tax and legal purposes. Special attention is regularly given to the most current revision of Arizona Short term rental regulations and in-depth knowledge of these regulations are exercised throughout the management process.

Exposure

To attract the highest caliber tenants, all at no additional cost to you, we utilize a vast network of affiliate resources, as well as conventional and unconventional ways to maximize your properties exposure. We have a history of proven success and enjoy capturing those tenants who frequently wait in line to rent many of our vacation properties. We maintain a continual online presence of your property utilizing a variety of tools including your properties own website, local MLS listings and several of the most visited websites worldwide. To protect your future endeavors and create your best ROI we won't book your property more than 6 months in advance unless specifically authorized by you. 

The Vacation Rental industry can be a wonderful opportunity to establish a significant amount of passive income, but if you plan on managing it yourself it's important that you understand what type of time commitment this requires.

In today’s rental market, the growing operational demands and strict governmental regulations dictate that the successful investment property owner do more than simply “keep up the place” and collect rent. Our experience and knowledge of these continually changing requirements place us in a position to properly and professionally manage and get the most out of your real estate investments. 

If you have a second home or are interested in one, that you want professionally managed?  We're more than happy to meet with you for a FREE, NO Obligation one-on-one consultation regarding your property, your specific situation, your goals and how we can assist you in determining your properties vacation rental potential. To discuss your specific needs in more detail and find out how we can help you generate the greatest ROI (Return On Investment) 

Check the link below and Contact us today!

Looking To Manage Your Own Vacation Rental?

There are many good reasons to manage your own rental properties, but being a landlord isn't without its challenges. For every reason, you can think of regarding why you “should” there’s at least one that explains why you “shouldn’t”. Let's face it, sometimes being a property manager is a tough job. There are a number of landlords who choose to manage their own property, which has its pros and cons but if you're thinking of managing your own rental, there are some things you should consider.

On top of the constant phone calls, marketing expenses, lease writing, daily bookkeeping, renter move-ins, and move-outs, property inspections, cleaning, maintenance issues, etc., most jurisdictions also have regulatory restrictions that an individual, or business, must follow. You need an entire team of knowledgeable people to be successful. As the vacation rental industry continues to grow the dynamics continue to change, evolve and get harder to understand, and the competition continues to increase. One of the most important things about this industry, and the long sustainability of your profit margin, is that you must either stay abreast to these regulations, and the changes that accompany them, or hire a professional that does, not knowing, or not following the rules may subject you to substantial and significant fines and penalties that can quickly eat up your profit margin. 

As Licensed Realtors and Nationally Certified Resort and Second Home Property Specialists, it's our job to know the rules and regulations, as well as how those regulations evolve and change. With the signing of SB 1350 in 2016 by Arizona Governor, Doug Ducey, Arizona has become one of the most vacation rental friendly states in the country for individuals and businesses seeking an opportunity to develop a passive income from a second home. However, it too has rules that must be followed or the penalties can be steep.

The number one reason why people want to manage their own properties is because they believe it will save them a significant amount of money, but when you look at the cost of employing a professional property manager, it's certainly a good value. The costs of a property manager are often more than offset by the additional rent an experienced manager can get you, better pricing on repairs and of course the cost of your valuable time.

quote from one of our clients:

"When I initially started managing my first vacation rental home, the first year I spent 60-80 hours a week on marketing, advertising, cleaning, repairing, answering guest inquiries, doing background checks, solving problems and the list goes on and on. I ended up learning along the way about the “business” and what it takes to truly succeed, but that came with a VERY steep price tag. Not only was my time with my family eclipsed by the time I had to commit to the rental, but my well-paying full-time job also suffered and financially it cost me more than expected. Looking back now, I wish I’d have hired you sooner to handle those things."

It takes a special type of person to succeed in this difficult industry. When deciding if you want to manage your own property here are some things to consider:

Personality and professional distance

The first question you need to ask yourself is do you have the personality type that can keep a strict business relationship with your tenant? If the tenant is late paying the rent, or damage is found during an inspection, or if a tenant wants to break their lease without the required notice, can you assert your legal rights unemotionally? Being a DIY landlord also means dealing with difficult issues - such as making rent demands, evicting tenants and claiming bond monies. These things aren’t always easy to do, but unfortunately, have to be done when dealing with rental properties. As a DIY landlord, you need to ensure that you are going to be able to do these things legally, without getting emotionally involved in the situation.

Availability and time

Be aware that managing a property can be time-consuming, particularly if you aren't sure what you are doing. If you’re considering being a DIY landlord, you need to ensure that you are always readily accessible and have the time to deal with issues when they arise. If you’re not available you’ll need to have someone who is, which can be costly. It can also be frustrating if you’re working another job or are on vacation when a property needs to be leased, when the tenant doesn't pay their rent or if urgent maintenance work is required.

Rental appraisal and increases

If you are going to become a DIY landlord, you need to commit to constantly keeping track and up to date on what’s happening in your area. The nightly, weekly or monthly amount that you rent your property for needs to be in line with the market where your home is located, but also provide enough to cover your expenses and gain a solid return on your investment. You'll also need to make sure you only increase rents in line with the terms of the lease and the legislation in your state.

Rent collection

Of course, rent collection is one of the most important property management tasks. However, it is extremely important that a clear process is followed in this regard and that the full rent amount is paid on the specified date. If you are not clear on this you may find your tenant is constantly late or the money is trickled to you in multiple payments over the course of a rent period. Arizona Realty & Retreats uses a secured online payment system to manage each rental property, thus providing an easy way for tenants to pay their rent on time, day or night. One of the great things about this form of payment is that if there is no money in the tenant's account, we know about it right away and can immediately deal with it. With other forms of payment, it may be 3-7 days before you know there is a problem.

Legal and legislation

In most states there are numerous legal and legislative structures in place to protect both tenant and landlord. If you are a DIY landlord you need to get up to speed with the relevant Acts and legislation. As a DIY landlord, you will also need to obtain access to standard agreements and documents such as lease agreements and forms approved by the state that are usually reserved for licensed real estate agents. It is not uncommon that disputes involving rental payment, lease conditions, and bond claims to end up in court and the judge will take into consideration whether the landlord has taken the appropriate steps and can provide the appropriate records as evidence that this has occurred.

Example: If you wish to evict the tenant you need to be able to demonstrate that you have provided the required reminders, notices and applications at the correct intervals in order to get the demand you require issued. If you cannot do so, the judge may not provide you with the order you wish, and the tenant will be allowed to stay in the property.

All property lies within certain jurisdictions. Whether it’s an HOA, city, county, state or federal jurisdiction, you must be aware of what is allowed and disallowed, as well as important tax regulations.

Inspections

When you decide to become a property investor, it’s important that you maintain the value of your asset. Apart from getting a good yield, making sure your property asset is looked after is really important. There are certain rules and regulations regarding how many times you can inspect a property per year and how the inspection process should be conducted. As a general rule, an inspection occurs three months after initial occupancy and every six to 12 months thereafter. If you are a DIY landlord, you will need to ensure that you adhere to the legislation in your state regarding inspections, particularly in relation to the frequency, notification and entry process.

Repairs and maintenance

One of the most common traps for DIY landlords is not understanding tenant rights in regards to repairs and maintenance, and in particular, repairs deemed as urgent as defined by the relevant legislation. For instance, if there is no hot water or operating toilets, the tenants have the right to have these items attended to urgently at any cost, in most cases, they have the right to pay for these to be repaired and claim the money back from the landlord. Therefore, if you’re not available when a tenant tries to contact you, you may have no control over who comes into your property, the quality of work that’s done, or the cost of the repairs. As a DYI property manager, finding trustworthy resources can also be a daunting task. Sometimes you may go through 7 or 8 tradespeople before you find one that works within your scope. It’s also important to understanding that who you employ will have a significant influence on the success of your investments. Do they show up when requested? Do they provide reasonable rates? Do they do quality work? Are they licensed, bonded and insured in case of an accident? Unless you have the time, and abilities to perform all these duties yourself you’ll need to find and manage all these resources. This can be quite overwhelming and should be considered when evaluating a DIY property management plan.

One of the advantages of working with AZRNR is that we're available to respond to tenant requests 24 hours a day, 7 days a week and employ an extensive network of professionally licensed, bonded and insured contractors, cleaning personal, handyman services, landscapers, maintenance professionals, pest control experts and tradespeople that respond quickly and cost-effectively when requested. Because we deal with so many trades, we have better access and control of quality and cost competitiveness. We hold these associates to the highest standards of professionalism and cost effectiveness which can save you hundreds if not thousands of dollars.

Technology, tax and record keeping

If you are going to become a DIY landlord, it is important that you have the appropriate technology and systems to support you. You will need access to the internet, e-mail, mobile phone, a financial reporting system and electronic files for all your record keeping. Another advantage of using Arizona Realty & Retreats is that we will receive, check and pay all of your bills. If there are any estimates of repairs that are beyond what we've established in our property management agreement, we will contact you for approval on such repairs. At the end of each month you will receive a disbursement check and you can always access full transparency of your property transactions through your online owners’ portal. At the end of each year you will receive an End of Year statement detailing all revenue and expenses. More often than not you get to sit back and collect a paycheck each month while all the work is done by a trusted and experienced professional.

Leasing your property

There's a lot involved in leasing your property. Finding new tenants during times of vacancy (preferably someone who will care for the property and pay their rent on time) can be a daunting task for a DYI landlord. From time to time your property will become vacant and you will need to have the resources to get you through while thoroughly evaluating renter applications, background checks and a tenants ability to pay rent on time. Depending on which state you are in, your tenant will be obliged to provide between approximately two and four weeks' notice before vacating. If you are going to lease your own property there are some important steps involved in the leasing process you need to follow!

The Bottom Line

The bottom line is, there are certain times to manage your own properties and times when you need to hire someone to do it for you. If you live down the street from one of your properties, but still don’t want, or have the time or resources to put in the work to manage it smartly, then you should hire a professional like Arizona Realty & Retreats.

If you still feel like this is a task that you can handle on your own, we still recommend meeting with a professional and getting some help with the things that make the biggest impact on your success. Check out our affiliate company links to the right, They are Find A knowledgeable and reliable resource that can help grow your vacation rental business. Some boutique-style companies offer limited option packages and can assist you with only the items you can't do on your own.