June 1, 2022 | Hailey Friedman
Dollywood National Park, the Great Smoky Mountains, and abundant mountain scenery attract thousands of tourists and potential residents to Gatlinburg and Pigeon Forge, Tennessee.
In an area prime for opportunity and investment, how do you ensure you pick a good rental spot? Better yet, how do you efficiently manage a rental property in a top Tennessee tourist destination?
That’s where the best property management companies come in—to maintain properties and keep tenants and guests happy. Of course, a true rental business isn’t complete without a property management company and dynamic pricing software tools like Wheelhouse! Wheelhouse analyzes 10,000,000+ data points every day to ensure your property is consistently outperforming the market.
But what are the day-to-day duties of property management companies, and which are the best property management companies in Gatlinburg and Pigeon Forge?
Let’s start with the basics.
A property management company is a third-party business responsible for a real estate property’s oversight. They take care of everything necessary to maintain the property and manage tenants—a comprehensive task! Property owners usually pay property management companies a percentage of rental income or a flat fee for the work.
Whether you want to pay off some of your Tennessee home loan by listing part of your property on Airbnb, or you own various properties throughout Gatlinburg or Pigeon Forge, a property manager or property management company can make it much easier for you to keep your properties profitable.
Here are some specific duties for a property management company:
Keep in mind that property management companies aren’t 100$ necessary for landlords. Whether you manage one house or a multifamily apartment unit, you might be able to take care of all the above tasks independently or with your family.
But it’s a lot of work. Property management companies help lighten the load.
Think about all the duties listed above. Do you have the time to carry them out on top of your professional and familial obligations?
Some landlords make real estate management their full-time job while others manage a small number of units part-time. But some have more units and responsibilities than they can handle.
Here are some benefits of using the best property management companies:
A tenant gave their notice, but you’ve been too busy to find a new one. Next thing you know, you lose one, two, or three months of rent amidst a continuous mortgage bill.
Property management companies jump on the task of finding new tenants immediately. They’ll coordinate visits, interviews, and viewings to ensure a new tenant is moved in right after an old one leaves.
Do you have time to screen tenants with administration and interviews? You might be in a rush and eager to score a new tenant and forget to check their credit score. Property management companies have professional screening processes to help you find the best possible tenants.
They also take the time to review landlord references and other documentation, so you don’t have to.
Short-term rental managers and landlords know just how much time property management eats in your day. If you’re a busy professional, you’ll value the extra time property management companies can offer.
Property management companies often have internal systems you can use to see a bird’s-eye view of your income and expenses. Additionally, property managers will keep track of rent payments and immediately follow up with late tenants.
This service is especially useful for multifamily buildings, where it’s easy to lose track.
Are you sold yet? The only thing missing is an accurate pricing model to ensure you’re getting the most bang for your listings.
All Pro Property Management Services has been managing residential properties for the last 40 years–a plus for any landlord looking for an experienced manager. The company offers services across Tennessee, specifically in Seymour, Pigeon Forge, Sevierville, and Gatlinburg.
Their stellar reviews praise nearly every aspect of its services, and one customer notes extreme satisfaction with All Pro’s financial management services.
American Patriot Getaways offer over 400 properties across Gatlinburg and Pigeon Forge. With over 1,800 positive reviews on google review, it’s easy to see why they claim to be the most trusted property managers in the region. Their motto and pledge is, “To create customers for life by providing the experience of a lifetime.”
Are you managing a cabin in Pigeon Forge? Look no further for cabin rental specialists than Cabins for You! This family-owned business has generations of real estate experience. They also provide data-informed special discounts and pricing to help you pump up profits and occupancy.
Customers praise this management company’s impeccable customer services and ability to improve rental income. One couple even noted their cabin tripled their rental income after signing with Cabins for You.
Elk Springs Resort scores Trip Advisor’s Certificate of Excellence every year. The company’s reputation attracts worldwide customers and tenants, assuring a certain sense of professionalism. Elk Springs is headquartered only a ten-minute drive from downtown Gatlinburg.
Our opinion? You’ll be hard-pressed to find a better property management company specializing in this caliber of short-term rentals. While they don’t list pricing, you can expect to pay a little extra. However, Elk Springs promises higher occupancy rates, profits, rebooking, and immense customer satisfaction.
Smoky Mountain Property Management doesn’t have a significant web presence for property management services, and instead, present themselves as the authority for all attractions and accommodation in the Smoky Mountains region. You’ll note that they have plenty of cabins available for rent, but very little information for property owners.
The website notes they have connections in the short-term rental community but admit they’re not a “full-service property management company.”
The biggest property management companies are often the most experienced. Perhaps you’ve dealt with tenant nightmares in the past and want to minimize any further incidents with a professional property management company. You might not want to take risks with a less experienced manager, even if they’re more affordable.
Look at property management company websites to determine how long they’ve been in business. You might also trace back their reviews to see how long they’ve been offering satisfactory services. Our advice is to ask them directly as well. Inquire about the company’s specific experiences with certain areas, buildings, or issues to get a feel for what they can offer.
Remember, the biggest property management companies usually charge higher prices. This brings us to our next consideration:
Some property management companies are more expensive than others. But affordable doesn’t always mean valuable. Before signing on the dotted line, make sure you read the fine print and establish exactly which services you’re getting from a company.
You may find that some property management companies have cheaper base rates but charge premiums for the services you desperately need.
Whatever pricepoint you choose, make sure to take advantage of dynamic pricing software, like Wheelhouse, that can help you earn up to 40% more revenue and scale your portfolio with ease.
What kind of rental property do you own? If you own residential, you’ll be better off choosing from property management companies that specialize in residential tenants and properties. The reverse applies if you have a commercial property, where you’ll need a property management company with experience dealing with business owners.
And if you own a whole host of properties? Consider companies that have experience with both and try to negotiate a favorable rate. If not, you might be better off having two separate property management companies for each of your residential and commercial portfolios.
Think about the services you’d truly value as a landlord. Perhaps your rental is known to get pests every summer, and one property management company boasts competitive pest control rates through their vendors.
Or, your multifamily unit often has noise complaints, so you’re looking for an established and professional company to deal with tenant issues.
Our recommendation? Write a list of services that are harder to manage on your own, and match them up with property management companies that offer them.
Some property management companies are limited in location. Suppose one property management company only offers services in central Gatlinburg, but you have rentals across Pigeon Forge. Make sure you pick property management companies that service your property locations.
Also, look out for premiums—you might find a company that will take on your property at a different location at a surged price. In that case, make sure you check out the competition.
At the end of the day, this is incredibly important. As a landlord or entrepreneur, you learn to make informed decisions with facts and your gut.
Ask yourself how you feel when communicating with your property management contenders. Do you have faith in their abilities? Do you like their communication style? Your first impression and overall vibe are just as important a factor as all the others on this list.
Most property management companies charge between 6-12% of the rental income. However, repairs and maintenance are often an extra charge, though the company helps with procurement.
For the most detailed estimates, contact each property management company separately. Our advice? Ask them about rates for multiple properties and if they offer any discounts.
The best property management companies make your real estate business easier. You’ll have more time and still see money coming in from your investment.
Here’s the thing: property management companies are great for day-to-day operations, but fall short when it comes to serious pricing strategies. A dynamic pricing software like Wheelhouse is the best way to ensure your list prices equate to maximum bookings and profits.
Ready to pair a property management service with the best, data-driven pricing strategy? Try out Wheelhouse for free!
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