Initially when I first decided to rent my vacation rental property I received many opinions from other home owners of it’s benefits and pitfalls. While there could be many downfalls to renting my property I ultimately think that it was a great choice for our family. Below you can find a list of vacation rental misconceptions of renting your property that currently exist in the industry today.
Your residence will have to be located near your residence. I don’t know many vacation owners who live near their rental. It appears most families purchase a vacation rental near a location they enjoy to vacation. Some of the keys to renting your vacation rental at a distance is finding some reliable sources like housekeeper, handyman, property management company as well as other local services. Luckily, we are in the age of the online world and it’s pretty easy to find some good sources that can help support you on this endeavor.
A property management company is a must. At my last post I spoke in regards to the good and bad points to using a property management company or managing a property yourself. You still have the option of the best way to manage your vacation rental property but I thought i would mange the home myself. There is no reason someone can’t do exactly what I’m doing. I collect money from my renters via Paypal, I designed a rental agreement and house rules I send, and I am in full communication with renters. I love the control I have over the entire situation. It might be stressful in some instances but I would not give up this responsibility of renting my cabin and know nobody can perform it better than me.
My vacation property could be ruined by renters. This was certainly one of my major fears when I began to rent my vacation property. One of the advantages of managing renters. When I first decided to rent my vacation rental property I received many opinions from other property owners of it’s benefits and pitfalls. While there are many downfalls to renting my property I ultimately think it turned out the ideal choice for our family. Below you will see a summary of vacation rental misconceptions of renting your property that currently take place in the market today.
Your property must be located near your residence. I don’t know many vacation owners who live near their rental property. Seems like most property owners acquire a vacation rental near a region that they like to vacation. Several of the recommendations for renting your vacation rental at a distance is finding some reliable sources like housekeeper, handyman, property management company or any other local services. Luckily, we are living in the era of the online market place and it’s also pretty easy to find some terrific sources to help support you with this particular endeavor.
A property management company is required. In my last post I spoke about the advantages and disadvantages to using a property management company or operating a property yourself. You still have the choice of the way to manage your vacation rental property but I decided to mange the property myself. There is no good reason why someone can’t do exactly what I’m doing. I collect money from my renters via Paypal, I made a rental agreement and house rules I send, and i’m in full communication with renters. I like the control I have on the entire situation. It can be stressful sometimes but I will not surrender this responsibility of renting my cabin and know nobody can do it as good as me.
My vacation property will be ruined by renters. This was certainly one of my major fears when I started to rent my vacation property. One of several primary advantages of managing renters for the property is you get to choose who stays at your property. I’ve been renting my property for nearly 6 years and can only remember several times where a renter may have damaged an item of furniture or stained the carpeting. The best part is I was able to use the renter deposit to repair the item of furniture and clean the carpet. Listen to me, for those who screen your renters before letting them live in your property and collect a rental deposit the odds are in your favor your vacation rental property will not be damaged. It’ll cost lots of money and be tough to find renters. This job isn’t that difficult to get renters with the technology we have at our fingerprints. There are many ways to market a property. Some of the methods like Craigslist are free of charge and several of these cost some money like many of the most frequented vacation rental websites. Both of these methods have numerous visitors every year and are a great way to rent your property. I personally use each method and can rent my cabin 15-20 times each year for roughly $10,000 income.
It will cost a ton of money and be very difficult to find renters. This process isn’t that hard to locate renters considering the technology we have at our fingerprints. There are many different methods to promote a property. Some of the ways like Craigslist cost nothing and several of which cost money like many of the most frequented vacation rental websites. These methods have countless visitors each year and they are a terrific way to rent your property. I take advantage of both methods and can rent my cabin 15-20 times annually for roughly $10,000 income.
I won’t have the ability to use my property if I rent it. This is usually a problem if you chose to manage your property using a property management company and they have poor communication with you. As I discussed above I chose to manage my property therefore I have never had a challenge using my cabin when I want. Actually I share my vacation rental property with my friends and family and ask them several times a year when they might choose to possibly use it in order to calendar it. When you calendar your property on your own then potential renters will only be capable to ask about open dates showing when using a vacation rental website service. We purchased a property for our own pleasure therefore we only rent it in an effort to make enough money every year to offset any yearly expense. Overall, renting my vacation rental property was the best thing we did. The first year of ownership we did not rent the property and had to cover all of our yearly expenses out of pocket. Since I started renting my property I’m able to pay for all of my expenses using the rental income plus some years even produce a small profit.
I hope I was able to eliminate any misconceptions about renting your vacation rental property and put your thoughts at ease.
I am a Father of 4 children and married to a beautiful woman. We own a vacation rental property in the mountains and market it on one of the popular vacation rental websites. However, we don’t like the direction of this website and are taking it upon ourself to obtain as much vacation rental property owner feedback to make the ultimate website. Please let us hear from you today!
