Top Ten Tips for Vacation Rental Property Owners

Do you own a vacation home and find yourself struggling to decide whether to rent on your own or to use a property management company? If you answered yes, the following tips will help you make the best decision for you.

1. Don’t assume you need a vacation rental property manager to get your home rented.

Not too long ago anyone planning to rent their vacation home did so by using the services of a property management company. Over the last few years this trend has shifted and more vacation homes are being rented by the owners themselves. The extra income coming in can be used to pay for homeowner’s insurance and other bills, which still need to be paid even if you leave the vacation home unoccupied for a few months per year. An often overlooked benefit of renting your vacation home yourself is the ability to choose your renter. This is not in your hands if you contract the services of a property management company.
2. You can greatly increase your income by renting your vacation home yourself.

Most property management companies take an average of 30 percent of rental income for their services, although the going rate can range anywhere from 10 percent to 60 percent. When you rent for yourself that is income coming to you.
3. You can handle renting your own vacation property in about three hours a week.

This varies greatly and is dependent on a number of factors, such as location of the property, renters being catered to and type of returns you are seeking. For the average vacation home owner, they may need to spend an average of three hours per week answering telephone or email queries. If you are renting your vacation home as a business you will need to invest much more time than someone just looking to earn ‘residual income’ when they don’t need the place themselves.

4. The internet is the easiest way to get renters for your vacation property.

Advertising is important and in today’s Internet age, this avenue of advertising cannot be ignored. As a matter of fact, one of the most successful ways to promote your vacation home is via the Internet. You can also list your property on any number of websites that offer this service. A quick search of the Internet will turn up hundreds of websites that list vacation homes. You can also ask to leave brochures at places such as travel agencies.
5. Weigh the advantages and disadvantages of using a property management company.

It is true that a property management company saves you some hassle and time when renting your vacation home. However, if you compare that with the control you gain by renting yourself and the returns from cutting out the middleman, the management company, in many instances you come out ahead.
6. Be wise about whether you wish to leave your personal belongings in your vacation home when renting?

Although the average vacationer will respect and take care of any vacation property they rent, you should never take any chances. If you have personal mementos that have value, whether sentimental or financial, consider taking them out before renting. Leave just enough to give a homely and welcoming feel to the vacation home.

7. Learn about any legal ramifications of renting your vacation home

Whichever way you rent your vacation home there are legal and taxation issues that needs to be addressed. You just need to invest the time researching regulations governing rentals in the area where the vacation property is located. If you pay the required fees and taxes you have no need for concern.

8. A good caretaker can help you manage your vacation home from a distance.

The hardest part of managing your vacation property from a distance will involves maintenance of the property and taking care of repair issues when they arise. The easiest solution is to hire a caretaker for the property. This person will in essence be your ‘go to man’ for repairs and staff issues.

9. Your property caretaker can also manage any vacation property staff needed.

If you get a caretaker, this person can be assigned the role of supervisor for staff such as cleaning person and cook. Remember also that you do not have to take on the headache of staff management. You can explore the option of having an agency source and arrange for cleaning and meal preparation. Also, many vacation homes do not come with a cook as a regular part of the rental cost, so you can opt out of offering this service.

10. Good maintenance preserves the value of your vacation home.

Renting your vacation home will not affect the value of your property if you maintain the home. Maintenance of vacation property is a necessary part of upkeep as things will need repairing and or replacing more frequently as a result of being used more often.

If you treat renting your vacation property as a business and invest the time learning the ropes you will find over time that it is a worth-while endeavor.

Kenny Doucette has written for several travel publications and operates Florida Vacation Rentals portal. Visit Kenny's blog to know more about renting condos.