Initially when I first thought to rent my vacation rental property I received many opinions from other property owners of it's benefits and pitfalls. While there might be many downfalls to renting my property I ultimately think it's a good solution for my family. Below you can find a summary of vacation rental misconceptions of renting your home that currently exist in the industry today.
Your place must be located near your residence. I don't know many vacation owners who live near their rental property. It seems most home-owners get a vacation rental near an area they love to vacation. Examples of the keys to renting your vacation rental at a distance is finding some reliable sources like housekeeper, handyman, property management company and other local services. Luckily, we are in the age of the world wide web as well as being pretty easy to find some terrific sources that will help support you with this particular endeavor.
A property management company is vital. At my last post I spoke with regard to the disadvantages and benefits to using a property management company or managing a property yourself. You've still got a choice of the way to manage your vacation rental property but I decided to mange the home myself. There isn't a reason someone can't do exactly what I'm doing. I collect money from my renters via Paypal, I developed a rental agreement and house rules I send, and I am in full communication with all renters. I prefer the control I have over the entire situation. It could be stressful once in a while but I would never give up this responsibility of renting my cabin and know nobody can perform it as good as me.
My vacation property could be ruined by renters. This was one of my major fears when I started 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 could possibly be many downfalls to renting my property I ultimately think that it was a great choice for our family. Below you'll find a list of vacation rental misconceptions of renting your property that currently take place in the industry today.
Your property must be located near your house. I don't know many vacation owners who live near their rental property. It appears most property owners get a vacation rental near a region they enjoy to go on holiday. Many of the secrets to renting your vacation rental at a distance is finding some reliable sources like housekeeper, handyman, property management company or another local services. Luckily, we are now living the age of the online market place as well as being pretty no problem finding some great sources that will help you with this endeavor.
A property management company is vital. Inside my last post I spoke in regards to the disadvantages and benefits to using a property management company or managing a property yourself. You've still got a choice of the way to manage your vacation rental property but I made a decision to mange the home myself. There isn't a good reason why someone can't do exactly what I'm doing. I collect money from my renters via Paypal, I created a rental agreement and house rules I send, and I am in full communication with renters. I really like the control I have over the entire situation. It could be stressful once in a while but I will not surrender this responsibility of renting my cabin and know nobody can do it much better than me.
My vacation property will probably be ruined by renters. I thought this was amongst my major fears when I started to rent my vacation property. One of the advantages of managing renters for the property is you get to choose who stays at your property. I have been renting my property for 6 years and can only remember several times where the renter may have damaged a piece of furniture or stained the carpeting. The good thing is I had been able to use the renter deposit to repair the item of furniture and clean the carpet. Take my advice, if you screen your renters before permitting them to be in your property and collect a rental deposit the odds are in your favor your vacation rental property won't be damaged. It'll cost lots of money and be hard to find renters. This process isn't that tough to find renters with the technology we now have at our fingerprints. There are lots of ways to showcase a property. Some of the methods like Craigslist are free of charge and a few of which cost money like many of the most frequented vacation rental websites. These methods have numerous visitors annually and they are a powerful way to rent your property. I take advantage of each method and am able to rent my cabin 15-20 times yearly for roughly $10,000 income.
I won't be able to use my property if I rent it. This may be a problem for those who chose to manage your property using a property management company and they have poor communication with you. As I mentioned above I chose to manage my property therefore I never have had a difficulty using my cabin when I want. Actually I share my vacation rental property with my friends and family and enquire of them once or twice a year when they might like to possibly use it so I can calendar it. Should you calendar your property yourself then potential renters will only be capable of inquire about open dates showing when using a vacation rental website service. We purchased a property for our own pleasure and we only rent it to be able to generate enough money annually to offset any yearly expense.
I won't have the ability to use my property if I rent it. This is usually a problem should you decide to manage your property using a property management company and they have poor communication with you. As I pointed out above I decided to manage my property therefore I never have had a problem using my cabin when I want. Actually I share my vacation rental property with my friends and family and enquire of them several times a year if they might like to possibly use it in order to calendar it. When you calendar your property on your own then potential renters will only be able to ask about open dates showing when using a vacation rental website service. We purchased a property for our own pleasure so we only rent it to be able to make enough money annually to offset any yearly expense. In conclusion, renting my vacation rental property was the best thing we did. The first year of ownership we didn't rent the property and had to fund all of our yearly expenses out of pocket. Since I started renting my property I am able to pay for all my expenses using the rental income and some years even make a small profit.
I hope I was able to eliminate any misconceptions about renting your vacation rental property and put your mind at ease.
Your place must be located near your residence. I don't know many vacation owners who live near their rental property. It seems most home-owners get a vacation rental near an area they love to vacation. Examples of the keys to renting your vacation rental at a distance is finding some reliable sources like housekeeper, handyman, property management company and other local services. Luckily, we are in the age of the world wide web as well as being pretty easy to find some terrific sources that will help support you with this particular endeavor.
A property management company is vital. At my last post I spoke with regard to the disadvantages and benefits to using a property management company or managing a property yourself. You've still got a choice of the way to manage your vacation rental property but I decided to mange the home myself. There isn't a reason someone can't do exactly what I'm doing. I collect money from my renters via Paypal, I developed a rental agreement and house rules I send, and I am in full communication with all renters. I prefer the control I have over the entire situation. It could be stressful once in a while but I would never give up this responsibility of renting my cabin and know nobody can perform it as good as me.
My vacation property could be ruined by renters. This was one of my major fears when I started 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 could possibly be many downfalls to renting my property I ultimately think that it was a great choice for our family. Below you'll find a list of vacation rental misconceptions of renting your property that currently take place in the industry today.
Your property must be located near your house. I don't know many vacation owners who live near their rental property. It appears most property owners get a vacation rental near a region they enjoy to go on holiday. Many of the secrets to renting your vacation rental at a distance is finding some reliable sources like housekeeper, handyman, property management company or another local services. Luckily, we are now living the age of the online market place as well as being pretty no problem finding some great sources that will help you with this endeavor.
A property management company is vital. Inside my last post I spoke in regards to the disadvantages and benefits to using a property management company or managing a property yourself. You've still got a choice of the way to manage your vacation rental property but I made a decision to mange the home myself. There isn't a good reason why someone can't do exactly what I'm doing. I collect money from my renters via Paypal, I created a rental agreement and house rules I send, and I am in full communication with renters. I really like the control I have over the entire situation. It could be stressful once in a while but I will not surrender this responsibility of renting my cabin and know nobody can do it much better than me.
My vacation property will probably be ruined by renters. I thought this was amongst my major fears when I started to rent my vacation property. One of the advantages of managing renters for the property is you get to choose who stays at your property. I have been renting my property for 6 years and can only remember several times where the renter may have damaged a piece of furniture or stained the carpeting. The good thing is I had been able to use the renter deposit to repair the item of furniture and clean the carpet. Take my advice, if you screen your renters before permitting them to be in your property and collect a rental deposit the odds are in your favor your vacation rental property won't be damaged. It'll cost lots of money and be hard to find renters. This process isn't that tough to find renters with the technology we now have at our fingerprints. There are lots of ways to showcase a property. Some of the methods like Craigslist are free of charge and a few of which cost money like many of the most frequented vacation rental websites. These methods have numerous visitors annually and they are a powerful way to rent your property. I take advantage of each method and am able to rent my cabin 15-20 times yearly for roughly $10,000 income.
I won't be able to use my property if I rent it. This may be a problem for those who chose to manage your property using a property management company and they have poor communication with you. As I mentioned above I chose to manage my property therefore I never have had a difficulty using my cabin when I want. Actually I share my vacation rental property with my friends and family and enquire of them once or twice a year when they might like to possibly use it so I can calendar it. Should you calendar your property yourself then potential renters will only be capable of inquire about open dates showing when using a vacation rental website service. We purchased a property for our own pleasure and we only rent it to be able to generate enough money annually to offset any yearly expense.
I won't have the ability to use my property if I rent it. This is usually a problem should you decide to manage your property using a property management company and they have poor communication with you. As I pointed out above I decided to manage my property therefore I never have had a problem using my cabin when I want. Actually I share my vacation rental property with my friends and family and enquire of them several times a year if they might like to possibly use it in order to calendar it. When you calendar your property on your own then potential renters will only be able to ask about open dates showing when using a vacation rental website service. We purchased a property for our own pleasure so we only rent it to be able to make enough money annually to offset any yearly expense. In conclusion, renting my vacation rental property was the best thing we did. The first year of ownership we didn't rent the property and had to fund all of our yearly expenses out of pocket. Since I started renting my property I am able to pay for all my expenses using the rental income and some years even make a small profit.
I hope I was able to eliminate any misconceptions about renting your vacation rental property and put your mind at ease.
About the Author:
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!
