Vacation Rentals by Owner
If you are second property owner or are considering purchasing an investment property chances are you've heard the term Vacation Rentals by Owner. In recent years national publications and television shows have made this statement a well known term in our market. So what is a vacation rental by owner? Financial savvy second property owners and investors have started offering their vacation homes and condos as rentals to traveling families and groups. The overall concept of a vacation rental is well known in Europe but considerably less popular in the United States. With major players investing a substantial amount of capital into this market vacation rentals as a whole will start becoming considerably more well known. If you are considering going this route with your investment property you will want to know what to expect. Owner Rental Properties was created to provide exactly what you are looking for.
Know Your Options
Originally renting on your own was the only option for homeowners looking to generate revenue from their property. Then real estate agents and entrepreneurs got involved and created rental management companies. For a commission from each booking these companies run, market, and maintain properties. This solution is ideal for owners looking for a hands off approach. Some owners choose to go it on their own to save on commission and have complete control over their investment. Rentals by owner have gained significant market share with the release of vacation rental websites that put homeowners and guest in touch with each other.
Allocating Time
If you go on your own and partake in renting by owner make sure to allocate enough time to efficiently manage your property. This is a serious commitment and should be consider a part to full time job. You are the sole person responsible for a families highly prized vacation time. If you do not live in the same town as your rental be sure your partner with a vacation rental care-taker. It is critical you have an individual representing you in the town your property is located in.
Maintaining your Property
Other than servicing in house guests and marketing efforts the biggest focus with managing your vacation rental on your own is maintaining your property correctly. Be sure to pay attention to your guest's needs as well as the overall condition of your home. There are steps you can take that will save head aches down the road. Visit our page dedicated to maintaining your rental property for additional details.
Marketing Your Vacation Rental
Until recent years marketing your vacation rental was best left in the hands of professional rental managers. With the growth of the internet and vacation rental by owner websites private owners can now get in front of a global audience. Marketing correctly will greatly increase revenue and occupancy.
