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Getting Started With Your Vacation Rental
Let’s be honest. Change, even wanted change, can feel like a lot to handle. You may have heard some of the good things about owning a vacation rental but are curious if it’s for you. Where do you even start? While you want to make the most of your investment, you also don’t want it to monopolize your time. So how can you achieve both? As a savvy property owner, tap into the power of stress-free, full-service vacation rental management solutions.
Rental managers provide several services to make owning a vacation rental property more straightforward and less burdening. Rental companies can offer various services, including marketing, bookings, cleaning, maintenance, and repairs.
Today, short-term rentals are a growing trend—and for good reasons. Let’s discuss some of the perks.
Benefits of Short-Term Rentals for Homeowners
You can make significant money from rental income due to dynamic pricing. Depending on the location and appeal of your property, you can easily make hundreds of dollars per night. What’s more, you’ll be free to set rates, allowing you not to leave money on the table.
Vacation rentals also offer some other great benefits for homeowners.
For example, you might only want to rent during the peak seasons so you can receive additional income while having the ability to enjoy the property yourself in the off-season. In that case, vacation rentals are perfect to avoid long-term rental contracts. You can also choose when to block off your property when you wish to use it with your family.
Another underrated benefit of short-term rentals is that you can get tax write-offs. The tax write-offs are for expenses, either ordinary or necessary, and those directly related to your property’s rental activity during the said tax year. Additionally, you can minimize costs such as the Homeowners’ Association fees and utilities as a short-term rental.
Finally, short-term rentals provide a sense of security—you retain control over your property compared to long-term. Plus, you can quickly screen potential guests to ensure they’re trustworthy. Short-term rentals are an excellent way for homeowners to make extra money and grow their real estate investment portfolio.
Self-Manage or Work with a Professional
Deciding whether to self-manage or work with a professional property management company is essential when listing your property as a vacation rental. Self-managing can be a great option if you’re comfortable dealing with guests and contracts and being available to respond to inquiries and handle maintenance issues.
However, suppose you’re looking for a more hands-off approach and need more time or expertise to manage your rental property. In that case, a professional management company can be a great option. Rental managers can help you market the property, handle customer inquiries, plus manage contracts and maintenance needs. Property management services can also help you find qualified tenants and ensure your property runs smoothly.
Moreover, by choosing to outsource a professional property management specialist, you don’t have to worry about minor improvements and repairs for your short-term rental as a homeowner. Ultimately, the decision to self-manage or work with a management company depends on your needs and preferences. That said, it’s essential to research and find the best option for you and your property.
Local Property Manager or National Brand?
When listing your property as a vacation rental, you can choose between a local property manager and a national brand. For one, a regional property manager deeply understands the local market and can provide more personalized services, such as assisting with local permits and regulations.
Additionally, the local property manager is well-versed with state and city taxes, ensuring that you avoid any unpleasant surprises with the authorities. On the other hand, a national brand can offer benefits such as brand recognition and the ability to leverage its immense network of customers. One of the most significant advantages of working with a national brand is having an extensive network of potential renters.
National brand rental management companies often have access to a wide variety of renters, from long-term tenants to short-term vacationers. An extensive network of potential renters means your property will have a higher likelihood of being booked with happy guests.
Another benefit of working with a national brand rental management company is the wealth of resources available to help you manage your rental property. Larger property management companies have experienced staff members who can provide valuable skills and expertise regarding marketing, pricing, and other aspects of managing your rental.
Finally, national rental management companies have access to various tools and services that can help you maximize your rental property’s potential. With our software, we can easily track and analyze performance and screen potential tenants– everything needed to manage your rental property efficiently.
The advantages of a national brand should be weighed against the benefits of a local property manager, as each business model has pros and cons. Consider a regional property manager if you want more personalized service. But a national brand might be better if you want more brand recognition and extensive reach. Conduct your research to find the right fit for you and your property.
Meet Elite Pacific by Gather
Maximize your rental property potential. Choose top-notch, personalized professional expertise today for your short-term rental. Connect with your Elite Pacific by Gather to learn more about our rental solutions.