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Misconceptions of Renting Your Vacation Property - Travel - Vacation Rentals
Misconceptions of Renting Your Vacation Property by Trent Powell
in Travel / Vacation Rentals (submitted 2012-01-23)
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 may be many downfalls to renting my property I ultimately think it was a good choice for my family. Below you will find a list of vacation rental misconceptions of renting your property that currently exist in the industry today.
Your property must be located near your home. I don t know many vacation owners who live near their rental property. It seems most property owners purchase a vacation rental near a location they like to vacation. Some of the keys to renting your vacation rental from a distance is finding some reliable sources like housekeeper, handyman, property management company or other local services. Luckily, we live in the age of the Internet and it is pretty easy to find some great sources to help support you with this endeavor.
A property management company is a must. In my last post I spoke about the pros and cons to using a property management company or managing a property yourself. You still have the choice of how to manage your vacation rental property but I chose to mange the property myself. There is no 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 all renters. I love the control I have over the entire situation. It can be stressful at times but I would never give up this responsibility of renting my cabin and know nobody can do it better than me.
My vacation property will be ruined by renters. This was one of my major fears when I started to rent my vacation property. One of the great things about managing renters for your property is you get to choose who stays at your property. I have been renting my property for nearly 6 years and can only remember one or two times where a renter may have damaged a piece of furniture or stained the carpet. The best part is I was able to use the renter deposit to fix the furniture and clean the carpet. Take my advice, if you screen your renters before allowing them to stay in your property and collect a rental deposit the odds are in your favor your vacation rental property will not be damaged.
It will cost a lot of money and be very difficult to find renters. It actually isn t that hard to find renters with all the technology we have at our fingerprints. There are many different ways to market a property. Some of the ways like Craigslist are free and some of them cost some money like many of the most frequented vacation rental websites. Both of these methods have millions of visitors each year and are a great way to rent your property. I personally use both methods and am able to rent my cabin 15-20 times a year for roughly $10,000 income.
I won t be able to use my property if I rent it. This may be a problem if you 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 company therefore I never have a problem 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 like to possibly use it so I can calendar it. If you calendar your property for yourself then potential renters will only be able to 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 in order to bring in enough money each year to offset any yearly expense.
In summary, 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 pay for all of our yearly expenses out of pocket. Since I began renting my property I am able to pay for all of my expenses using the rental income and some years any 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.
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