| Do you own a vacation home and find yourself | | | | vacation home. However, if you compare that with |
| struggling to decide whether to rent on your own or | | | | the control you gain by renting yourself and the |
| to use a property management company? If you | | | | returns from cutting out the middleman, the |
| answered yes, the following tips will help you make | | | | management company, in many instances you come |
| the best decision for you. | | | | out ahead. |
| 1. Don’t assume you need a vacation rental | | | | 6. Be wise about whether you wish to leave your |
| property manager to get your home rented. | | | | personal belongings in your vacation home when |
| Not too long ago anyone planning to rent their | | | | renting? |
| vacation home did so by using the services of a | | | | Although the average vacationer will respect and |
| property management company. Over the last few | | | | take care of any vacation property they rent, you |
| years this trend has shifted and more vacation | | | | should never take any chances. If you have personal |
| homes are being rented by the owners themselves. | | | | mementos that have value, whether sentimental or |
| The extra income coming in can be used to pay for | | | | financial, consider taking them out before renting. |
| homeowner’s insurance and other bills, which still | | | | Leave just enough to give a homely and welcoming |
| need to be paid even if you leave the vacation home | | | | feel to the vacation home. |
| unoccupied for a few months per year. An often | | | | 7. Learn about any legal ramifications of renting your |
| overlooked benefit of renting your vacation home | | | | vacation home |
| yourself is the ability to choose your renter. This is | | | | Whichever way you rent your vacation home there |
| not in your hands if you contract the services of a | | | | are legal and taxation issues that needs to be |
| property management company. | | | | addressed. You just need to invest the time |
| 2. You can greatly increase your income by renting | | | | researching regulations governing rentals in the area |
| your vacation home yourself. | | | | where the vacation property is located. If you pay |
| Most property management companies take an | | | | the required fees and taxes you have no need for |
| average of 30 percent of rental income for their | | | | concern. |
| services, although the going rate can range anywhere | | | | 8. A good caretaker can help you manage your |
| from 10 percent to 60 percent. When you rent for | | | | vacation home from a distance. |
| yourself that is income coming to you. | | | | The hardest part of managing your vacation |
| 3. You can handle renting your own vacation | | | | property from a distance will involves maintenance of |
| property in about three hours a week. | | | | the property and taking care of repair issues when |
| This varies greatly and is dependent on a number of | | | | they arise. The easiest solution is to hire a caretaker |
| factors, such as location of the property, renters | | | | for the property. This person will in essence be your |
| being catered to and type of returns you are | | | | ‘go to man’ for repairs and staff issues. |
| seeking. For the average vacation home owner, they | | | | 9. Your property caretaker can also manage any |
| may need to spend an average of three hours per | | | | vacation property staff needed. |
| week answering telephone or email queries. If you | | | | If you get a caretaker, this person can be assigned |
| are renting your vacation home as a business you will | | | | the role of supervisor for staff such as cleaning |
| need to invest much more time than someone just | | | | person and cook. Remember also that you do not |
| looking to earn ‘residual income’ when they | | | | have to take on the headache of staff management. |
| don’t need the place themselves. | | | | You can explore the option of having an agency |
| 4. The internet is the easiest way to get renters for | | | | source and arrange for cleaning and meal preparation. |
| your vacation property. | | | | Also, many vacation homes do not come with a |
| Advertising is important and in today’s Internet | | | | cook as a regular part of the rental cost, so you can |
| age, this avenue of advertising cannot be ignored. As | | | | opt out of offering this service. |
| a matter of fact, one of the most successful ways | | | | 10. Good maintenance preserves the value of your |
| to promote your vacation home is via the Internet. | | | | vacation home. |
| You can also list your property on any number of | | | | Renting your vacation home will not affect the value |
| websites that offer this service. A quick search of | | | | of your property if you maintain the home. |
| the Internet will turn up hundreds of websites that | | | | Maintenance of vacation property is a necessary part |
| list vacation homes. You can also ask to leave | | | | of upkeep as things will need repairing and or |
| brochures at places such as travel agencies. | | | | replacing more frequently as a result of being used |
| 5. Weigh the advantages and disadvantages of using | | | | more often. |
| a property management company. | | | | If you treat renting your vacation property as a |
| It is true that a property management company | | | | business and invest the time learning the ropes you |
| saves you some hassle and time when renting your | | | | will find over time that it is a worth-while endeavor. |