If you’re like a lot of people with a vacation home, you could be considering using it as a short stay rental when you’re not using it. But is it worth the trouble? Let’s take a look at what you need to know, and what it really takes to rent your vacation home to other vacationers.
Take a Look at the Numbers
When you’re deciding whether it’s worth it to rent out your vacation home, look at the math. You’ll need to consider the expenses of renting it out versus the income it could generate. Some expenses you’ll incur include maintenance and upkeep, cleaning, utilities, repairs and amenities. You’ll also have to look at the interior and decor of your home and determine if you’ll have to invest in new furnishings, linens, towels and bedding and whether you’ll need to upgrade appliances and electronics.
Customer Service Is Key with a Short Stay Rental
Customer service is the number one thing that can determine the success or failure of your short stay rental. If you treat your tenants right, you know they will not only give you good reviews, but they will return again and again to your home when they come to visit the Vail Valley. But can you provide that type of service? This is an important question to ask.
The Right Marketing Will Get You the Right Price
To make renting your vacation home worth your while, you need to get the right price per stay from tenants. The key to this is marketing. Knowing where and how to market your home will help you attract the right customers for your price point.
Offering the Right Services and VIP Treatment
When deciding whether you’re up for a short stay rental, keep in mind the expectations of visitors to the Vail area. It’s an exclusive destination. Renters expect certain services, amenities, and VIP treatment they might not expect in other locations. This is an important consideration when making the decision whether to rent out your property.
Setting Up Your Support Team
You will need to find a reliable carpenter or contractor to handle repairs, a good landscaping company to manage lawn care and snow removal, and a cleaning team you can count on to take care of before, during and after tenant cleaning.
Now for the Good News!
Even though all this sounds like a lot of work just to keep your home occupied, the good news is you don’t have to do this yourself. Many great property management companies can handle every bit of the work and details it takes to successfully market, manage, and oversee your vacation property. It can really make the difference to make it worth your while to rent out your vacation home when you’re not using it.
Before you make a decision about whether or not to use your property in the Vail Valley as a short stay rental, contact the team at Fireside Properties for all of the information you need.