For most people, managing a home as a rent-by-owner, isn’t the best option when it comes to operating your vacation rental property.
Think About This
Think about what operating a short-term rental property may involve and remember… Airbnb, VRBO, Expedia, Home Away, Trip Advisor, etc. are not “management” companies. These are booking engines and you will need to be visible on all these sites in order to maximize your rental income.
Also, multiple calendars, credit card transactions for deposits and payments, guest communication, photography, rental agreements, oh my! It’s a lot to take on and do it well!
Most importantly, you want to come up to the top of the list when guests search for a place to rent, right? If you are a solo operator, that’s likely pretty hard. If you partner with a top-rated vacation rental management company, you’re chances of being seen and getting bookings greatly increases.
We Work to Get You Up and Running
Remember, when you work with Vacation Rental Property Advisors Group (VRPA Group), we get you all set up and running. We strategically partner with a professional management company. They help keep the bookings coming by working with owners and being experts within your geographic market.
VRPA Group carefully selects a company based on fairness and quality. Their focus is affordable management fees, dealing with all the details of guests and managing all the calendars on booking sites. They even set you up to pay your occupancy and state taxes and take care of all the credit card transactions.
Hiring VRPA Group to walk the walk with you is your first step to get you into the short-term rental game. Contact us today at firstname.lastname@example.org or call 855-668-3262 (press O to be connected). NC Pro Realty Group can help you locate a property in North Carolina and nationwide.
VRPA Group can help you find, analyze ROI and set you up for successful rental and management.
Have you stayed in an Airbnb or VRBO property and thought…I can own a vacation rental, too!
Yes, you can have a home at the beach/mountains so that you can live there part-time and rent it out to vacationers.
An investment into a vacation rental property may be right for you, but there are many factors to consider:
A short term rental is usually more profitable than long-term rental
You as the owner have more control over your property as a vacation rental owner. For example, a condo in Wilmington will fetch an average rental rate of $165 per night. If you rent that 2 weeks per month, that is $2,310! That same condo for long term rental is about $1200 per month. So, that simple math shows more than $1,000 per month can be earned with less time being rented. But, it’s important to know all the rest. Read on.
You need guidance and expertise
Certainly, we are experts at operating a hospitality rental property. Most importantly, check out services offered at VRPA Group. This is our wheelhouse and we specialize in the front end analysis to determine if it is legal to operate a STR (short term rental), the market conditions of saturation and average occupancy and rates. We can get you up and running with finding your home, provide guidance on furnishings and supplies and connect you to the best property management company to market and process reservations and credit cards. NC Pro Realty Group specializes in locating these homes that will be in compliant with the local laws.
Getting your home ready for rentingwith the supplies and furnishings is a key component. For example, you will need suggestions on the selection of sofas, dishes, linens, etc. based on what guests are expecting. Moreover, you need and a reservation platform and services (like housekeeping, maintenance, etc). You don’t have to go it alone.
Short Term Rental Damage Protection and Insurance
Absolutely, owners want to have peace of mind when it comes to damage to their property. Short term/vacation rental properties and the property management company that VRPA Group partners with gives you damage protection and commercial liability insurance. In addition, liability insurance may be a requirement by local ordinances and laws.
Yield Management with a Vacation Rental
Rates can vary throughout the year and even day-to-day in a short term rental property so that you can enjoy high rates during peak periods. Understanding “yield management” is key. Most importantly, you will want to be in-the-know to understand all the revenue aspects to be a successful and profitable owner of a Airbnb or VRBO. VRPA Group and their property management partner have already done the work to know what occupancy and average daily rate you should charge.
Rent and Enjoy Your Own Vacation Rental
Rent out your home, earn income and in addition, enjoy this home for yourself and your friends! While owning your vacation rental, you can “block” time just for you and your family and friends. That’s a major reason owners love a vacation rental – they can vacation there whenever they want! Definitely, It’s important to know through analysis of ROI (return on investment) how many days you will need to rent your home that is comfortable for your budget and that will lead to understanding how many days you can stay there!
Understanding Expenses of Vacation Rental Ownership
Expenses of operating a short term rental are higher than owning a long term rental. Likewise, the pay-off as a vacation rental owner is higher, too. As an owner, you will provide all furnishings, utilities, Wi-Fi, cable, coffee, water, towels, sheets, housekeeping, taxes, licenses tax fees, insurance, etc. VRPA Group has all the expertise to guide you to know what guests expect and offers advice/contracts for supplies!
Maintenance and Cleaning of Your Property
Maintaining and cleaning your vacation rental is a huge factor in in getting good ratings from your guests. Above all, Five-star ratings is the key to high occupancy and high rates.VRPA Group can provide you with cleaning teams and maintenance recommendations to keep your home in top notch condition so that guests will remember how awesome it is and you keep them coming back and recommending you!
It Takes Time to Build Success as an Owner
Likely, it will take time to build high producing income and success in your vacation rental. So, when a property is new to the market, it needs some time to build a clientele. Therefore, be prepared financially for getting through the “newbie” period.
Seasonality and Income Varies
Income will vary depending on seasonality, weather, and yes, even COVID-19 can have an effect on occupancy. That is to say, the analysis up front is very critical. It’s important to understand the high and low times to prepare financially.
Owning a Vacation Rental Can Be Lucrative
The bottom line is – yes! Owning a vacation rental property can be lucrative and can provide you with a place to call your own. However, It’s very important to understand city/county/district ordinances and if you can legally operate a STR (short term rental). VRPA Group does all the homework for you before you buy and represents your best interest in the sales process.
Contact Us Today!
Contact Jill Rigsbee at 919-931-0816 or at email@example.com to have a conversation. Most importantly, get expert guidance to walk the walk with you.