If your vacation home has started to become more of a financial headache than a refuge, it might be time to consider renting out your property.
According to industry experts, an average vacation home can garner an owner an extra $30,000 of income per year.
Renting out your vacation home can open up a significant stream of revenue and understanding the business side, and all it entails, however, is a critical part of increasing your home’s value without adding hassle.
Before listing your home for rent, it’s important to decide whether you will handle the details yourself (think booking, reservations, marketing, maintenance and management) or hire a vacation rental firm.
While doing it all yourself may sound like a good idea (and the Internet has certainly made that a viable option with hundreds of rental listing sites), a recent study shows that owners spend an average of more than eight hours per week marketing and managing their vacation properties. This translates to a heavy time commitment that few people have.
To take advantage of the added income, without having to invest a significant amount of time, professionally managed vacation rental companies provide the perfect balance. Typically, these firms assume responsibility for marketing and managing your property and taking care of any requests by the renters.