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(732) 455-5252

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Vacation Rental Ownership – Is It For You?

A short term rental is a great investment for a number of reasons. In addition to creating
annual income for the investor, the property could also appreciate in value during the time of
ownership. Although the short term rental is still a rental property, it often pencils out too
much higher income than a traditional long term lease does.

Vacation Rentals might seem like a great deal of work, and they can be. The first choice a
vacation rental owner will need to make is whether they would like to self-manage or hire a
property management company. Many short term rentals are managed by a professional
property manager that specializes in the short term market. These managers have people on
call to help with arrival, departure, cleaning, repairs and rent collections. While they do charge
for their services, a professionally managed vacation rental can provide a nice income stream
by building positive reviews.

Of course, there are downsides to owning this kind of investment. It’s important to choose the
right location to ensure a steady stream of renters. Additionally, one must budget for
unexpected repairs or damage. With the deposit being made with a credit card, it can be
difficult to collect for damage done to the home.

The Internet has been instrumental in the new vacation economy as peer-to-peer platforms
like Airbnb, VRBO and HomeAway offer visitors the ability to interact directly with the owner.
By reducing the advertising costs, investor-owners can negotiate directly with potential
renters and screen them to prevent possible problems.

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Chuck

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