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Vacation Rental Owners – Frequently Asked Questions
- By John Romano
- Published 08/31/2007
Why should I rent my vacation home?
Renting your vacation home could be a good source of income if rented frequently. Some owners prefer renting just a few weeks each year to off-set the costs associated with the home. In addition, some owners rent out their vacation home to keep it from sitting empty when they are not using the home themselves.
No, it will not decrease your property value. However, you may have to replace and repair things more frequently.
What type of people rent vacation homes?
Most vacation home renters are homeowners themselves, so they usually know how to take care of someone else's home.
When will the home rent?
Nearly all homes are located in destination areas that have a definite "high" or busy season. Vacation rental homes tend to be rented most often during this high season. Summer is high season in most locations; however, winter is high season in ski areas. The less you use your home during high season, the more your home will be rented and the more income you will earn.
How do I get started?
You can rent your vacation home by yourself or you could hire a local property manager to do it for you.
What are the benefits of renting my vacation home on my own without a property manager?
You can make more money by saving the management company commissions (up to 50%). Also, you will have complete control of the guests who rent your property.
What are the cons of renting my vacation home on my own without a property manager?
You will need to dedicate some time in advertising and managing your home. You will also need to research and adhere to all local regulations and pay all required taxes and fees.
How much time does it take to rent my vacation property home on a daily basis?
You must have some extra time, because you will need to advertise, answer phone calls and emails, and manage the property. Expect an average of 2-3 hours per week.
Can I keep on checking the house while it is being rented?
This may vary upon your agreement with the guests. However, you should not t be so emotionally attached to the home and become a nuisance to your guests.
What are the best ways to advertise my vacation home?
The Internet is by far the most efficient place to advertise your vacation home. There are many vacation rental websites that offer listing services. To find the ones that are more appropriate for your vacation home, just go to Google or Yahoo and type a keyword or phrase that you think vacationers will type in order to find your home. For example, if you have a luxury vacation rental in California you should type “Luxury vacation rentals in California."
You can hire a maintenance company to handle the cleaning and repairs for you or you can do everything yourself (may be with the help of a housekeeper). Finding a good housekeeper is highly recommended because, besides cleaning, they are the ones checking up on the renters and making sure that there is no damage or theft.
Frequently Asked Questions from Vacationers
- By John Romano
- Published 08/19/2007
Ask for references and a list of past renters from the vacation rentals property owners. If possible, it is also suggested that you visit the vacation rental property in advance.
How do I book a vacation rental?
Property owners have their own preferred methods of making reservations. Contact the home owner and be sure to communicate your arrival and departure dates, the number of people in your party (include the number of adults and/or children) and any special needs you might have. To protect the homeowner and the renter, we strongly recommend the use of a vacation rental agreement. The agreement should clearly outline the rental period, the cost of the rental, any special considerations and the terms and conditions related to cancellations and refunds.
What type of deposit and payment due dates can I expect?
Typically, the rental agreement requires a booking deposit of 10% - 50% to confirm the reservation, with full payment expected eight (8) weeks prior to arrival. It is important that all payments be submitted as specified in the rental agreement in order to avoid losing your reservation and/or your booking deposit. Additionally, you will also be asked to provide a refundable security deposit either at the time of booking or upon arrival. Specifics related to the security deposit, including property maintenance, damages and additional fees such as telephone charges, should be detailed in the rental agreement.
Where can I find details on check-in times, pets, etc.?
Within the rental agreement or lease you can expect to find terms related to check-in and checkout times, maximum occupancy, pet policies, cancellation conditions, and maintenance of the rental.
How are cancellations and refunds handled?
The cancellation policy associated with your rental agreement or lease should clearly communicate penalties associated with canceling your contract. Note that cancellations due to weather conditions are not usually permitted unless specified in the rental agreement. Travel insurance can protect your vacation investment if unforeseen circumstances require you to cancel your trip.
What about travel arrangements?
The owner should be able to advise you on your travel arrangements, including the most convenient airports, car rentals, and alternative transportation options. Special parking requirements and parking passes should be detailed in the rental agreement and included in pre-arrival instructions.
What type of pre-arrival instructions should I expect?
In addition to directions to the property, you should be provided with either a key or the name of the person who will greet you at the rental, as well as, the name and telephone number of some one at the location who you can contact if anything goes wrong. If a security deposit is due on arrival, the expectation is that it will be paid in cash, local currency, check or traveler’s check.
What happens when I arrive at the vacation rental property?
Some owners send you a key in advance, some actually live on site and will meet you, and some arrange for their representative to meet you at the property. Make sure you are given details of someone you can contact if something goes wrong. If you are delayed, it is courteous to inform the owner.
What if there is a problem during my holiday?
It is in your best interest and the owner’s interest to fix any problems immediately. Contact information for the owner or their local representative should be included in pre-arrival instructions and posted in the rental. The person you have been directed to contact will be your best resource to quickly resolve any issues.
What happens when I leave the vacation home?
Check-out policies should be part of the instructions you were provided. Since cleaning standards vary, it is important to know how much the owners expect you to clean up prior to departure. When you are ready to leave, the vacation home owner or their representative should check you out of the property, and assuming there is no damage, will refund your security deposit, either on the spot or within a couple of weeks.