Why would you want to help others be your own competition?
I believe there are more than enough potential guests to go around and that the vacation home rental market is actively growing.  People are just now discovering how much more comfortable they can be in a vacation home versus the traditional hotel or other lodging choice.  They are also learning that a vacation rental can prove to be a great value when you take into account large or multiple family groups and having the ability to make a meals without having to go out for them all the time. 

Why “risk” renting out your home to strangers?
Obviously, the first reason is to help defray expenses.  But even more than that, its fun helping people enjoy themselves and have a great vacation.  You become a kind of ambassador for your area and promote its attributes.  It is very gratifying to receive accolades and thanks from people who’ve enjoyed their stays so immensely. 

Have you had any bad renter experiences?
I take great care to screen all of our guests and only rent to those I feel comfortable in offering the opportunity to stay in my home.  Only a few issues has presented themselves and they were either resolved by the renters themselves or we called in a serviceperson (which we would probably have had to do anyhow). 

EXAMPLES: Our cleaning staff reported a broken dish in the garbage when they came in for cleaning.  The next time I was at the property, I found that the renter had gone out and replaced the dish with one that was even nicer than the original.  

We had one guest who called the day after her departure to tell me she accidentally took home all the clothespins.  She volunteered to send it FEDEX to the rental house so that the next renters would not have to be without it. 

The washing machine went into a vapor lock mode and our renters were unable to get their clothes out.  We had to call a service person for an “extraction” as the renters were due to leave the next day. 

I find that our guests tend to treat the house with respect.  By and large, people are honest and fair.  You do need to be realistic though and prepare yourself for normal wear and tear on your property and the possibility of breakage or damage.  Security deposits do help keep people in check and we recommend they are employed as part of any rental practice.

What do I have to be willing to do on an on-going basis to self-manage my own vacation rental home?

1) Develop an Internet listing - it's the best way to market your property.

2) Check e-mail regularly for prospective guest inquiries.

3) Establish and monitor a phone number for messages.

4) Respond to all inquiries in a timely manner.

5) Maintain accounting records completely and accurately.

6) Take the time to properly screen your potential guests.

7) Conduct banking activities.

8) Return security deposits promptly.

9) Monitor and pay contractors on a regular basis.

10) Respond to any breakdowns in a timely manner. 

WOULD YOU LIKE to learn more about what is involved in self-managing a vacation rental property? 

Give us a call with your questions today.