According to the U.S. Travel Association, vacationers choose vacation rentals more often than not. The vacation market rental is on track to reach a market size of $128 billion by 2032!
If you live in an area with a high demand for vacation rentals like Vail, CO, you may notice the benefits of renting out your home. Did you purchase a retirement home in the area that you're not quite ready to move into yet, or do you own a second home there?
Due to Vail's popularity as a highly desirable ski destination and hot demand, you might be tempted to rent out your house for vacations. Stick around as we examine the important steps to take to get you started.
Preparing Your Home for Vacation Rentals
The first step is to make sure the home is well-maintained and clean. Your high-quality photos should showcase the home's features online.
Make necessary upgrades to attract guests. Add attractive furnishings and appliances.
Renting out your home as a vacation rental is very tempting, but keep in mind that the competition is fierce and customers are very demanding.
They want entertainment options on the TV. They want hotel-quality bedding. They want updated furnishings and property amenities like a sauna or hot tub and wifi.
Setting the Right Rental Price
To attract guests to your home, you have to set the rent at the right competitive price and one that is fit for the area at the time.
Do your research. What is the going rate for comparable vacation rentals in Vail? Remember to factor in your costs for things like utilities, cleaning, and the mortgage if you have one. The rate you set should be profitable.
Don't forget to adjust for seasonal pricing for peak ski season.
Choosing the Right Rental Platform
Look at the many popular vacation rental sites like Airbnb, VRBO, and HomeAway. Scrutinize the fees and commission structures of each platform.
Would you rather manage bookings yourself or use a property management service? List the pros and cons of each.
Establishing House Rules and Guest Policies
Establish your rental policies and set clear expectations for guests regarding things like occupancy limits, noise, and pets.
Outline your cancelation and refund policies and be consistent. Will you charge a security deposit or issue a damage waiver?
Preparing for Guest Arrivals and Departures
How will you handle arrivals and departures? You might want to use a keypad for convenience.
How will you manage vacation rental cleaning between guests? You can hand these duties over to a local property manager.
Are You Ready to Rent Out Your House?
Vail vacation rentals are in high demand. If you want to rent out your house in Vail, be sure to follow the tips in this guide.
Do you know who can help you manage your vacation rental? We at PMI Vail are a full-service real estate asset management company. We provide professional, high-level, short-term property management services you can trust.
Explore what we can do for you by filling out our form for a free consultation, or call us at 970.306.7886 for immediate service.
