By Steve Schwab – CEO of Casago
With major sporting events hitting the Valley this Spring, there is no better time to consider listing your property as a vacation rental. Tens of thousands of golf and baseball fans will be descending on the Valley over the next couple of months, and they will all need places to stay.
I’ve been in the vacation rental business nearly two decades: as a renter, a rental owner, and now as a successful owner of a property management firm. I’ve seen some horror stories, but I have had many more magical moments created for families who have rented my properties. If you’re considering listing your property as a vacation rental, keep in mind the following expert tips to maximize your success:
- Optimize Your Property Listing – It is easy to list your vacation rental property on any website like Airbnb, but there are things you can do to make it stand out to maximize revenue opportunities. Get professional quality photographs of your property to help the potential renter visualize their stay. List anything that can be considered an amenity or an upgrade for your property that would entice someone to book with you.
- Price According to Season – Setting the appropriate rental rate to ensure that your property has maximum occupancy is more an art than a science. One of the key components of rate is seasonality. For maximum profitability, consider listing your property during the “high season” and book your personal use outside of that timeframe.
- Property Maintenance – It is your responsibility as a property owner to make sure that your property is appropriately maintained for your guests. This includes deep cleaning, restocking of important amenities, yard service, and fixing anything that breaks. Schedule any regular maintenance in advance (e.g. air conditioning service) and have a plan in place if a problem arises during your guests’ stay.
- Taxes – It is important to remember your tax responsibilities with vacation rentals. Any income that you generate from the rental of your property must be reported as income tax. Depending on where your property is located, you will also be responsible for compliance tax, where basically anything that you charge the renter is subject to compliance tax. Finally, as with any property ownership, you will be responsible for property taxes based on your location.
- Hire a Vacation Rental Property Management Company – One of the biggest benefits to using a property management company is in having an advocate, acting in your best interest, to handle the business in your absence. All the nitty-gritty details listed above are taken care of – you just sit back, make major decisions only, and enjoy your added income.
The decision to list your property as a vacation rental is rarely made lightly. Fortunately, there are experts in the industry who are here to help. If you do all the proper preparation and research, you’ll be well on your way to earning extra income the owner of a vacation rental property.
With over 20 years of experience, Casago offers vacation home rentals, corporate housing and property management in more than a dozen communities across Mexico and the U.S. including Puerta Vallarta, Cancun, Rocky Point, Santa Barbara and Scottsdale. It manages and promotes more than 2300 properties which it lists on Casago, Airbnb, VRBO and more 200 rental sites leading it to serve more than 3.2 million guests. Casago property management teams in each market are dedicated to customer service ensuring your investment is cleaned, maintained and your guests are cared for with our concierge services. More information at www.Casago.com.
Thank you to Steve, for those timely tips just in time for Spring Training visitors. Spring Training games start February 21.
Have you rented out your space? What has been your experience? Share with us in the comments!