After you have purchased your vacation home in the location that suits you and your family best, you might want to consider renting out your home. By renting out your vacation home, you can likely offset most, if not all, of your monthly bills on the unit. In this article, I am going to give you a few steps to guide you on how to start renting out your vacation home and making money.
Find a Good Property Manager
I know you can save a few dollars a month by managing the vacation home yourself, but unless you live close by, I would strongly recommend finding someone local who can look after your property for you. One of the best ways to find a good property manager is to call some of your neighbors who rent their units out and ask them for recommendations. Usually the same neighbors will give you a list of the good property managers in the area and the ones to stay away from.
Know How to Market Your Property
The key to making sure your unit always has guest in it is to make sure vacationers to your area know about your property. Here are a few ways I recommend to market your vacation home:
Most property managers can assist you in booking your vacation home, and when you are interviewing them, be sure to ask how they are going to market your property. You should also ask how many nights they aim to have your place occupied on a yearly basis. Make sure that they are going to get you some business in the off-season as well as the high season. A lot of property managers talk a good game, but they really only get bookings during high season.
Read more on 5 Steps to Renting Out Your Vacation Property As Quickly As Possible by Trey Duling of BiggerPockets.Com.