What Condition Is Your Property In?
If you have a property that can be improved with some modest investment, then it makes sense financially to turn it into a rental. The cost of fixing the place will eventually be recouped by your short-term rental income. However, if you have a property that will cost more to fix than you could ever recoup through projected rental profits, then it’s better to sell through a reputable real estate brokerage, such as our partners at Barclé Group. The lump sum that you get from the sale can then go to a more desirable rental property.
What Are Your Financial Goals?
If your goal is to grow wealth for life, then having an active stream of income through short-term rentals should be part of your plan. A vacation rental property in a desirable area with luxury amenities brings in increased profits in a market where rental prices are on an upward trend. On the other hand, a one-time sale is finite.
If you want a higher income potential, short-term rentals can bring in even more money than long-term rentals. While long-term renting can bring you $2,000 a month, a short-term rental can generate double that value. If you want a lifelong stream of income beyond retirement, then the financial security of a short-term rental can be part of a solid income plan.
How Much Time Do You Have to Manage Your Properties?
Sometimes homeowners feel reluctant to rent their homes because of the many responsibilities they will acquire. They don’t want to be on-call for repairs or have to be responsible for collecting rent and doing paperwork. But managing your rental property doesn’t have to be an inconvenience; property management companies can take on all these responsibilities so that landlords can simply relax. If you own several properties, then hiring a property manager to handle multiple needs is essential.
Full-service vacation home managers take the guesswork out of everything, by:
- Providing 24/7 communication and support to your guests.
- Scheduling repairs and managing both security systems and remote entry systems.
- Drafting rental documents and making sure every legal base is covered before your guests enjoy your property.
- Collecting rent and keeping a close eye on your property when you’re not staying in the home.
To maximize your profits, high-end property management companies will also use hospitality-focused interior designers and effective marketing strategies. They know where to list your property and how to attract the most attention. After they stage your rental and make it a dream destination, they’ll answer client questions and arrange all short-term leases.
In summary, there are multiple angles to consider when deciding to rent or sell your property. At Barclé Group, we are happy to provide a free consultation on your home’s value and help you determine the best route forward. Contact our team today to receive a consultation and learn more about our Effortless Ownership property management system.
