If you own a luxury vacation home, you’ve probably already thought about whether or not to rent the home while you’re not there. For many second homeowners, this makes financial sense. But for other owners, the decision isn’t necessarily about rental income.
There are many reasons why you need to consider renting your luxury home — and many reasons why a reputable property management firm can actually help you take better care of your property and maintain (or increase) its value. Here are just a few:
Unoccupied homes suffer more damage — Think about it. Mountain homes, in particular, are vulnerable if left unoccupied for long periods. Freezing water pipes are a concern. There’s potential damage from violent storms and snowfall. Wild animals can also be a nuisance. If no one looks in on your home for months at a time, even a small problem can turn into a large, expensive one.
That “warm, welcome” feeling — Just about any home feels better if it’s occupied regularly. It’s a subtle difference, but one that you can notice.
Forget the myth about renters “trashing” your home — Your luxury home is going to attract high-end renters — people that appreciate the finer things in life, like your beautiful vacation home. Actually, renters help maintain your property’s condition and value by quickly alerting the management company of problems that need to be fixed.
Regular cleaning — Another benefit of renting your property is that, after every rental, your home receives a thorough cleaning, dusting and inspection. When you do use the property yourself, you’ll walk into a clean, fresh-smelling home — rather than starting your vacation with a mop and a feather duster.
Peace of mind — Knowing that your vacation investment is being cared for by a good property management company is a tremendous benefit — whether you live 100 miles or 1,000 miles away.
Managing your investment — Your vacation home is an investment. Your other investments — stocks, bonds, funds, etc. — most likely have managers that watch them to make sure they are earning you the maximum return on your money. A good property management firm will do the same for your vacation property investment.
When you’re considering a property management company, there are many factors to consider, including the company’s reputation, maintenance and cleaning staff, and commitment to marketing your home to reliable, high-end clients. Ask around. Talk to other owners in the area. And make sure you talk to several firms — it will become obvious which management companies possess the professionalism to help you take care of your investment.