May Gray and June Gloom

Set up your team (real estate agent, lender, and property manager, if you're employing one), furnish and decorate the home, familiarize yourself with the platforms on which you'll be renting the house, and list!

The biggest factor in determining income is sleeping capacity. The inclusion of extras like a hot tub, pool table, or a remote work place might, however, draw in additional renters and boost revenue.

The best way to make the most of your vacation home is by renting it to vacationers. And the simplest way to rent it is by trusting a full-service vacation rental manager (like 31 Beaches) to cover the booking, marketing, housekeeping, and more. Some people enjoy doing the entire process themselves. But they’ll also be the first to tell you it’s a 24/7 job. So as you consider hiring a vacation rental manager, think about your lifestyle, your future plans, and your present obligations. Then, consider how those factors might impact your vacation rental goals. Should you find that a full-service manager sounds like your best bet, connect with a local 31 Beaches expert to talk. They’ll show you how we can maximize your earnings while minimizing interruptions to your daily life—and give you an estimate of your home’s revenue potential.

Yes. Rentals for a limited time need insurance. When it comes to short-term rental insurance, there are numerous options. A short-term rental-specific insurance policy or a commercial umbrella policy are the two insurance options that many owners utilize, or a combination of the two. To find the one that would best suit your needs, always go through all available policies with your insurance expert.

Do I need to do this? The markets for vacation and short-term rental properties can move quite quickly, with some properties selling hours after going on the market. Other times, the rental schedule prevents the property from being shown, and it sells before any realtor can acquire access to show it. You will need to rely largely on your Realtor's skill and market knowledge in this situation. Most of our clients complete the offer to close procedure for purchasing an investment property remotely. If access is possible, we conduct video walk-throughs and are brutally honest with our clients about whether a property will generate enough cash flow to support a sight-unseen offer.

A short-term rental is a home that is leased for a single night rather than for a full year or more.

Making investments in short-term rentals is rather simple. Decide the market you want to invest in after doing some research and giving it some thought. Verify that the neighborhood's laws are supportive of short-term rentals, select a real estate agent, and make the purchase after investigating the typical occupancy and gross annual income for houses in your price range.

While you can anticipate management rates of anywhere between 10% and 50% of your revenue, keep in mind that not all vacation rental managers have the same services—or charge for them in the same way. When shopping for vacation rental management, anticipate “you get what you pay for” to apply. If management rates seem surprisingly low, there’s a likelihood that the deficit is being made up for elsewhere, or the services are not comprehensive. Management rates may also vary by local market—the going rate for vacation rental management in Seattle might not be the same as it is in San Diego. The best way to know for sure how much a manager will charge? Ask them. At 31 Beaches, we’d be happy to give you a quote and a run-down of all the essentials our comprehensive management covers (with no obligation on your end).

We advise combining the ENEMY approach with short-term rental-specific data subscriptions (such as Airdna). Using the ENEMY approach, you may determine how well your listing would do by comparing it to other properties on the major booking platforms. This will give you an indication of their average nightly rates, occupancy levels, and cleaning costs.

You should conduct your due diligence to understand the laws and how they will impact your investment because short-term rental restrictions differ from city to city. Since they will be the most short-term rental friendly and are unlikely to enact any anti-short-term rental policies in the future, true vacation rental markets are wonderful investments in short-term rentals.

Short-term rentals are an excellent investment since they enable owners of single-family homes to maximize their revenue. They can bring in anywhere between 2 and 10 times as much revenue as an equivalent conventional long-term rental.

Unfortunately, there’s no definitive answer to the question “Which vacation rental manager has the lowest fees?” It’s like comparing apples and oranges: not all vacation rental managers provide the same services, or can deliver on tasks like marketing your home at the same level of success. While you’ll find that most vacation rental managers charge between 10% and 50% of your revenue, the level of management, your profits, and the type of additional fees vary. Sometimes, paying a slightly higher management fee can mean better outcomes than hiring a marketing-only manager or a nickel-and-diming discount service. So to find a reasonable management rate, it’s best to shop around and get a sense of what you need first before going with what at first glance seems to be the lowest fee.