Investment HomesReal Estate
Summit County and Eagle County: Ways to Increase Income from Your Investment Property
Tips for maximizing income from your investment home.
The real estate markets in ski towns such as Summit County and Eagle County the market continues to grow. If you currently own a second home or an investment property, or maybe looking at taking a leap into the market there are a lot of things to consider. Remember is critical to have a home inspection to protect yourself from liability issues. Here we talk about a few items to help you make the most of your investment property.
Advantages for vacationers
Over the past decade websites such as Airbnb have been a fantastic resource for travelers to visit the area and have a much better experience of Summit and Eagle Counties, compared to a hotel.
Here are a few reasons tourist love private homes:
- Rental Cost: Rentals are often much cheaper than a comparable hotel room.
- Living Locally: Rentals allow guests to stay in a neighborhood and live the locals do.
- Privacy: Rentals are often in neighborhoods and not by hotel hustle and bustle.
- Peace and Quiet: Rentals are usually more secluded and eliminates hotel noise.
- See Your Place in Advance: Rentals offer detailed photos and descriptions of the actual premises not a generic room.
- Diversity of Lodging: Rentals offer a diversity of available accommodations.
- The Comforts of Home: Rentals offer, living space, comfortable kitchens and baths, along with home amenities.
- Along with many more reasons…
The great resort communities that include Silverthorne, Breckenridge, Frisco and Vail and more, offer many types of Airbnb vacation and residential units. And there is definitely no shortage of activities. Although each type of property (house, condo, etc.) offers different advantages for a homeowner. Regardless of where the property is, the next big step is picking a property management company.
What Services Do you Need from a Property Management Company?
There are a number of property management companies in the area that offer a number of property management services for your rental property. Some companies may provide all-inclusive rental management and include any and all services you need to keep your property operating.
Often the homeowners are fully absent from the property. However, your expenses are often difficult to determine because these companies take a percentage of the rental. The fees may include listing, marketing, cleaning and more based on the contract.
In contrast, some homeowners take a more hands-on approach to how the property is rented. By listing your home on Airbnb, or similar websites, you will be in control of the rental fees and advertising expenses. For your services, you will often pay a simple flat fee based on those services needed. For example, you will only pay for cleaning services are utilized, and not by paying on a monthly fee.
From cleaning services to hot tub weekly maintenance, creating a checklist will help you determine your property management needs. If you can handle your own advertising, then you can potentially save on your monthly overhead and maximize your profit.
In many cases, homeowners will utilize a rental Property Management company. These companies commonly offer additional services homeowners’ need, including handyman repairs, painting, lawn care and more. If you will be renting out your property, contact several rental home property managers to see how they can help you maximize your rental income for your investment property.
Here are 7 More Tips for Improving Rental Income:
- Keep your home’s rental description and photos updated
- Focus on amenities that guests are willing to pay for extra amenities
- Change and adjust your rates for different seasons
- Automate everything you can
- Sell perks like late check-out and other upgrades
- Make your properties more efficient
- Connect with your guests
- Consider Pet-Friendly Policies (For a Price}
It can be a great experience to own a vacation rental you can occasionally use yourself. Homes is Summit and Eagle County stay busy as rentals, and help pay for the investment. But in many towns, it remains a competitive industry, and property owners can find themselves losing money without enough occupancy, particularly during slow seasons. You can help avoid the problems and expenses that come with second home ownership with s little diligence.