Thinking about renting your home as a vacation rental? If you haven’t yet, perhaps you should. Take advantage of living in Coronado and lease your home to summer visitors and make some extra cash, all while escaping the summer traffic. This year has already shown to be a busy season for vacation rentals. The demand usually outpaces inventory since it’s going to be a hot Summer in Arizona and a profitable Summer in Coronado.
Q: What type of individuals are seeking vacation homes?
A: In the Summer we mostly see families from Arizona and Nevada, while during the Winter months we receive interest from retired couples from Canada and Minnesota wanting to escape the cold.
Q: What are people looking for in a vacation rental home?
A: A home in Coronado! While we have people seeking homes of all kind, our highest demand for vacation rentals in the off season (Winter months) are one and two bedroom homes and condos. In the summer months the most request are for three to four bedroom homes. The most desired locations are from 8th Street to the beach and from A Avenue to Alameda, but most families are happy to be in Coronado at all and are interested in most areas.
As for the property itself, renters want clean, clutter free homes and especially appreciate beachy decorations. Having a yard, view, pool or AC are all positives!
Q: What do I need to do in order to prepare my home to be rented?
A: You should have your home deep cleaned to a professional level, this includes light fixtures, screens and baseboards. You should also clear out all refrigerators and closets so that the tenants can ‘move in’ and live comfortably for the their lease term. If you have any ongoing issues, like a slow drain or plumbing leak be sure you have a technician check them out prior the tenants stay.
Q: What are some of the responsibilities that come along with vacation rentals?
A: It all starts with promoting your property with effective marketing and following up on each lead, you will speak to many before finding the right tenants. Preparing your home for lease, greeting guest on arrival, ensuring they have a great stay and performing walkthroughs both before and after their stay are a few of the responsibilities. You need to be available 24/7 to handle emergency request and issues and be able handle them in a timely fashion. You should not plan to be traveling while your home is leased UNLESS you have your home managed by a property manager. If you choose to have your home managed professionally, most everything can be handled for you. Also, please remember that rentals by residents must be for 26+ days at a time.
Q: What type of maintenance issues can be expected with short term rentals?
A: Slow drains, often a problem will occur with the hot water heater and typically we have at least one refrigerator go out each summer. Last year fleas were a issue in Coronado, we had multiple properties that needed treating. Sometimes we receive calls around midnight from tenants because they have locked themselves out of the house! For many families this is their one vacation for the year and they expect prompt replies and top service.
Q: What about problems with tenants, leaving the home in poor condition, items broken, etc?
A: We have not experienced much damage or problems with tenants, we interview each tenant prior to signing the lease and collect a security, cleaning and damage deposit. In the few cases where items have been broken, the tenants have replaced the items with equivalent pieces or it can be taken out of the deposit. Items that cannot be replaced or are of sentimental value should be removed prior to renting, in the case that something unfortunate would happen.
Q: Sounds like a lot of work. Who takes care of all this?
A: That depends, if you a professional property manager, then you can be involved as much or as little as you would like. Some owners want to be involved in almost every decision and repair during the lease of their property while others just want to receive a check and not hear another thing about it. We cater our management services to your comfort level and can keep you in the loop as much as you prefer.
Some owners, who are have the time and ability, manage the property themselves and will be the lucky person receiving the many phone calls and emails. If you are thinking of managing your property yourself make sure there is not a good distance separating you and your vacation rental and that you have adequate time and ability to manage the rental. Questions, request and repair calls will happen and you need to be able to receive and respond to these request quickly. The marketing alone of a property is very timely and you will not be able to get the home leased if call and emails are not responded to quickly and efficiently.
Q: What are the benefits of having a professional property management company manage my vacation rental?
A: Choosing to have a licensed professional manage your property is the answer for those who are concerned they may not have the time or ability to advertise correctly, answer all inquires, be aware of and follow real estate laws and manage the home proficiently. A report from HomeAway found that “vacation rental owners spend an average of 8.6 hours per week marketing and managing their vacation rental properties.” Ask yourself, as realistically as possible, how much time you have available to be involved with both the business and day to day responsibilities of managing your home. Vacation rental tenants are expecting the home to be in perfect working condition during the entirety of their stay and require quick responses to any request or repairs, you need to make sure you are available to answer and remedy these request at all times. Understand the risk these tenants are taking renting from an individual, there is a certain level of safety people get from renting from a hotel, they know the level of service to expect. Many of these individuals are leasing a home that they have not seen in person and from an individual they have not met. Due to these concerns many people choose to only rent form a management company so they can depend on a certain level of service and response. Due to our inventory of vacation rentals we commonly do not have the need to advertise each home on vacation websites, such as VRBO, saving you money upfront. We have a long term relationship with our vendors and receive prompt reply to our repair request.
Park Life is a full service property management company with over 25 years of experience managing both long and short term rentals. Our staff is on call 24 hours a day, 7 days a week and is ready to respond to calls for repairs or other issues. We respond promptly to the hundreds of phone calls and emails from potential renters looking to make their vacation plans. Our goal is not only to rent your home but to match your home to the right renter. Finding the right renter can often result in continuing renting each year. With our top level of service, competitive rates and customized management options we can take the hassle out of renting your home, leaving you to enjoy your summer (and the extra income).
If you have any other questions regarding leasing your home as a vacation rental or as a long term rental, send us an email or give us a call. We are happy to help.
– Tim Monahan and Jessica Blagg
To view our current vacation rentals visit: http://www.coronadovacationrentals.net/
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