| Thanks to the Internet, offering your
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| | unique considerations involved with
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| second home as a vacation rental has
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| | vacation rentals.
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| never been easier or, potentially, more
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| | Being able to accept credit cards for
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| profitable. In the past, you really had
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| | booking and damage deposits simplifies
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| only two choices. You could either list
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| | things enormously. You don't have to
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| your second home with a property
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| | worry about checks clearing (or
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| management company and trust it to get
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| | bouncing). Or being delayed in the mail.
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| you bookings for the season, or you could
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| | You don't have to write out and mail
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| place ads in newspapers and handle
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| | refund checks for damage deposits. You
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| bookings, security deposits, rental
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| | can handle all financial transactions
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| checks, and all the other details
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| | associated with your rental online or
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| yourself.
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| | over the phone.
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| Unfortunately, there are at least two
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| | Step Three is to build an on-site team of
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| disadvantages to listing with a property
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| | maintenance and service people. When you
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| manager. First, a property manager's goal
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| | have a plumbing or electrical problem in
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| is to rent as much if his or her
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| | your main home, you know who to call.
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| inventory as possible. None of them has
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| | Your second home/vacation rental may be
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| any interest in renting your particular
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| | located a thousand miles away, but the
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| property. Second, while property managers
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| | process is the same. Your guest phones
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| can free you from all booking and
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| | you with a problem. So you call the
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| maintenance chores, their fees can range
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| | appropriate local service person to take
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| from 15% to a whopping 50% of your rental
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| | care of it. The same with cleaning and
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| income.
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| | other services. You do not have to be
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| As for the traditional do-it-yourself
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| | on-site. You just have to previously
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| approach, newspaper ads are expensive,
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| | established relationships with good
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| and placing ads on free services like
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| | people. Alternatively, as you're setting
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| Craigslist requires constant reposting
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| | things up, you may find that a property
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| since they disappear after a week or so.
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| | management company or rental agency will
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| So what do you do? You own a second home.
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| | agree to sell you cleaning and repair
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| Since it isn't your main nest, you aren't
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| | services a la carte.
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| reluctant to offer it as a vacation
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| | Actually, this brings up an interesting
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| rental. How can you maximize the income
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| | point. The savvy property management
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| it throws off while minimizing management
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| | companies realize that the Internet has
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| and maintenance hassles?
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| | altered the balance of power. Rental
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| Step One is to list your property with
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| | agencies are no longer a property owner's
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| HomeAway.com, owner of the four leading
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| | only choice. So a growing number are
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| vacation home rental sites. The cost is
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| | willing to negotiate. For example, you
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| $300 a year, and it gets you on
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| | might list with a property manager but
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| CyberRentals, GreatRentals, A1Vacations,
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| | arrange a deal under which you pay full
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| and HomeAway's own site. For an
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| | commission on bookings they bring in but
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| additional $180, you can also list on
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| | pay no commission on bookings your own
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| HomeAway's VRBO.com, the biggest such
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| | marketing efforts generate.
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| site on the Internet. We also recommend
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| | Here's the bottom line: If you're not
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| ($150), for a total annual cost of $630.
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| | renting out your second home when you and
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| Think of these systems as your starter
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| | your family are not using it, you are
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| set. And avoid the temptation to waste
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| | passing up thousands of dollars a year in
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| time listing with the free sites that are
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| | extra income, not to mention applicable
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| sure to solicit you.
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| | tax deductions. And, thanks to the
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| Step Two is to get set up to accept major
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| | Internet, you no longer have to pay
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| credit cards. Costco, Sam's Club, and
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| | ruinous commissions to property
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| trade associations and business groups
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| | management companies. You can do it all
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| offer credit card "merchant accounts" as
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| | yourself and keep all the money. (This is
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| membership benefits. But we recommend
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| | a lot easier than you might think.) Or
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| going to and clicking on "Vacation
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| | you can do some things yourself and pay
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| Rental Credit Card Merchant Account."
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| | for other services. There is definitely a
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| Like Rentors.org itself, this program was
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| | continuum of possibilities when it comes
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| created by the leading vacation rental
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| | to making your second home or vacation
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| listing sites now owned by The financial
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| | property work for you!
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| institutions involved are aware of the
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