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How to Rent Your Second Home

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



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