According the the National Association of REALTORS latest Investment and Second Home Buyers Survey (March 30, 2009), 27% of second home buyers now plan to offer these homes for rental. In 2005 this figure was only 14%. That's good news for people who want to stay in vacation rentals for their next getaway. Or is it?
What's Good About More Second Homes in the Vacation Rental Market for Guests:
-more selection for the guest
-more supply usually means lower rents due to increased competition
What's Bad About More Second Homes in the Vacation Rental Market for Guests:
-lower rents mean less money for the home owner to invest in amenities, maintenance, and cleaning
-when rents do not cover ownership expenses, more vacation homes in foreclosure; will it be the one you rented?
-less experienced owners doing vacation rentals by owners may mean a poorly managed vacation rental experience
Like any travel accommodation choice it comes down to doing your homework. There are some tools for the traveler now that can make doing homework easier.
1. Find a trusted source of vacation rentals. How?
a. This can mean using the same management company or owner year after year, and asking them for referrals when you go somewhere new (many experienced owners travel themselves and are active in online groups so they may "know" more people than you realize."
b. Use a service that specializes in vacation rental homes and let them do the leg work for you. Specialists are popping up all over the place and with online connectivity, it's easy to find them. I personally like the business model of Beach Vacation Rental Scout because I met the owner through Twitter and she actually stayed in one of my rentals before publishing her profile on BETTER Vacation Rentals and actually stays in the rentals she recommends. The owner is a professional freelance hotel reviewer so she knows her stuff.
c. Vacation Rental Managers Association "VRMA" - members of this association represent just a fraction of professional vacation rental managers so you will typically find that they are specialists and committed professionals. Get ready for their launch of Discover Vacation Homes shortly which will make it easy for guests to search for professionally managed rentals.
2. Read Real Guest Reviews. There are a plethora of web sites out there where anyone can list a vacation home for rent. Not all homes, owners, or managers are created equal, though most are honest and have good intentions. See what other guests have to say. My favorite site for these reviews is also my first stop for any travel choice I make: TripAdvisor. Through a recent partnership with FlipKey, TA has brought vacation rental reviews to the masses and they are working with both property managers and individual homeowners. Hint: search first for the location in TripAdvisor, then on the tab "Vacation Rentals." FlipKey verifies that the guests actually stayed...so no fake reviews. If you cannot find the home you are looking at on TA you will probably be able to find reviews on the owner or managers' listing sites as well as all of the major portals for rent by owners. Personally, I'd ask the owner or manager why they aren't on Trip Advisor - it shows a dedication and a no fear approach to guest reviews. For a sample look at my Oceanside CA beach condo reviews.
More vacation rentals - good or bad for consumers? Generally good. Just do your homework.
Vacation Rental Property can definitely help you in enjoying the leisure time but you have to manage many things for this. The rental for the vacation property should be considered first. It should even be according to the location.
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