How to Keep Your Vacation Home Rented – Even in Off-Peak Times
Byhttp://www.realestatejournal.com/secondhomes/20060919-maxey.html
There’s a reason why it’s called the off-season. Some vacation-home owners report so little rental interest during off-peak months, they don’t even try to rent out their properties. Others, however, find ways to keep the renters coming during high, low and in-between seasons.
In addition to more competition in the market, rising monthly payments due to adjustable-rate mortgages also are leading owners to try to rent out their second homes more. What follows are some steps vacation-home owners have taken to make the rental season last well beyond the peaks, increasing their income and lightening their mortgage loads.
Drop Your Price, But Not Too Far
Typically, owners should knock 30% off their peak rates for so-called shoulder-season rentals — those that fall between their high and low seasons — and as much as 50% off peak rates for low-season rentals, says Christine Hrib Karpinski, director of the owner community for HomeAway.com, based in Austin, Texas, an online marketplace of vacation rental properties. It may seem counterintuitive, but Ms. Karpinski, for one, advises owners not to lower their rates too far. That could lead potential renters to think that a home is somehow inferior to others, she says. Owners sometimes slash their prices early just to get a property booked, when they could have waited and commanded higher rates, says Brian Sharples, chief executive of HomeAway.com.
Package It
Package deals represent a way to attract interest without appearing too inexpensive, says Ms. Karpinski. When prospective guests inquire about summer bookings, offer to throw in a winter special, too — like half-price for a weekend stay, she suggests.
Go Long
Pinpointing and marketing to specific groups of renters who stay in the area during the off-season can help keep properties booked.
Welcome, Little Creatures
Owners should also consider dropping restrictions against children and pets during the off-season, and making their homes baby- and toddler-friendly, says Ms. Karpinski.
Be Amenable to Amenities
Improving your house with creative amenities that help visitors wile away the time in the quite off-season can make the difference between a cranky, bored guest and a satisfied one, experts say.
Extra Pairs Of Eyes — And Hands
Whether to manage a vacation property yourself or hire a management company is one of the biggest decisions an owner faces. Vacation-home owners live an average of 220 miles from their property, and 34% live more than 500 miles away, according to a survey by the National Association of Realtors. That can make maintaining a home and responding to emergencies difficult, if not impossible, especially in the off-season when travel can be dangerous in some areas.
