Vacation Properties

[Zachary Smith]

Are there any investors out there who would like to share insight on how they got their Vacation Property portfolio rolling. I am looking for big picture thought process, recommendations on books, blogs etc, so that when I'm at that point in my business I will be educated.

Go!

[Maura Paler]

Hi Zachary, 

Here are some resources I find helpful for vacation rental advice: 

Book: How to Rent Vacation Properties by Owner by Christine Karpinski 

Blog: Matt Landau's Vacation Rental Blog (he's funny too) http://www.vacationrentalmarketingblog.com/help-do...

Forum: HomeAway.com owner forums have lots of great advice

Sounds as though you are interested in multiple properties. Here is some advice from my own experience: 

- get them close to each other so you can share resources (housekeepers, repair guys, lawn care). If you need to use a property mgr/rental agent, I'd suggest finding a reliable one first and then choosing your area to invest. There is a LOT of detail that goes into weekly rentals, if you are not doing it yourself you need very reliable help. Not easy to find. 

- get them in an area that you can visit regularly, stay in each one yourself every now and again.

- vacation renters expect an immaculate home, new construction or good renovations are necessary. Trying to make $ first and renovate next will build bad reviews which is a killer

- if you are relying on seasonal rentals be sure the numbers make sense, and what is your plan for the off season? Keep in mind you will be paying for all furnishings, utilities, maintenance and yard work year round.

- I own VR properties and also manage the reservations for other peoples VR properties, and can tell you responding to inquiries can be a full time, 7 day a week job. Be available or hire someone who will be dedicated to your properties reservations.

- peruse listings on Flipkey, HomeAway, VRBO, Vacationrentals and Airbnb in the areas you are considering. Pick a couple listings that look similar to what you are thinking of doing, follow their calendars throughout the year and see how booked they get. Read Reviews!

- make sure weekly rentals are legal in the area you are considering - many towns are banning them or putting on a 30 day minimum. 

- get specific vacation rental insurance, otherwise a claim could be denied - try CBIZ 

- we have seasonal lake and mountain rentals (summer is peak). We get fully booked spring through fall which is all we need to make us happy. The icing on the cake is that many winter weekends get booked by lowering rates, having great photos, houses have great views and nice interiors so the "in the house" experience is nice. Good reviews are key to off season rentals also. 

You can see ours here, they are different price points which also helps...if a guest says one is over their budget, we refer them to another: 

Piseco Lake Cabin

http://www.homeaway.com/vacation-rental/p3165887

Lake Algonquin