Property manager in Park County, Colorado for STR?

Question

I live in Denver, and am considering going the AirBNB/vacation rental route for my next property. I recently visited Joshua Tree, CA and saw how well branded, beautifully decorated, and incredibly remote most of the properties are out there. There are plenty of remote properties available in the mountains of Colorado, but there are very few budget friendly homes that have any sort of branding, social media presence, or nice looking decor. It seems like it's either rustic cabin, or massive luxury home, with very little in between. I love the idea of filling that niche, but I'm not finding much in the way of vacation rental property management companies in the Park County (Como, Jefferson, even Hartsell) area. Driving two hours to clean and turn over the property every time a guest leaves is a deal-breaker for me, so if any of you have any recommendations either a management company, or a cleaning company to make this doable, I'm all ears.

Also, if any of you have property in the area, and would be willing to share any tidbits you have learned along the way, I'd love to chat. If I am missing something, or making a gigantic mistake, please let me know.

Thanks!

Also, if any of you have property in the area, and would be willing to share any tidbits you have learned along the way, I'd love to chat. If I am missing something, or making a gigantic mistake, please let me know.

Thanks!

Nick Albrecht · Answer

My parents actually bought a vacation home in Placer Valley, between Fairplay and Breckenridge, years ago. As the family started using it less my siblings and I convinced them to look into listing it as a short term rental. They have been renting is for about a year now and I believe it is starting to do pretty well.

They have a local management company out of Fairplay called Second Home Second Chance (http://secondhomesecondchance.com/) that pretty much handles everything for them. I should note that my parents really only rent it to defray the costs of ownership and maintenance and not as a real money maker but hope this helps.

Kellie Alkayam · Answer

You're probably right about that. I have been on the hunt for the last few weeks for another long term rental in the Jeffco area (my comfort zone), and further outside of the metro area, but haven't found much yet. I have always steered clear of the short-term-rental market because I like how hands-off my long term rentals are. At this point, it's between investing out of state, or finding something that will do well within the state, but outside of Denver. It's a tricky market, but I am also likely not searching for deals in the right places.

Benjamin Petering · Answer

@Kellie Alkayam Hey, I’m curious if you had any luck finding management in Park County? I tried Second Home Second Chance and they were horrible. Just wondered if you figured something out for cleaning and that sort of thing?

John Bueling · Answer

So--how did it turn out, Kellie?  I'm looking at Breckenridge real estate right now, and going through this thread, getting a bit of insight into the nuances.

Kellie Alkayam · Answer

That is incredibly helpful, thank you! I will give them a ring.

Nathan Gesner · Answer

You should seriously crunch the numbers hard before making the leap. Too many people fail to account for all their expenses. For example, you'll have to furnish the home. Keep the utilities on. Provide snow removal and landscaping. Your gas to travel back-and-forth. Your husband's time. State/County/City taxes on vacation rentals. Marketing, booking, and accounting.

In most cases, a vacation rental produces less income than a long-term rental. There are certain parts of the country that are an exception but if you truly account for every expense - including your personal time - you may find it's not making you near as much money and the wear on you is significantly more.

Then again, some people see it as a hobby and don't mind that they aren't making a good return.

Kellie Alkayam · Answer

You are absolutely right. I am going to start hunting for contractors, snow removal and cleaning, and go from there. I didn't find a single property manager, but my husband's day job is far more flexible than mine is, so he'll probably wind up doing most of the back and forth. 99.9% sure we're just going to go for it.

Bill S. · Answer

@Kellie Alkayam what you are finding is probably the reason you are not seeing anyone filling that hole in the market. I would say you should start building relationships and put together a team to do the work. There is quite a bit of space between a true short term property manager (someone who does everything and sends you the check each month) and someone who cleans and makes sure everything is stocked so you don't have to drive 2 hours to do it. My guess is that by meeting a few folks in the community you can find someone dependable to do the cleaning and take care of details like that. I seriously doubt there is someone in those communities that does it all so you are completely hands off and sends you the check each month.

Matt M. · Answer

Look for resort towns with strong winter AND summer activities. Make sure to factor management fees into your decision. It can be 35%+ of your income. Several of my clients have STRs in Summit County.

Property manager in Park County, Colorado for STR?

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