Having Trouble Selling? Why not Rent?

By: Michael Peterson

Sometimes, especially recently; the real estate market has seen a bit of a slump and some home owners who were set on selling their properties are having difficulty finding buyers. One thing that may not have occurred to them is to market their properties as vacation rentals and keep the equity! The vacation rental market is a multi-million dollar industry that has opened up new options for both owners and vacationers. The ideal of a cheaper alternative to the high priced resorts and hotels with the ability to cook and save money is a highly desirable concept. Although action on such properties can be highly seasonal depending on the location of the home, they can easily bring in enough to cover the operating and mortgage costs if marketed properly.

Right from the beginning this kind of option is really mostly going to be available to those who own homes in destination areas such as Florida, Arizona, California and areas where there are a high number of tourists and attractions.

This is not to say that it cannot be done in other areas, simply that popular areas will have a higher probability of being booked more often. The trick with vacation rentals is to find the correct market and find out how to get the word out about your property. There are several ways to go about this task but likely the most successful will be establishing a web presence and making sure that your site shows up in searches for accommodations in the area. Traditional media can bring good exposure but advertising in newspapers and magazines is usually expensive and directed at a select market. Niche marketing does work to an extent but if you are looking to be booked constantly then you should take a wider approach to advertising. The internet really is the best marketing tool that you have at your disposal. Probably the most important aspect of your advertising online should be the pictures of the property. Make sure to have as many photos as possible, this way people will know what they are getting ahead of time and there will be no unpleasant surprises when guests arrive.

Renting for vacationers can be a nicely rewarding enterprise. If you are located a good distance from the property you want to engage the services of a property management company. They will be better situated to see to the day to day maintenance of the property. If you are unable to attend yourself then these companies can be of great help in assuring that tenants needs are dealt with and that the property is respected in the proper way. Like any other investment, vacation rentals can be very profitable, if planned and carried out in the proper manner.

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