Luxury Vacation Rentals: New Millennial Revenue or Headache?

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March 05, 2018
According to TurnKey, Millennials are predicted to spend $1.4 trillion on travel each year by 2020. Due to this, many homeowners are making huge efforts to capitalize on the vacation rental market. Yes, opportunity is knocking at the door. Is it a trap or a trend? Maybe so, but each homeowner or investor has to look at the factors relevant to their property.

Important considerations:
  • Navigating the complexity of city/community ordinances and tax laws
  • Vacation rental website management 
  • Obtaining quality photos and attractive profiles
  • Managing guest inquiries and pricing structure
  • Property management
  • Emergency situation preparation
All of these combined can become very time consuming. In the end, it becomes a value judgement. Also, it’s important to understand that the reason why people use these sites. Their goal is to generate more income so they can spend time towards the things they truly love. For some, its family and others it’s the luxury of travel and everything in between. 
 
There are pluses and minuses of circumventing these vacation rentals, whether it is the legalities, the needs of guests and most importantly protecting your property from irrelevant out of pocket expenses. In addition, online websites open the door for strangers and scam artists to take advantage of those who are unaware of the pitfalls. 

I know you've done your research but if this is something you are considering, we can give you recommendations. Would it be helpful to put a 10-minute conversation on the calendar? You can do so here.

If you want us to do the work for you, we provide a detialed service where we set-up and manage the process for you. Tell me more about SRC Regal's local discount for the North San Diego Business Chamber. of Commerce
 
SRC Regal Properties: a full service Real Estate Company that specializes in Property Management for Single Family Homes, Multi-Family, Vacation Rentals and Home Owner Association's in major markets and surrounding cities. Built on the foundation of service. SRC Regal Property exemplifies the seven core principals of a customer service: Speed, Accuracy, Transparency, Accessibility, Empowerment, Friendliness and Efficiency. 
Contact:
Sydni Chattman
(916) 335-6457