Jonathan's Personal Rental Story
By Jonathan McIntyre
Published: 08/01/11 Topics: Comments: 0
My name is Jon and I’m a long-time staff member at a Vacation Rental Management company. You might expect that I am a firm-believer in the short-term Vacation Rental Industry and that I am.
In my work I get to visit many cabins, condos, homes and villas helping with photography, website design, property preparation and working with Owners. I know how the entire process works and why it is such a good deal for second home owners.
Lost My Mind
You might also think that, if I had some rental property, I would automatically choose vacation rentals as the way to go. That’s right except my investment townhome just happens to be in an area that is not popular for visitors. It is a beautiful home, nicely furnished and well designed. (My lovely wife is an architect so we think we know a little about how to make a home amazing.)
Several years ago we bought a new bigger home about which we were especially enthused. It seemed best to put our townhome into long-term rental. We knew the tenant some what, he had a good job and good income.
None-the-less, we did require an application, credit and background check. They came back sterling and we willingly turned over our place to this great tenant. Things went well . . . for awhile.
By the fourth month the Tenant quit paying the rent, but we gave him time to catch up. He never did and started complaining so we did some extra work on the place. (It was practically brand new). But the rents never started again.
Can Not Get Rid of Them
We begged. We pleaded. We insisted. But still no rent. Finally we had to file legal suit to evict the tenant. That took many months and lots of money.
When he finally moved out - you would not have believed the mess. It cost additional time and money to haul out their garbage (and I do mean garbage). We had to paint all the walls and replace all the carpet; after just a few months of occupancy.
Of course, we would like to pursue the tenant to get money for the lost rent, lost vacancy, legal costs and property repairs. But he doesn’t have a dime and we can’t find him anyway. Vanished in the night.
The Only Conclusion
So the moral to this story is clear - If your property is in an area where short-term vacation rentals are in demand, if you want to save money, frustration and your sanity, never ever consider renting your home long term. Let me repeat – never ever, ever never.
With long-term tenants are you are betting you will get a good tenant. Betting they’ll pay their rent. Betting they’ll take care of the place. But that is a bet I will never take again.
Vacation Rentals are Beautiful
The great part of Vacation Rentals is that Guests are not Tenants. They pay in advance. They don’t stay long and can’t make a big mess. They get rigid rules and can be evicted immediately. Professional managers inspect the home frequently and professional cleaners keep it spic and span.
Oh, and the best part, owners make more money with no work, less wear and tear and can use the home whenever they like. You can have your cake and eat it too. So - please take my advice.
Author: Jonathan McIntyre – Marketing Director, Sunspot Vacation Rentals
Blog #: 0190 – 08/01/11