If you own a property you’re looking to rent out as a Jersey Shore Vacation Rental, you really have two options: you can rent it out yourself, or hire a local property management company to take care of the details for you.
Marketing your home, screening renters and maintaining a rental property is a full-time job in and of itself. In addition to the time involved in filling and maintaining the rental, operating a rental property brings with it numerous legal implications that you may not be aware of. Hiring a property management company can help alleviate much of the stress associated with maintaining your property as a vacation home.
Help Finding Quality Renters
This may not seem as difficult as it is, but finding quality renters to fill your vacation property isn't as easy as it may seem, and you won’t make any money from a rental property that remains empty too often. Not only will an experienced property management company be able to more effectively market your property, they’ll also be able to help you screen applicants to find quality renters. They know what to look for in finding tenants that will be respectful, pay on time and take care of the rental during their stay. They'll ensure the rental stays filled as often as possible.
A local professional should also have their finger on the pulse of the current rental market on the Jersey Shore. They’ll be able to help come up with a fair rental rate - one that isn’t too high, as to drive away potential renters, and not too low, as to prevent you from turning a profit. It’s a delicate balance warranting special consideration.
Maintaining the Property
The day-to-day maintenance of a property can be a full-time undertaking, especially for property owners that rent out of other properties, or have a full-time job. A professional will also have an eye for making a property more marketable, and will be able to advise on style and design upgrades geared towards making your rental property more attractive to potential renters.
A local property management company will also likely have great contacts in the community and be able to complete small repairs and renovations quickly and easily.
The Legal Implications
Renting out your home is fraught with legal implications that you may not know about. You need to be sure that all rental agreements have been vetted and the property is up to legal standard. This can be different from state to state, so enlisting an experienced local professional will make all the difference.
Plus, a rental property can more often than not qualify as a tax deduction. Ensure you get the full value and return on your investment! You need to make sure that you have submitted all the proper forms to take full advantage of any tax benefits related to renting out your home as a Jersey Shore vacation rental property.
Peace of Mind
Perhaps the greatest benefit to hiring someone to manage your property for you is the buffer it creates between you and the renter. It’s much easier to impartially manage a property that isn’t yours; it takes the pressure off of you to collect any rental payments that are due or seek damages if it comes to that.
Plus, it frees up your time. This is especially valuable if you work full-time or live out of state, or even out of the country. You can rest easy in the knowledge that your property will be well looked after while your attention is elsewhere.
If you have a Jersey Shore property you'd like to rent out as seasonal vacation property, we can help - see this page for details. If you have any further questions about how we can help you rent out your home, please feel free to contact Clayton and Clayton online or call 732-295-2222 to consult an experienced, local Jersey Shore real estate agent.
Posted by Shawn Clayton on
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