Are you interested in purchasing a vacation rental home on Lake Travis? Or, do you presently own a home and have considered turning it into a rental property? I specialize in waterfront property and I give my clients all the information they need to establish their own vacation rental business.
Vacation rental homes are a growing lodging option for travelers in North America and across the world. Representing a wonderful value for families, couples and groups, vacation rentals allow travelers to stay under one roof while providing considerably more space and, in many instances, amenities not found in one’s own home.
There are huge benefits to owning a vacation rental. You can not only reserve time for your family, but you can also make significant income off renting your home to others. There may be major tax benefits as well including be able to depreciate your home along with other tax write offs including maintenance and repairs, new furnishings, all operating expenses including cable TV, internet service, trash pickup, HOA dues, etc., and then you have the usual tax write offs of property taxes and interest expense. Of course, everyone's situation is different and you need to consult with your CPA to see what tax write offs you will qualify for.
Why use a management company?
When renting from a management company, guests enjoy additional benefits and services that are not typically offered by single homeowners, such as a 24-hour emergency contact, housekeeping, and partnerships with local vendors. If a vacation home is not managed, the individual homeowner is responsible for the property’s maintenance, upkeep, and the customer service offered to renters, often as an absentee owner from other states or even countries abroad. Management companies handle all of this for individual homeowners, ensuring consistency and quality in both customer service and the level of accommodations.
How do you select a rental management company?
Selecting the best vacation rental management company is a very important decision. Communication and responsiveness are key ingredients in any successful business partnership and certainly apply to a property management program.
What does a management company do for you?
Marketing
Extensive and consistent marketing is a key component to obtaining continued growth, high occupancy rates and rental revenue. The internet has become a critical marketing resource for reaching potential guests globally. My website (www.LakeTravisRental.net) generates 49% of my renters. It is the first website that comes up when a person Googles “Lake Travis rental.” If you hire my company, your home will be placed on my website. Through my website, guests can learn all about the Lake Travis area and view any of our rental properties. Each property in our rental program is displayed in full color with the description and its amenities. It will also include links to individual websites, virtual tours, etc. Search engine interfaces and sponsored links, cooperative website links, and statistical analysis are all part of our on-going campaign to utilize the latest techniques and technology to maximize rentals. I will also set up your individual listing on VRBO.com & Homeaway.com. You will choose from a list of domain names that I currently own and a website for your property will also be set up and linked to VRBO.com, Homeaway.com, LakeTravisRental.net & JWProperties.net.
Advice on Setting Up Your Home as a Rental I will evaluate your home and make suggestions as to what would improve your home’s rental appeal and what supplies and amenities you will need to furnish.
Reservations I will handle all reservations, which will include screening prospective tenants. I will establish and maintain an organized system of collecting rental payments and security deposits.
Competitive Pricing It is my objective to identify the optimum pricing structure for each home that will maximize its rental income potential. Continuous monitoring of market conditions helps me determine optimal rate levels and identify opportunities to increase rates. Recommendations for rates are made for each property in our program after reviewing the rates of similar homes in comparable locations, both within and outside our rental program.
Housekeeping Services
Housekeeping is the single greatest obstacle faced by all vacation rentals. Careful supervision and management will assure that each vacation rental is thoroughly cleaned to high standards and prepared for guests’ arrivals.
Upkeep and Maintenance
I will recommend, schedule & supervise all repair and maintenance work. We will conduct inspections of the property on a periodic basis and make recommendations for such things as replenishing kitchen inventory, replacing carpet and furniture, painting or adding guest-requested furnishings, supplies or amenities.
Regulation of Tenants
I will assure that tenants comply with rental policies and procedures.
Guest Comment Cards/Thank You Letter A guest comment card is left in each property before every arrival. I have a tracking system in place so that I can compile and review all of the guest comment information. The cards are then filed by property and available for homeowner review. Guest comment cards continue to be an important resource for improving your property and our services. I also send a thank you letter to every renter within 2 weeks after they check-out.
Technical details & Liabilities
I will assist you in attaining information on liability, fire, theft and other insurance for rental properties.
24 Hour Emergency Contact 24-Hour customer service will be available to the tenants. If there is a problem with electricity, water, etc., the client will contact us, not you.
Communication
I offer hands-on supervision and control and will communicate with you often.
Management Fees Since I get paid only if your house is rented, I am highly motivated to maximize the rental potential of every property. The base management fee covers the cost of rental program management, marketing, accounting, reservation processing, supervision & scheduling of maintenance and housekeeping, check-in & check-out process and security deposit disposition.
Monthly Statements We provide detailed and accurate monthly statements. The statements include rental activity and income and itemized expenses. Statements and checks are mailed out by the fifteenth of each month. Payments can also be directly deposited in your bank account.
Quarterly Occupancy Tax Returns We collect the occupancy tax from all renters and prepare the quarterly tax returns for theTexas Comptroller. We will also prepare any city occupancy tax returns.
Your tenants are your/my guests and I strive to treat them as such. The success of our mutual business depends on a high level of customer satisfaction which translates to repeat/referral business and maximum rental income. Our guests are on vacation and they expect an enjoyable and trouble-free experience beginning with the first contact with our company.
If you are interested in establishing a Lake Rental Vacation Home or you have one and are currently using another property management company and aren't happy with the way your property is being managed, please give me a call, I would love to help you. I provide personal attention to both the owners and their guests!
Do you have a question about renting a Lake Vacation Home, buying a home or selling yours, or would like more information on Vacation Home Management? Please feel free to e-mail or call using any of the information below. You will get a response as quickly as possible.
The information herein has been obtained from sources believed to be reliable. However, no investigation has been made to determine the accuracy of such information. No person or entity should rely on the accuracy of this material without conducting a thorough, independent investigation of same. JW Properties has no liability expressed or implied relating to this information.
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