If you invest money in a property, your goal is to make the most on your returns. The worst thing you can do is let your home sit empty when there are options to make money from it. You can either rent it out to long-term tenants or put it out as a vacation rental.
Well, while these two options exist, they are not easy to come by. It requires deep analysis to determine which selection will provide you with the most returns.
Jennette Properties understands this struggle, but don’t worry; we’ll help you eliminate the ideal choice and take the initiative to manage your rental residence!
Difference Between Annual & Vacation Rental
First things first, you have to understand what vacation and annual rental mean. The definition varies from state to state when it comes to annual or long-term rentals. We will, however, make it simpler for you.
Annual rentals have been the most common way to invest in real estate. It refers to leasing out your property, which may be a simple room or an entire home, for a month or longer. In some areas, one-year lease terms are common.
Whether the occupant stays in the space for a year, they will pay you a fixed amount for each month. This brings us to the best thing about annual rentals – You are assured of a steady income. Each year, you know that you will collect something, no matter how small it will be. The tenants are responsible for paying their utility bills, so what you get from them is entirely yours. Also, this kind of investment is easy to manage even when you hire a property manager.
On the other hand, a vacation rental is renting out your property for a short time. Typically, you can rent it out daily, weekly, or monthly. Most of these short-term rentals are hired by travelers who are on vacation.
These spaces are fully furnished, so they will contain things like kitchen utensils, washing machine, linens, and more. It is an attractive option for people who want residential conveniences.
Short-term vacation rentals have a high potential to bring you high profits. This business goes with seasons, so there are times when the price skyrockets, so you make the most out of it.
It also gives you the freedom to select whether you want to rent it out or stay for your own vacation. Leasing out homes for a shorter time also ensures less wear and tear, unlike when people stay for a year plus.
How Can Jennette Properties Assist You?
If You Own an Annual Rental
1. Meet with Owner & Sign Management Agreements
If you have an annual property in Sarasota or Manatee counties, we will help you manage it. Our first step is to meet with you, take a look at your property and understand more about your requirements. Once we reach a consensus, we sanction the management agreement to formalize things and ensure the process runs smoothly.
2. Photograph the Property
In real estate, the photo quality determines how well your property gets clients. An annual rental property with good photos will lease faster and even demand a higher price. So, we get original, high-quality photographs that attract customers from far and wide.
3. List the Property on the MLS & Advertise/ Market
Your home needs to be known, and a quick way to do this is by making it available on the MLS. In addition, Jennette Properties will advertise it for you. We know how to present your rental in the best light on the market.
4. Screen Potential Clients
We must ensure that we verify clients wanting to occupy your premises. We thoroughly check them and even look at their past rental history.
5. Sign Lease Agreement and Collect Funds
Once a tenent is accepted to live at your rental property, they are required to sign a lease agreement outlining all the terms of the stay. Then we collect the required amount from them beforehand.
6. Move-in Inspection and Move-in
Checking the property when the tenant is moving in helps protect you from any damages the tenant may cause. We have a thorough checklist to ensure everything is intact before the client settles in.
7. Collection of Monthly Rent
Jennette Properties will make sure that all rent is collected without fail and availed to the owner within the required timeline.
8. Lease Renewal or Move Out Inspection
Whether the client wants to renew the lease or move out, we need to scrutinize the place first. This helps check the condition of the rental prior to taking the next step.
9. Releasing Fund
If the client is moving out and we verify everything is in place, we will release the deposit money initially paid. In case things are not as expected, we present the deductions to be made, which are taken from the security deposit.
If You Own a Vacation/Seasonal Rental
1. Meet with Owner & Sign Management Agreements
Handling a vacation rental is a lot of work. Jennette Properties, however, makes it easy for you. In order to begin, we meet with you to discuss the property and learn what your goals are for it, then we sign an agreement to start overseeing its operation.
2. Photographer to Photograph the Property
People searching for a place to stay during vacation are always online, scrolling through the available photos. Our professional photographer will take appealing pictures for your seasonal rental.
3. List the Property on the MLS & Advertise/ Market
With high-quality photos, your space speaks for itself. However, this is not enough; we will market it through MLS and advertise it to the target audience.
4. Handle All Reservation Requests
We will introduce potential clients to your space by explaining its location, the amenities it offers, what they should expect, and more.
5. Execute Reservation Agreements with Guests
If the client decides they want to stay at the rental, they are taken through the agreements. We also ensure that we enact this agreement with them.
6. Collect All Funds in Advance
After signing the required documents, the next step is getting the funds for the number of days the client will be staying.
7. Move-in Inspection & Move-in
We will ascertain whether everything that the customer requires during their stay is available. We also check the state of things before they settle into the property.
8. Move-Out Inspection & Move out
Once the period of stay elapses, we will check your vacation space to ensure everything is as it was – then allow the customer to leave.
9. Releasing Funds
We deliver all the rental funds to you on time.
Wrapping Up
There are a lot of benefits to enjoy, whether you opt to rent your property annually or set it up for vacation renters. You should also check each option’s downsides to help you make your decision. Either way, you will need a property manager to supervise your place, check everything so that it runs smoothly, and most importantly, get you clients.
Get in touch with us today for your annual or vacation rental management needs.
