When you have a fine home or cabin that you don’t use year-round, you may have concerns about how well the property is being maintained and the cost of leaving it unoccupied for part of the year. Your residence may even create maintenance headaches as you try to manage contractors from a distance or worry about the cost of a second home. Fortunately, there are a number of ways to you can benefit from your property even when you’re away from home. Here are several ways you can maintain your property while earning income at the same time and experiencing fewer hassles.
1. To earn money from your property, you can investigate holiday and vacation rental options. Unfortunately, with many of these listing services, you’re stuck maintaining the listings and chasing down details. You’ll also end up dealing with the prep work for your guests, often requiring that you retain a number of services including cleaning, landscaping and maintenance companies to get the property ready for the next guest, clean up after the last guest and ensure that it’s being properly maintained. You may also need to make repairs if your guests aren’t treating the property with respect, costing you more money than the rental income has provided.
2. To maintain your property while you’re away, you can prepare it for the time that you’ll be gone, but this can often be a time-consuming process. You’ll need to look at home monitoring to ensure you’re notified if the furnace goes out, install sensors to help monitor for water leaks or similar issues and set up timers to turn lamps and appliances on and off at different intervals to make the home seem occupied and protect against burglary. You may also need to hire someone to drive up and down your drive and take similar actions to help improve this appearance, or may need to improve your security monitoring of the property.
3. One of the best bets to get the best of both worlds is to use a property management company to take care of your property while you’re away. The property management company will take care of advertising for potential rental income, taking these bothersome tasks off your busy schedule. Instead of having to track down contractors and cleaning crews, you can relax and enjoy your time away without having to worry about the condition of your home while you’re gone. You’ll also receive rental income from the property, helping cover your property taxes and upkeep without having to micro-manage your property from a distance. Though you may receive slightly lower rental income because of management fees, you also avoid all the headaches involved.
Unfortunately, we need to advise a word of caution with some property management companies. Some companies will add in extra fees for many services that should be standard. They may also offer only a single level of service, which can either leave you paying for services you’d rather manage on your own or leaves your potential renters wanting more services than are provided. They may not offer solid protection of your property, leading to expensive repairs that could have been avoided. Make sure you take the time to discover what services are covered and which cost extra, ask for solid references and make sure the company has a good reputation in the community before signing a contract.
At Adobe Jackson Hole, we believe in providing exceptional service to both our property owners and our renters. We can completely customize the level of care your home needs to suit your lifestyle and offer a wide range of unexpected amenities to our renters. With our homeowner’s log in, we offer complete transparency in your income stream and bookings. With over a decade of experience in property management, we’re here for you. Please contact us today for more details.