December 2007 Archives

Just like any business, your vacation home rental requires its own set of books. Flying under the radar by not keeping records is not a viable option, so it is important to accurately track your transactions. There are dozens of accounting programs on the market to help owners manage their finances electronically. Here's how small-scale vacation rental owners can find the right tool, without wasting time with a program that is much too large for the job.

You would never use a formula to set your rates because it would remove the elements of judgment and flexibility. And you wouldn't want to just pick out one rental rate and apply it to every week. If you did that, you wouldn't be accounting for the supply and demand of rental options in your area. You can maximize your occupancy rate by strategically managing your rental rates. Here's how to identify how much you should be charging for your rental property.

Sometimes good help is hard to find. Sorting through potential housekeepers to find someone who is reliable and does a superior job may be a challenge. If your vacation rental is in a remote area, you might also be faced with a limited pool of potential help. Here's how to find a cleaning person who will exceed your expectations.

As you furnish your vacation rental, you might begin to feel overwhelmed. If you fail to stay focused, your property could easily turn into a mismatched hodgepodge of furniture that just doesn't look right together. The anxiety is understandable.

Are you thinking about purchasing a second home? Investing in a vacation rental property can be profitable and fun, but don't overlook the time, money, and risk that comes along with it. Perhaps you are considering a cottage on the Cape or a condo in the Green Mountains - no matter what the structure or location, your time spent making the right decision before you buy will pay off later. Here are some tips to help you choose the right rental property.