Maybe you recently stayed at a Vail VRBO and thought, “Why don’t I buy a Vail vacation rental?” Afterall, on average, 89% of Vail home buyers are renters first. If this is the case for you, you’re far from alone.
Data from the Land Title Guarantee Co. show that in the first half of 2018, 30 percent of second-home purchases in Eagle County came from out-of-state buyers. This comes as more and more luxury homeowners are using vacation property management companies to rent out their high-end home when it’s not in use, for both the additional revenue and the peace of mind that their second-most valuable asset is well taken care of.
If you’re just starting out your Vail VRBO journey, read through this guide, and you’ll learn:
One of the biggest things to remember about owning a vacation rental in an area like Vail is that your rental income is heavily dependent on seasonal activity. While the shoulder seasons of late spring and early fall may be slow, you can more than makeup for this lag in bookings during the peak periods of Christmas, New Year’s, President’s Day, and Spring Break - if you’re marketing your home correctly.
Let’s look at one home we manage in Beaver Creek. They joined InvitedHome in November 2017, and by February 2018, already had 71 nights booked, resulting in $82,000 in revenue. This is what can happen when everything lines up - a beautiful home, strong marketing, a desirable location, and responsive guest services.
Here are just a few:
When it comes to marketing your Vail vacation rental, there are plenty of options. However, many of these sites are charging increasingly higher guest fees, resulting in a backlash in the travel community. Many are shunning a few of these sites altogether, opting to support the #bookdirect movement in the world of vacation rentals. However, the jury is still out on the long-term consequences of this emerging issue.
Here are three great resources on the subject:
For a deep dive into vacation rental marketing, take a look at our 18 Ways to Increase Vacation Rental Bookings and Profits. For now, we’ll look at a few tips that are especially pertinent to the Vail vacation rental market.
In a market like Vail, one of the biggest decisions you’ll need to make is whether you’ll use a local or national vacation management company.
With a national company, you’ll often receive exceptional marketing services. These companies use their resources and broad reach to target and bring in guests in various ways. Some will also be able to offer superior guest services throughout a guest’s stay.
Local companies will provide extreme care and attention to you and your home, which may be missing from national companies. As an owner, you’ll be entwined in the community, and often will have better insight into the goings on of the neighborhood, especially when it comes to sentiments toward vacation rentals. However, local companies’ limited resources often result in less-than-stellar marketing and minimal guest services.
Here are a few more articles that discuss how to hire a vacation rental manager, the questions you should ask, owner and guest fee FAQs, and more.
Owning a VRBO in Vail, Colorado: It can be a reality. Whether you’d use it primarily as a quiet retreat for your family and friends or solely as an investment vehicle, InvitedHome can help you put together an asset management and financial plan, as well as provide the white glove care you and your home deserve. Check out our Vail vacation rental management services here.