RENTING YOUR STEAMBOAT SPRINGS HOME
Renting your home in a ski town can be rough. Being landlord and long time Steamboat resident, provided me a great knowledge about Steamboat Springs rental market.
In Steamboat, the luxury vacation rental market is very hot. Steamboat was at full capacity a few times through the summer. We have seen some of the highest numbers we’ve ever had in terms of vacation rentals. Not only does the rental market increase the value for real estate, it’s also a feeder market for buyers who want to test out specific locations or property types before buying.
This is all good news, but with the increased demand comes increased risk. There are lots of responsibilities that come with renting your home. Because of that, owners should protect themselves and their property. If you are considering posting your home online for rent, there are several things you should know.
1) Make sure your tenants are well vetted
There is more liability in renting your property than people realize, and a lot of online vacation rental services like Airbnb and VRBO don’t protect owners as well as you might think. A recent article in Vanity Fair exposes the ugly side of using an online vacation rental site.
Most online sites require only verified email account and phone number while vetting potential tenants. In the order to protect yourself, you should consider completing background checks on potential tenants. It’s also important to have a personal contact if something does go wrong. Companies like Airbnb have grown so big that just getting someone on the phone can be a challenge. I’ll be happy to provide you information about services that Steamboat Sotheby’s International Realty rental division can provide to you.
2) Know the market when you decide how much to charge for rent.
The Steamboat rental market is so fluid that there are no “comps” to determine how much to charge for rent in terms of basic square footage or number of bedrooms.
Factors like location, finishes, amenities and property type come into play.Right now, the rental market is awesome for property owners. You can’t just look in the paper to figure out how much to charge in rent.There’s so much more to it than that.
3) Make sure your lease is well-written.
A well-written lease is one of the most important ways for a homeowner to be protected against liability, yet many people will download a basic lease off the Internet. There are a lot of random laws specific to Colorado, like marijuana being legalized.Property owners probably don’t want tenants growing six pot plants on their property, even though it is not illegal to do so. Owners should also consider other local and state laws. Because of that, you should have a lease that is at least reviewed by a lawyer.
4) Compile a list of service providers (electricians, plumbers, etc.)
you can trust.
A lot of homeowners who live far away don’t realize how important it is to have a list of vendors and contractors they can rely on. I’m have been a landlord myself for over a decade. Because of that, I have cultivated a list of vetted vendors and contractors I really trust. Having those connections, especially in a resort town where contractors are often hard to get a hold of is key.
5) Hire a local property manager
Luxury properties aren’t immune to the occasional water leak, power outage or other issues that need to be dealt with in person. Therefore, when it comes to taking care of your property and your tenants, it’s ideal to have someone to take the calls and meet the clients’ demands with a level of professional and personal service that can’t be found on the Internet, or trying to manage a property from afar. That is where the personal service comes in. I’ll be happy to help you find the perfect property management company, that will take care of your property and your tenants.
Please feel free to give me a call, and learn more about how to rent your Steamboat Property,970.846.1574.