According to industry experts, an average vacation home can garner an owner an extra $30,000 of income per year.
"Renting out your vacation home can open up a significant stream of revenue," says Mary Lynn Clark, president of Wyndham Vacation Rentals North America. "Understanding the business side, and all it entails, however, is a critical part of increasing your home's value without adding hassle."
Before listing your home for rent, it's important to decide whether you will handle the details yourself (think booking, reservations, marketing, maintenance and management) or hire a vacation rental firm.
While doing it all yourself may sound like a good idea (and the Internet has certainly made that a viable option with hundreds of rental listing sites), a recent study shows that owners spend an average of more than eight hours per week marketing and managing their vacation properties. This translates to a heavy time commitment that few people have.
Clark likens it to performing maintenance on your car.
"The average car owner doesn't change their own oil or replace their own brake pads," he said. "They leave it up to the professionals to do that. Why should it be any different for managing your vacation property?"
To take advantage of the added income, without having to invest a significant amount of time, professionally managed vacation rental companies provide the perfect balance. Typically, these firms assume responsibility for marketing and managing your property and taking care of any requests by the renters.
Professional management companies, such as Wyndham Vacation Rentals, can help keep your property occupied by using its vast network of resources and commitment to take care of guests' experiences.
Unlike other vacation rental companies, Wyndham offers a host of unique benefit programs along with dynamic pricing to get owners the most value possible. Most importantly, it offers a Vacation Rental Bill of Rights that assures guests that Wyndham will take care of their needs every step of the way.