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Orleans Property Management

So, you bought a vacation rental property. Congratulations! You have now joined the club of people who are investing in short-term rentals for their financial futures. While this is an excellent step in the right direction, there can be pitfalls you want to avoid when choosing a property management company. Here are the top reasons to have a management company take care of your rentals, and why Foran Realty’s Orleans property management team can help.

Why Buy a Rental Property? Isn’t it a Headache?

People buy rental properties for several reasons. One is to make money and invest in their future financially. Another is to have your vacation rental to escape to now and then. Suppose you want a property available when you take an annual vacation to your favorite spot. In that case, a rental might be a way to get other people to pay the mortgage while still being able to enjoy a stay! Any desirable, nicely maintained property will be heavily booked, which means a lot of the folding kind of money, not chump change!

Some also enjoy tax write-offs and deductions. For a list of those, it’s always good to talk to a tax specialist or your financial advisor. However, some things you might be able to write off are cleaning costs, insurance costs, utilities, property management and maintenance, and mortgage interest.

If the home is in the right place and is the right size, you will have a place to retire. Logically, you could assume most vacation rental properties are in highly desirable vacation spots—Cape Cod is one destination that makes for a fabulous retirement destination.

So, what are the headaches? And more importantly, what is the pill for them?

The Cons of Owning a Vacation Property

Once you have a property, it’s up to you to get the word out and get that baby rented! It’s not a case of making the purchase and sitting at a desk waiting for the phone to ring; it’s a case of hard work on your part, just like any other business. Our Orleans property management team knows from experience that we aren’t born knowing how to make properties appealing to visitors and how to market them (especially during seasonal lulls in visitors). More on this in a bit.

You have to maintain the property. If the toilet beaks, guess who has to go in there and put in a new one. You got it in one—it’s you! You need to be a decorator (unless you can afford to pay one), a cleaner, and a handy person, all under one hat that says, “Vacation Property Owner.”

Worst-case scenario, you may purchase a property only to find out you aren’t allowed to rent it out! Always check with any HOA regulations, local restrictions, and any municipal or regional lawmakers who have their hand in making these regulations.

Budgeting can also be a nightmare. Your rental property is a business, and your budget should reflect every penny you think you will spend and take in. If you aren’t realistic about the seasonal income, finance costs of a rental property, and the maintenance fees, you will fail.

As promised above, let’s talk about marketing. Like any other college major, people go to four-year universities to learn the theories and spend years gaining experience before they are good at it. You can’t just buy your place, plop it on Craigslist, then sit and wait for the phone to ring. You have to find the best rental listing platforms, write copy to attract searches (search engine optimization), and get the absolute best asking price that balances occupancy and revenue (return on investment). And don’t even get us started on credit card processing.

It sounds like a real pain. You didn’t sign up to be a handyman, house cleaner, and home decorator with a bachelor’s degree in marketing. All you want to do is own a vacation home! is that too much to ask? At Foran Realty, we don’t think so.

Why Hire an Orleans Property Management Company?

Because that’s the pill for your headache! Owning an Orleans Cape Cod vacation rental property is easy to do when you have a property management company like Foran Realty that can take care of the day-to-day tasks. We will handle details like paying bills, sending out mailers, updating your listings, doing maintenance work, filling vacancies on short notice, and screening renters.

While you’re busy working your real job to pay the bills, our Orleans property management team will take care of the headaches. No matter where you live, we will take care of your Orleans Cape Cod vacation rental property and handle the details. We are local. We know the regulations here, so you don’t have to learn them. We understand licensing, tax reporting, and marketing. Let us handle the credit cards, the cleaning and maintenance, and finding your renters, and especially if you’re out of town, let us take care of the emergencies. We’re right here.

You have worked hard to be able to buy your vacation rental property in Orleans. You can’t afford to leave booking it to change, or to leave cleaning and maintenance to yourself. You also don’t have time to learn how to write marketing material—you have enough to do!

Contact Foran Realty today to see how our Orleans property management team can help you with your properties, your goals, and your peace of mind. We’re here for you. All you need to do to cure your property management headaches is say, “Yes!”