This year has seen an upsurge in new owners coming into the rental market – at least in my neck of the woods. Our rental agency has had the highest rate of new owner inquiries since the business started in 2004, and in talking to them the message we are receiving is loud and clear…
It doesn’t make economic sense to have a property sit empty, and renting out has become an integral part of a second-home investment strategy.
This was the case with both Gary Miller and Jan Kahlen, who we first met on Episode 137 as they were both preparing their newly acquired cottages for rental. Now, 10 weeks later, I catch up with them as they reflect back on a whirlwind season of full occupancy and discuss how the reality of back to back rentals matched their expectations.
Given the short time frame they had in getting their properties to market, Jan and Gary decided to use rental agencies, which proved to be a wise decision for both of them.
In the episode we discuss:
• Their overall impressions of the first season of rental
• Managing changeovers and maintaining standards
• How power outages and fallen trees brought home the need to prepare for emergencies
• The highlights and lowlights of a summer of rentals
• Hospitality and guest satisfaction
• The challenge of managing a hot tub
• Guest connections and porcupine invasions
• The value of attending the Vacation Rental Success Summit