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New Vacation Rental Homeowner’s Checklist
Imagine that you just purchased a vacation rental home
on the Outer Banks! Investing in a home was such an effortless
process that it is hard to believe that you are the owner
of a vacation home. You have let your family and friends
know about the exciting news, and now you are planning get-togethers
in the spring and fall.
As you cross the bridge onto the island and smell the
salt air, you have the realization that you are a part of
the Outer Banks community. You own your own piece of paradise!
After spending a day or two enjoying the sun and swinging
in the hammock, here are a few steps that you should take
to help make your experience more enjoyable.
1. Meet the folks at your property management company.
Your property management company will be familiar with your
home. They will provide you with a welcome package with
information to help familiarize you with how their systems
work. You may have questions about everything from when
your rental income checks will be arriving to how many forks
should be in the drawers in the spring. Much of this information
will be provided in your packet.
Property management contracts are written on a yearly basis
in the fall. Before signing a renewal contract, you will
want to make sure that you are happy with your management
company’s performance of its key responsibilities: booking
reservations, advertising, accounting, cleaning, maintenance,
and guest satisfaction.
New owners are strongly discouraged from switching property
management companies mid-season because of the confusion
it creates for the guests, owners, and managers and may
affect the rental income since advertising is usually in
place prior to the start of the season.
2. Make sure that you have your vendors in place
before the season starts.
If you have a good relationship with the vendors who take
care of your home, it will pay off in the quality of the
service you receive. Your property management company should
help you make sure that the vendors for your home have your
billing information. Some companies will pay vendors for
you from an account for your home.
It is a good idea to contact your pool and spa vendors,
landscapers, and anyone else who has been caring for your
home. You can choose vendors with whom you are familiar,
or your management company can also help you in the selection
process. Your real estate agent or a neighbor may also be
able to connect you with reputable businesses. It may be
wise to continue to use the companies that have been maintaining
your home since they are already familiar with how it works
and any quirks.
3. Get to know your home well by staying in it often.
It sounds simple, but by staying in your beach home, you
will have a good understanding of your guests’ experience
in the home. If there are any problems or issues, you can
correct them before your guests arrive. If you have trouble
operating any of the home’s systems—air conditioning, lights,
kitchen appliances, stereo, etc., then your guests may also
have difficulty. Create comprehensible signs that explain
how to operate the different components correctly or have
information assembled together in a guest manual. This will
help eliminate frustration on your guests’ part and make
their stay more enjoyable and may also reduce the number
of service calls to your home. After staying in your new
home for a week, you will have a much better idea of which
improvements or modifications you would like to pursue.
4. Give your home a welcoming and personal feel.
If your guests feel like the owner really cares about their
beach home, then they are more likely to treat the home
with respect and return the following year. Many guests
enjoy feeling like they are at “home away from home”. Are
there welcome mats by the door? Does the kitchen have all
the dishes and pans needed to cook for a family. Small touches
like umbrellas and games for the kids on rainy days do not
go unnoticed. You may want to consider having a book with
recommendations for restaurants, entertainment, and emergency
contact information.
5. Keep detailed records and receipts.
Your new home is a business. Keep all of your receipts and
records together so that you can track and document your
expenses for planning and tax purposes.
6. Get to know your neighbors.
Many of your neighbors may also come down to get the house
ready in the spring and also in the fall to winterize. Your
neighbors can be a great source of information and will
make your time at the beach more enjoyable. Other owners
will be more likely to keep an eye on your home when you
are away if you take the time to get to know them. Your
agent can connect you with your subdivision’s homeowner’s
association. Make sure that they have your contact information.
Now you don’t have to go home at the end of the week. Relax
and enjoy the sunshine, sand and surf!
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