With the explosive popularity of HGTV (and the Netflix show “Stay Here” that features gorgeous Airbnb renovations), buying a second home in Breckenridge and renting it out has never been more appealing. Aside from having a place to escape on weekends, the biggest benefit of owning a rental property is the passive income. Meaning, an extra revenue stream flowing into your bank account with minimal effort.
As any landlord will tell you, though, managing a rental property is anything but effortless. Between screening applicants, handling bookings, dealing with maintenance issues, and collecting rent, managing a rental property is like having another full-time job. That’s why we always recommend working with a long-term property manager or a short-term vacation rental company who can handle these tasks for you.
Both long-term property managers and short term vacation rental companies offer services that make owning an investment property profitable and enjoyable. They eliminate the headaches we mentioned above (including 2 a.m. plumbing emergencies) and allow you to enjoy the benefits of a successful investment. Not to mention, having a professional property management company oversee the day-to-day operations of your rental will help ensure your guest experience is competitive and exceptional.
So, who should you contact to manage your second home in Breckenridge? It depends on your preferences and goals for renting out your property. To help you decide, here’s an overview of the differences between a long-term property manager and a short-term vacation rental company.
What is a long-term property manager?
A long term vacation rental is a home or condo that is rented for a month or longer. In Summit County, it’s common for homeowners to rent their properties for the duration of ski season (November 1 – April 30). There are a lot of benefits to renting your second home in Breckenridge long term. Consistent income, limited turnover, and fewer utility bills are major perks. The flip side is that by renting long term, you as the homeowner essentially become a landlord. That’s where a long-term property manager
can step in.
A long-term property manager will help you set an appropriate price to attract tenants to your rental and market your home both locally and nationally. They’ll also handle the applicant screening process, including running credit reports and background checks. A long-term property manager will draft a lease, negotiate with prospective tenants, collect a security deposit, and be the main point of contact for all communication. Once a tenant has been secured, your long-term property manager will oversee the day-to-day aspects of your rental property so you don’t have to. And that is a beautiful thing.
What is a short term vacation rental company?
Summit County defines a short term rental as a dwelling that is rented for periods of less than 30 consecutive days. Renting your second home short term is ideal if you want the flexibility of being able to block off weekends when you know you’ll want to use it. It also offers awesome earning potential, since you can double or triple your nightly rate for holidays, spring break, and popular events like Ullr Fest. However, renting your property short term means you’ll have to constantly field booking requests, keep up with cleaning and maintenance, and actively look for ways to make sure it stays rented. A short term vacation rental company can take these to-dos off your plate.
A short term vacation rental company will market your listing across multiple sites including VRBO, HomeAway, and TripAdvisor to keep visitors flowing through your front door. Additionally, they’ll screen all reservations, prepare your home for each guest’s arrival, collect rental revenue, and handle any maintenance issues that pop up. For high end short term rental management, we recommend River Ridge Rentals in Breckenridge. They specialize in luxury properties and truly make the process of renting your home stress-free.
Looking for a long-term property manager in Breckenridge?
Allowing a long-term property manager to handle all of the time consuming tasks associated with overseeing your rental has to cost a fortune, right? Not even close. At Dwell Summit, our fees are transparent with absolutely zero hidden costs. We take a one-time leasing fee for finding you a tenant and a small percentage of your rental income as a monthly management fee. That’s it. To learn more about buying a second home in Breckenridge or our long-term property management services, please give us a call at 855-DWELL-CO.