Do you have a second home? How would you like to use it to bring in more money?
Well, you can — and it’s not as hard as you think. I had the chance to speak with Vacasa COO Bob Milne about how the company is helping people turn their second homes into rental income. I think you’re going to be interested in what he has to say.
After all, it’s better to make some extra money to pay down the home, pay the taxes, pad your savings, or take the family on vacation. Stop wasting time and turn you second home into a real asset!
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- Vacasa provides “end-to-end service for second homeowners.”
- They help owners make money on an “under-utilized asset.”
- Second homeowners can still take advantage of tax benefits.
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Tell us about Vacasa for those that haven’t heard of the company.
“Vacasa is a modern vacation rental management company that provides end-to-end service for second homeowners. When someone is ready to put their vacation property on the rental market, we’re there for them every step of the way. We help them navigate local permitting and regulations and manage the entire rental process—from bookings and housekeeping to 24/7 guest care.
Vacation homeowners who partner with Vacasa relax knowing that their homes are in good hands—and earning optimal revenue. In the rare instance guests experience an issue with one of our homes—say, the oven goes out—our local teams are standing by to make it right.”
Related: This Is How Vacasa Makes Earning Extra Money With Your Vacation Rental So Easy
How is Vacasa different than AirBnB?
“Airbnb is primarily a listing channel, whereas Vacasa is primarily a property management company. Guests go to Airbnb to find and book vacation homes. As a property management company, we create revenue for vacation homeowners by marketing (getting “heads in beds”) and managing their homes for them.
On the management side, we take care of things like booking, customer service, cleaning, and maintenance. To market homes, we send in our team of experts to take professional photos, create 3D tours, and write compelling descriptions. We then list the homes on our site as well as through all the major listing channels, including Airbnb.
That means, the vacation home you book through Airbnb (or Homeaway, VRBO, Booking.com, etc.) might very well be managed by Vacasa. Guests stay at Vacasa homes because they love our standards of excellence. Homeowners use our service because they can relax while we take care of everything.
One thing that really sets Vacasa apart on the homeowner side is our revenue management technology. We offer the industry’s most advanced dynamic pricing tool, which takes into account everything from market performance to local events. Delivering optimal rental revenue is part of our DNA, which is why we guarantee homeowners will earn more with Vacasa.”
Why should people rent out their second home to vacationers?
“Renting your home out is an easy way to earn extra money on an under-utilized asset. Plus, with the new caps on deductions for mortgage and property taxes, it no longer makes financial sense to leave your vacation home empty. Operating your home as a business by welcoming guests can help you recoup some of those losses—and not just the deductions associated with mortgage interest and property tax. Most vacation homeowners who keep their homes on the rental market will also be able to deduct expenses such as HOA fees, maintenance expenses, and utilities.
There’s never been a better time for vacation homeowners to open their doors to guests. Demand for short-term rentals is booming. Technology has made it easy for guests to find and book vacation homes. And while there are more vacation homes and condos appearing on the rental market than ever before, it’s still not enough. In most markets, inventory is still catching up to demand, meaning homeowners are in a position to generate optimal revenue.”
Related: Here’s how you can get a hard money cash out refinance.
What are the tax advantages offered to second home owners?
“The Tax Cuts and Jobs Act recently signed into law by Congress works against vacation homeowners who don’t welcome guests. The lower cap on deductible mortgage interest and a new cap on the deduction of property taxes will hit most vacation homeowners in their pocketbooks pretty hard. But if they rent out their second homes as vacation rentals, these expenses may once again become deductible.”
Can people really turn their 2nd home into a vacation rental business?
“If you work with an end-to-end property management service such as Vacasa, turning your second home into a vacation rental can be an easy—almost entirely hands-off experience. As I mentioned before, we’re here for homeowners through the entire process.”
Who is Vacasa primarily for? Can millennials — particularly millennial families — take advantage of what you offer?
“Millennial families are increasingly opting for vacation rentals over hotels. I believe that’s because vacation rentals offer a more unique experience than hotels, come equipped with kitchens, plenty of room to relax and entertain family and friends, and are often located in close proximity to outdoor activities, which is a requirement for many millennial travelers.”
How can people start the process of listing their home for rent?
“Listing your home with Vacasa is easy. Simply visit our website and enter your contact details and we’ll be in touch to talk about next steps. It typically takes less than a week for us to prepare your home’s photos, online 3D video walkthrough, and description then get your home on the rental market.”
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Where are your rentals located? US only? Worldwide?
“We currently have local teams operating in 20 U.S. states and 15 countries worldwide. Globetrotting guests can rent a Vacasa anywhere from Italy to Belize.”
What else do you want people to know about Vacasa that we haven’t covered?
“In October, 2017, we secured $103.5 million in Series B funding to continue our trajectory toward becoming the most trusted vacation rental management company in the world. It was a landmark funding round for our industry and a bode of confidence in our business model. We are currently investing those funds into our technology and field operations to fuel sustainable growth both here in the U.S. and abroad. Our goal is to be everywhere our guests want to go.”
Where can you learn more and list your home?
Check out Vacasa.com and follow them on Facebook.
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Are you renting out your second home? Do you want to? Let us know about your experience in the comments and share this post on Facebook!
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