If you’re an out of town owner of property in Vermont, or if you’re thinking of becoming one, let’s talk about the elephant in the room: short term rentals.
We’re talking AirBnB, Vrbo, and countless others.
When these work out, they can be pretty profitable. Setting them up, and getting them off the ground can be some work. If you’re managing a short term rental in Vermont yourself, then you already know the pros and cons of dealing with LOTS of customers/guests. Or, if you’re paying someone to manage and maintain, and deal with those calls then you know about those joys as well.
We’ve seen lots of out of town owners who start out with AirBnB or other similar services. The numbers look great, as long as they’re always booked. But with a few vacancies, the numbers tail off a little. And those phone calls and texts…do you ever get a day off??
The point of this post isn’t to persuade or dissuade you from putting your property into short term rental.
The point is that…you don’t have to do that. Even if you got into a property with the plan to put it on AirBnB, you may have found that it’s a pain. If that’s the case, you have some good options.
Long Term Tenants
One is to get off that never-ending wheel, and get a long term tenant in the property. Stop dealing with several calls each day from each new guest. Stop getting calls from the neighbors about the parties and the “disrespectful behavior”. Stop worrying about getting glowing reviews from complete strangers.
Just put a regular, long term tenant in the property. Get a six month or 12 month lease. You’ll get a lot fewer phone calls, and you’ll have something that’s a lot more passive (meaning: will take a lot less of your time).
For free, Green Light Real Estate will run a market rent analysis for your property to give you a sense as to what it would rent for.
Selling Your Central Vermont Property
Another option is to sell it. Prices are high, which is great for sellers. And buyer behavior is very pro-seller. We’re regularly seeing multiple offers, and seeing buyers remove contingencies that would have been sacred just a couple years ago.
As an out of town owner, selling your property would completely eliminate the rental headaches, as well as any worry you might experience with a vacant property. Take advantage of the market cycle, and turn your equity into actual money
Also for free, Green Light Real Estate is happy to work through a customized market valuation for you. Honestly, whether you end up listing and selling or not, that’s the kind of information that lots of our out of state clients really like having.
Contact Green Light Real Estate Today
Whenever you’ve got questions about your property, as an out of town owner, it can just be reassuring to know who to talk to. Call or email Green Light Real Estate. We’re happy to talk shop and answer questions.
And then, if it does get to the point where selling your out of town property really does seem like the best option, then we’ll be ready to help!