If your market is like ours, many investors tried to make real estate their saving grace by taking advantage of the fast growing Las Vegas real estate market.  Unfortunately, that dream didn't last.  Although savvy investors who got in at the beginning and sold quickly got a great return on their investment, most newbie investors weren't quite so lucky.  Thanks to a glut of television shows promoting the idea of buying property and flipping it quickly, and taking on risky real estate loans to make it happen,  Las Vegas suddenly found itself with a lot of overpriced inventory and not enough buyers to make investor's dreams come true.  Now there are many investors who are competing against a huge inventory of Las Vegas real estate and unable to sell or even rent their property for what it costs them.

OK, so now what?  This isn't the option for everyone, but it is a possibility for some home and condo owners.  Why not turn your property located in the #1 vacation destination in the world into a vacation rental?  Over 40 million people come to Las Vegas each year and we are quickly becoming the largest tradeshow and convention location in the world.

Sound simple?  Yes and No, it depends on the option you choose.  If you choose to do it on your own, you need to be prepared do deal with all the details and expenses including marketing, taking the reservation, collecting the money, dealing with the property preparation including cleaning, damage and repairs, entry and exit accessibility, as well as contracts, complaints, and emergencies.  Also, you need to be sure your neighborhood or homeowner's association CC&Rs or local laws don't prohibit you from using your property as a vacation or short-term rental.  Another choice is to hire a professional vacation rental company to take the headaches out of the process and manage it for you.  If you're an out-of-area owner, this is definitely your best option.

Professional vacation management rental companies have thought of everything it takes to ensure you make money from your investment.  They already have marketing in place, staff to handle the reservations, deal with the financial aspects, manage the cleaning before and after each rental, and can advise and even often provide access to the things that will make your property desirable to vacation renters.  Only a few companies go out of their way to also provide the concierge functions to attract and keep happy vacationers returning to Las Vegas, offering to assist with meals, entertainment, transportation, and offering the types of services that will keep them hopefully returning to your specific vacation rental property by request. 

Remember, not every property makes a great vacation rental.  If you were going on vacation, what kind of property would you want to stay in and what types of amenities would you expect it to have?  Does your property have a pool or spa, barbecue, upgraded finishes and appliances, nice landscaping and furnished attractively?  Is the property located fairly close to major Las Vegas attractions such as The Strip, Lake Las Vegas, Downtown, or where a major event is held such as the Las Vegas Speedway?

Rather than letting your investment home sit empty, languishing on the competitive and overcrowded Las Vegas real estate market, why not turn it in a small business that will bring you income?  What do you have to lose besides potential monthly income?

Not only am I a licensed realtor, but I'm also a vacation specialist with Travilliant, http://www.travilliant.com/, a brilliant travel management company specializing in vacation rental properties in the Las Vegas area.  They have decades of travel experience, vacation home experience and experienced travel professionals on staff.  If this is an option you'd like to offer to your clients, I can be reached at (800) 822-9986 or by email at heather@travilliant.com.  We do pay referral fees to professionals for each property we sign up.

One last thing, we're actively looking to add vacation properties in the popular destinations including Lake Tahoe, San Diego, San Francisco, Orlando, Miami, Ft. Lauderdale, Destin, Daytona Beach, Phoenix, Palm Springs and Colorado Ski Destinations.  If you own property or have clients with property in these or any other popular vacation locations, give me a call.