Luxury home owners looking to sell are benefitting from short term rentals of their property. Depending on the location of the home, short term rentals can bring in a healthy source of revenue. Christine Karpinski, author of How to Rent Vacation Properties by Owner states, "even an average home can bring in $30,000 a year." Ms. Karpinski was recently quoted in a NY Times article by Jay Romano.
There are some items to be mindful of such as being aware of local tax laws and deciding if you want to use a manager. In many cases the same real estate broker that is marketing the home for sale can also assist home sellers with short term rental of the property. Such rentals can offset the continued costs of home ownership (mortgage, taxes, maintenance, etc.) and are obviously more feasible for second homes.
On the other hand, if you are a homeowner and have not yet decided to list your second home for sale, there are a variety of ways to market it as a rental online. Here are a few sites that see a steady flow of traffic (not endorsing these, just an FYI):
Be cautious when using any online rental company. Be sure to understand their fee structure, responsibilities and reputation. It is also good to qualify renters and have some level of confidence that they will treat the property with respect and care. Luxury homes generally stay on the market longer than other listings. A short term rental is one option that many home owners are now considering.Photo Credit: flickr