Tips For Keeping your Mammoth Lakes Property Booked

Dealing with vacancies can be costly. Getting your rental properties rented as quickly as possible can turn a rental property into a good investment.

When it comes to getting your Airbnb property rented quickly, marketing is crucial. The opportunity cost of vacancies is the single highest expense for rental owners. Therefore, the top priority for every rental owner should be to keep rental vacancies down and to keep rental income coming in.

How Long Will It Take To Get It Rented?

The average home sits on the market for around 52 days prior to getting rented. It can even get as high as 90 days if the home isn’t in the proper ‘ready to rent’ condition. Likewise, if the rental property is priced too high, it might sit on the market longer.

Real Property Management is the market leader in residential leasing and most of the homes we have to get rented within 30 days of being on the market.

The Price Is Right

When it comes to pricing your rental, you don’t want to base it on your mortgage. While you might want to hold out for an extra $200 to cover your mortgage, if the market sits below it, you will only be prolonging the vacancy period. Rental prices do not usually change within a 90 day period. Therefore, if we assume the actual market value for your home sits at $1,000 per month but you need $1,200 per month to cover your mortgage and after wasting 2 months of vacancy the property’s rent increases to $1,100 per month for a period of 1 year, you are still losing out. You multiply 12 by the $1,100 you are receiving and you divide it by the total amount of months it was rented or vacant which is 14. This equals $943 per month. Whereas, if you simply set your price equal to the market in the first place, you would have rented the property at $1,000 per month without any vacancy period. Therefore, you would have ended up making $798 more over the same 14 month period of time.

In this respective scenario, you would have lost nearly $800 by attempting to wait out the market to get an increase in your monthly rental income.

Real Property Management has the necessary specialized experience in both area rents and market forces. Therefore, you can rely on us to ensure you are able to properly set your rent the right way to maximize your potential income with the shortest vacancy periods.

Make Sure Your Condo is Compliant With Mammoth Lakes Transient Occupancy Tax Rules & Regulations

Before you can legally rent your condo or apartment out in Mammoth Lakes, you must make sure it’s compliant and meets local regulations. Meaning you must have the appropriate smoke alarms, C02 sensors, exit signs and more before you can legally rent your property out on Airbnb or VRBO. Hiring a professional TOT Compliance Inspection service is the first step. They’ll send you a list of what TOT items are required so you can be prepared and have the place ready before they come sign you off. Once they sign you off, they’ll send you a signed form you can forward to Mammoth Lakes Short Term Rental Center.

The Right Condition

In order to get your home rented, it must stand out and be in the right condition to compete within the marketplace. If you are unable to make the necessary improvements due to budget concerns, you must undervalue your home to offset market conditions. Availability has skyrocketed due to the number of homes being foreclosed on and it is giving tenants a lot more choices than ever before. What you are looking to save in both maintenance and upkeep can end up costing you much more in the long run.

Not sure where to begin? Take a minute to review our 21 tips for renting your mammoth lakes rental property.

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