Does anyone have any advice about listing property on VRBO? I'm working on purchasing a condo on a short sale. It's not the best place, but I'm getting (what I think is) a killer deal on it. I have some other motivations for purchasing it other than having it be a short term rental or investment property.
Anyway, I really don't want to use a traditional property management company and most of the ones I've talked to I haven't been that impressed with. VRBO has been what I've been leaning toward, but I have no experience listing a property there. I've been told to just list it and then hire a local maid service for cleaning, the HOA and myself can take care of most of the property management tasks outside of that (shoveling, changing lightbulbs.)
So, the questions are:
- What's my split gonna be? If I list on VRBO, how much am I going to pay them? Are there hidden fees I'm not aware of?
- If I list my property with rates the same or less than other units in the same complex, what kind of occupancy do you think I can expect?
- Any other tips or things I should know about tackling this?
I don't need his property to 100% pay for itself. From what I can tell, about 7 nights of booking a month in the winter will mostly pay for the year round costs. That seems pretty reasonable to me.