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Answers (4)
- Matthew Hoffman, "M.Hoffman"
- Contributions:7
I completely agree! The vacation rental industry has been on the rise over the past decade. Even though bookings have been down over the past 2 years, short term rentals (less than 6 months) and vacation rentals (1 month or less) are becoming a more prevalent option of accommodations. A majority of our clients deal in both Real Estate and Vacation Rental management. You are correct that vacation rental success does depend on geographic location. Most use the vacation rental side of their business to generate real estate leads. Travelers fall in love with the destination they are visiting and the rest is history. I wonder what other Real Estate professionals out there have thought the same thing?
- Matthew Hoffman, "M.Hoffman"
- Contributions:7
Eric,
I completely agree with you. The vacation rental industry has been on the rise over the past decade. Even though bookings have been down over the past 2 years, short term and vacation rentals are becoming a more prevalent option of accommodations. I majority of our clients deal in both Real Estate and Vacation Rental management. Most use the vacation rental side of their business to generate real estate leads. Travelers fall in love with the destination they are visiting and the rest is history. I wonder what other Real Estate professionals out there have thought the same thing?
I completely agree with you. The vacation rental industry has been on the rise over the past decade. Even though bookings have been down over the past 2 years, short term and vacation rentals are becoming a more prevalent option of accommodations. I majority of our clients deal in both Real Estate and Vacation Rental management. Most use the vacation rental side of their business to generate real estate leads. Travelers fall in love with the destination they are visiting and the rest is history. I wonder what other Real Estate professionals out there have thought the same thing?
- Eric Kossian, "InsurePro"
- Contributions:29
I think Zillow should make it a separate category. There is now a huge market for secondary residences (these have been a very significant part of the real estate market in the last 10 yrs for on into the future) and many of these are rented out as Vacation Nightly Rentals. Zillow could become a goto place for people going on vacation searching for a place to rent as well as people looking to buy or sell these type of residences.
As many owners can make a substantial amount, these income proprties are really in a category by themselves, at least from an insurance standpoint.
I have found that the vast majority of these are not insured correctly and unfortunatley people only find out after the claim! Many people originally bought the home as a secodary personal residence and only later decide to rent it out but they forget to advise their insurance agent as to the change of occupancy.
Unfortunately there are only a very few insurance carriers nationwide that will write this exposure (due to it's commercial nature) so most end up in excess and surplus lines which has extra fees and taxes on top of higher premiums. Clients can expect to pay a significantly higher rate than personal use only secondary home insurance depending upon location and gross receipts.
As many owners can make a substantial amount, these income proprties are really in a category by themselves, at least from an insurance standpoint.
I have found that the vast majority of these are not insured correctly and unfortunatley people only find out after the claim! Many people originally bought the home as a secodary personal residence and only later decide to rent it out but they forget to advise their insurance agent as to the change of occupancy.
Unfortunately there are only a very few insurance carriers nationwide that will write this exposure (due to it's commercial nature) so most end up in excess and surplus lines which has extra fees and taxes on top of higher premiums. Clients can expect to pay a significantly higher rate than personal use only secondary home insurance depending upon location and gross receipts.
- jodifortner
- Contributions:1
I am looking for a townhouse or single family with 2 car garage in Lake
Forest, Northbrook, Northfield, Lincolnshire, or Bannockburn that is a
short sale under $300k. Let me knoow. jfortner@ameritech.net or
847-824-7918 Joan
Forest, Northbrook, Northfield, Lincolnshire, or Bannockburn that is a
short sale under $300k. Let me knoow. jfortner@ameritech.net or
847-824-7918 Joan
Vacation rentals may be a good application of Zillow rentals.
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- 4.5/5.0
- (3 reviews)
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