If you have rented your vacation home, it will likely get high marks for curb appeal. With the constant stream renters, there is bound to be some wear and tear. Let's take a moment to look at the rental property with the eyes of potential buyers.
A vacation rental business brings additional complexity to the sales process. However, it doesn't have be difficult. Contacting the people involved in your rental business will make it easier to sell your vacation property.
Although many homeowners think that it's a good idea for their home to be sold in a For Sale as Owner (FSBO) transaction on their own, we recommend you hire a licensed agent. The commission fees charged by most real estate agents range from 5-6%. It may seem like a lot, but it can be a worthwhile investment.
We listed some key things that buyers look for in a vacation rental property. It is ideal that you provide the data for a period of 12 months or more. Consider including comps from AllTheRooms, AirDNA, or AllTheRooms if your rental is part-time.
Be nice. Use your contacts to share information and contracts for housekeeping services, such as cleaning, handymen and cleaning. Many buyers appreciate not having the burden of finding helpers, but being able access to your existing relationships.
We recommend speaking with a tax professional to understand all the tax implications that will arise after the sale. Also, before listing on the stock exchange, talk to a Qualified Intermediary to understand the process.
It can be difficult trying to sell your rental home with future bookings. Buyers like places that they can rent quickly to new tenants. Avoid trying to increase your rental income by selling future bookings. Instead, just sell the property and move on.
