If you own property and want to maximize your investment, you may wish to use an Outer Banks property management company. These companies take the headache out of renting your property. Locating and vetting tenants, collection rents, and paying bills. Further, most assist with cleanings, and maintenance including security checks to verify you home is safe. There are two major types of rentals that these companies can help you with, weekly vacation rentals and long term or yearly rentals. Some owners try to rent their home on a short term monthly basis in the off season, usually referred to as a winter rental.
Weekly vacation rentals is by far the most popular Outer Banks property management program. The advantages of maximized revenues can be offset by the wear and tear of the vacation industry. Additionally, your home will sit unused for the majority of the year. Of, course that allows the owner to use their property for their own enjoyment when it’s not occupied by your guests. Success in this property management program depends on a number of factors, including location, size, amenities, quality of furnishings and of course your selection of management company.
Long term rentals is the alternative way generate revenue from your Real Estate investment. The advantage of long term rentals is the regular, steady income. Generally speaking there is less wear and tear as well on a year round rental. Additionally, most year round rentals are not required to have a stocked home like a vacation rental. The owner doesn’t need to stock the kitchen with pots, pans and dishes, or furnish the living area and bedrooms. Consequently, the homeowner has much less financial exposure and limits maintenance liabilities. A drawback is that your property is occupied all year and you can’t use the property for yourself.