How to Manage a Vacation Rental. Vacation rentals are a great way to earn extra income while having access to a vacation destination you love. Managing a vacation rental that isn't near your home can be done in several different ways. Having a good contract, clear expectations and firm rental policies will go a long way to making your vacation rental a success.
Locate a destination where you would like to own rental property. This should be an area you and your family have stayed in and would like to return to regularly. This way you can really experience the area yourself before you try and rent your property.
Rent your property to family and friends only. When you go with this rental plan you must set all the guidelines yourself. This includes deposit, check in/check out time, cleaning services and linens. You can also branch out to people who are friends of those you know or come with a reference from family or friends.
List your property on the Internet as available for vacation rental. Again, this is a personal rental agreement, so all your policies need to be in contract form with clear expectations of check in and check out time, cleaning fees, deposits and other items.
Turn your rental property over to a vacation rental company. Most likely there are several rental property management companies in the area where your property is located. These companies specialize in the handling of contracts, deposits, payment and enforcement of property rules and regulations. They also contract directly with cleaning companies and linen supply companies, so your vacation rental is worry free.
If you want to rent your vacation property on your own, be sure to consult an experienced real estate attorney to help you draw up rental agreements and contracts.