Whether you are just starting out looking for your new investment property in Keystone Colorado, or you have owned one for a long time, chances are that you will eventually start wondering why you are pouring so much money into a property you cannot enjoy most of the time. Your investment property probably generates more bills than you like and you want to find a way to either reduce or eliminate those bills altogether. You have heard all the nightmare stories about bad renters and costly damages in books and on TV, so you’re a little scared to take the first step into the world of vacation rentals in Keystone Colorado.
There are many rewards when it comes to renting your Keystone rental. The best reward is the income generated by your property, meeting new people, and getting involved in advertising and promotion. However, these rewards do not come free or without much effort. The truth is that you have to spend hundreds if not thousands of dollars on advertising and promotion. You also encounter other risks such as potentially bad renters who may cause damage to your property and cost you even more. This is where you may consider hiring a professional property management company who specializes in Keystone Colorado to do all the work for you.
A property management company will protect your investment property and ensure that emergencies are handled properly. The stress of wondering if you have a bad renter in your vacation rental is no longer an issue and all the stress lies on the property manager instead, bringing you peace of mind. There are many choices for property management in Keystone Colorado and you should do all your homework as to the pros and cons of each one. The best bet is to talk to each and every property management company in Keystone to get a feel for how they do business and see which one makes the best fit for you.
When shopping for a property management company, be aware of the figures that are being reported. Many property managers use the term “Occupancy Rate” to show how well they do. However, it is easy for any property manager to show you that they have a 98% occupancy rate…during the holidays. What the occupancy rate doesn’t show you are the real solid numbers since they can be cooked by choosing dates to make it seem better than it really is. A much better measure of success is the “Gross Revenue” figure. This figure takes into account all rentals, owner usage (for which there is no revenue generated), and shows the whole picture. A good date range for these numbers is from May to May of each year. This way you encompass the entire ski season and do not split it down the middle.
SummitCove.com Property Management in Keystone Colorado has partnered with the best Realtors in Keystone to make sure that you are in the best hands possible when buying your new property or shopping for a new property manager. SummitCove has turned the vacation rental market upside down in Keystone in recent years, forcing other management companies to lower their management fees and re-structure their business models altogether. Entering the business in 2001 and using technology to streamline our entire operation, SummitCove has brought a fresh vision to property management in Keystone by offering a small management fee. SummitCove is the established leader in producing top dollar for vacation rentals, even in areas where you wouldn’t normally be able to rent on a short-term basis. SummitCove offers a rental program unlike any other, which is a single program with no “tiers of service” that is flexible for all property owners. Whether you are simply looking to cover your Homeowners Association costs, or if you want to squeeze as much rental income out of your property as possible, SummitCove can adjust several variables to exactly match your needs.
For a personal consultation, estimate of gross revenue for your property, and to see how we can help you realize your property’s revenue potential, call today!