Purchasing a rental property in Las Vegas, NV, is a great addition to your retirement or investment portfolio. However, unlike other types of assets in a portfolio, a vacation property is not as passive asset.
Common Assumptions and Mistakes
Residential properties require a lot of care and attention. Vacation rentals have even greater requirements that are often overlooked when buyers attempt their own vacation property management In Las Vegas, NV.
Three common mistakes of do-it-yourself vacation property management include:
- Incorrect pricing – part of vacation property management from professional services is correctly pricing the property. Not all properties are luxury homes, and over or under pricing the rental will lead to decreased returns. Over pricing a rental will also lead to significant income loss as the property sits empty.
- Not upgrading – with all the vacation properties on the market, people have the ability to pick and choose the most luxurious and fully upgraded properties. Basics include WiFi, satellite tv, full suite of kitchen appliances, as well as well-maintained homes. Failing to do these upgrades will decrease the value of your vacation rental.
- Not staging the property – in addition to maintaining the property, having the right furniture, artwork, window treatments, flooring, and overall style in all rooms in the home is critical to getting a top ROI.
Working with a Las Vegas, NV, short term rental management company is the easiest way to avoid these common problems. These companies can provide direct management or consultation to help you to effectively manage the property on your own.
