Thursday, August 24, 2017

When is the Best Time to Put My Property on a Vacation Rental Program?

One of the big questions that I am asked quite often is “when is the best time to put my property on a vacation rental program at the Lake of the Ozarks?” The answer is that there isn’t a bad time, but some times are definitely better than others, especially if you are looking to purchase and are depending on the income to defer some of your expenses.

The Worst Time

So if I was going to pick the worst possible time to put your property on a vacation rental program, I would have to say that it would at the beginning of October. You’ve just missed the entire summer and quite possibly will not have a rental until May of the following year. That is eight months without any income. If you are depending on your property to help pay some of your costs, it will be a long wait.

The Best Time

The best time would probably be the end of November for a home and no later than the end of February for a condo. As families gather for the holidays, many people (at least the smart ones) begin planning their summer vacations. By January 1st of this year we had booked 20% of our entire year, by April 1st we had booked 44% of our year and by June 1st we had booked 64% of our expected revenue for the entire year. So you can see the importance of having your property ready to advertise as early as possible.

Vacation Rental Examples

Here are a couple of examples; we had a home join our program for the 2016 season right around the beginning of the year which ended up renting 68 nights, which is great for a first year property. Another home joined around the beginning of April (these homes are fairly close in size and bedrooms) and rented for 43 nights. Not bad, but not as good as the other home. Those guests booking in January, February and March didn't have the opportunity to look at the second home because it wasn't on the market then.

Sometimes you cannot help when your Lake of the Ozarks vacation home or condo becomes available for rent. You may be waiting on the closing, you’ve ordered furniture but it hasn’t arrived, you have repairs that need to be completed or you inherited a property and it just took a while to get it ready. There are many factors that come into play, but as you can see, timing can make a huge difference in how successful you are your first year. However, after that you will always be ahead of the curve.

Vacation Rentals at Lake of the Ozarks

If you are planning on purchasing a vacation rental property at the Lake of the Ozarks, you may want to consider looking in the fall or winter. However, if the perfect property comes along, it may be better to throw caution to the wind and purchase the home or condo at the Lake of the Ozarks before someone else does.

Russell Burdette is the owner/broker of Your Lake Vacation, a professional vacation rental management company at the Lake of the Ozarks since 1986. If you would like more info on renting your home or condo as a vacation rental, please call 573-365-3367. Also, if you're looking to purchase a second home to rent out to vacationers, we can provide you with information to help you find the perfect property to buy!

For more information please call us toll free at 1-877-284-0267!!
4571 Osage Beach Pkwy, Suite A
Osage Beach, MO 65065
Local - 573-365-3367
Fax - 573-365-5076  

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