Wednesday, December 16, 2015

Why Talk to a Property Manager BEFORE Purchasing a Vacation Property

I have received a number of calls over the past few months from people looking at the option of purchasing a home or condo and putting that property on a vacation rental program. I tell each of them that they have made a great choice in reaching out to a property manager "prior" to making their purchase. Why? Well, I have come across a few owners who made the mistake of purchasing a property that either could not be rented or that would be very difficult to rent.

Although we live in a summer vacation area, which in fact was recently voted as the number one recreational lake destination in the entire United States by readers of US Today, there are some areas that do not allow nightly rentals. There are also some areas and properties that aren't very desirable to someone vacationing at the Lake of the Ozarks.

Rules & Restrictions on Nightly Rentals 


A few years ago, I received a phone call from someone who had purchased a home in an area that did not allow nightly rentals. When I explained this to them, there was dead silence on the other end of the line. I can only imagine the conversation they had with their real estate agent. It is possible that they didn't tell the agent that they wanted to use the home as a vacation rental at the Lake of the Ozarks or that the agent just didn't know that there were restrictions on that type of usage.

Desirable Location and Amenities 


I have also had a number of calls from people who have purchased a condo at a complex that just is not very desirable for rentals. The complex may have a really small pool, a lack of boat slips, horrible location or no elevator and they just purchased a fourth floor unit. I recently looked at a condo with a real estate friend of mine and her client. When you opened the blinds, you were looking directly at another building on one side and a large tree with just a hint of water on the other side. Fortunately, her client didn't purchase that unit. That would have been a real challenge trying to rent it!

Why do people visit our beautiful area? The Lake! A waterfront home or condo at the Lake of the Ozarks, with a good view of the water, is possibly the most important selling point that your property can have. We frequently get asked by guests whether the property is "on the water." While other factors play a part in a guest's choice of properties, including location, amenities and how many people the property will sleep, at the end of the day, the single most important fact is that your home or condo be on the water, with a good or better yet, a great view of the lake.

Russell Burdette is the owner of Your Lake Vacation, a professional vacation rental management company at the Lake of the Ozarks since 1986. If you would like more information on renting your Lake of the Ozarks waterfront home or condo as a vacation rental, please call 573-365-3367 or email russell@yourlakevacation.com.

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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Location: Osage Beach, MO 65065, USA

2 comments:

  1. UnknownDecember 21, 2015 at 2:26 AM

    Thanks for sharing useful post.
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  2. UnknownDecember 23, 2015 at 10:26 PM

    Russell,

    Great article and everything you said is true. Last summer we purchased a home in Lake Ozark and Russell provided us a lot of input on the homes we were looking at. Ultimately choosing the home that was best for our family and renters. Russell was even available to go to the house in short notice to personally look at it before we out in an offer. Thanks again!!!

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