Author Topic: Any VRBO Users?  (Read 1539 times)

LiveLean

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Any VRBO Users?
« on: January 03, 2016, 04:23:29 PM »
Anyone use VRBO (Vacation Rentals by Owner) to rent any of their properties? Seems like a middle ground between AirBNB and having a professional management team.

I live in Florida but have a second home/vacation rental that's rented on a weekly basis in Virginia Beach, mostly between May/September. Given the distance, I go with the agency that manages 300-plus homes in the area, and pay the 18 percent commish, though there are 50 or so VRBO homes there.

I've been looking at two investment possibilities within 45 minutes of me here in Central Florida. Both seem like good VRBO fits and, in fact, several neighboring properties are rented this way. It seems VRBO works best, like many landlord situations, when you're a reasonable drive over to deliver keys, deal with issues, etc.

Anyone have any experience with this?

Gr8ful

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Re: Any VRBO Users?
« Reply #1 on: January 03, 2016, 05:37:11 PM »
My wife and I have a ski cabin that we rent exclusively on AirBnB and VRBO.  The mix is just about 50/50.  Not sure I would call them more professional, but they are both just about the same in my book.

We find that VRBO seems to be families and tend to stay for longer periods of time, i.e. not just the weekend.  They also have an insurance policy that seems easier to deal with.  We don't really like the fee to be listed on VRBO.....every year we question the expense, but in the end we always pay.

I think the issue you will have is the checking in and out maintenance.  We have an AMAZING cleaning person that lives a few blocks away that takes care of everything.  Our cabin is about a 45 minute drive away so she in invaluable to us.  I would like a place higher on the mountain, but without her I don't know if I we could run it, and would probably use a management company.

I have used property a management company for my SFR's for a few years and did not it.  They were fine, but they did not manage it like I would have, and in the end went back to managing it myself, even though I was still a 4 hour flight away. 

So I would think about the level of hands on you want to do, and if you are able to find someone that can take care of the day to day stuff when you can't drive over.  It also would be good to see who in your are rents via VRBO (and AirBnB) and what their calendars look like.  That way you might be able to calculate what you would be givign up to the management company to see if a totally hands off rental will work for you.

LiveLean

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Re: Any VRBO Users?
« Reply #2 on: January 04, 2016, 12:33:03 PM »
Thanks, Gr8ful. That makes a lot of sense. Where I own in Virginia Beach, there are three management companies that collectively manage 500-plus properties in the community. But the properties I'm considering in Florida do not have management companies. One is fairly remote with only about 30 homes total -- 7 of which are VRBO. The other is a condo community with 22 VRBO. There's some AirBnb, too.