Selling your home can be stressful. However, selling your vacation rental can be even more complicated. Due to the nature of the transaction, with future bookings and entities involved, it can be quite challenging to navigate. Here are some tips to help you as you get started.
Make decisions before listing
Avoiding complications as you move through a sale can be resolved by making tough decisions up front, before you list. Here we’ve provided you with a list of things you should consider beforehand to assist with a smooth transition. The list is by no means exhaustive but it should provide you with a solid foundation to sell your vacation rental home.
Furniture & personal belongings
Will you be selling the property furnished? Often selling your vacation rental furnished is the easiest way to go. That said, you’ll need to consider if there are any personal belongings or items that you do not wish to convey in the sale. Make sure to make a list of those items prior to listing and inform your Real Estate Agent.
Property Manager & Other Parties
Once you’ve decided to sell your AirBnB or VRBO vacation rental, inform anyone you’ve hired to maintain the property. That may include a property management company, a property software management platform, housekeeper, handyman, and any other vendors or contractors who have worked for you at the property on a regular basis. Not only is this a common courtesy but you’ll avoid fees or ongoing charges for cancelling services and subscriptions.
If you have listed your property on HighFlyRE you’ll likely be selling to another party who is interested in keeping it as a short term vacation rental. The buyers may wish to continue relationships with your vendors and having a list of contacts to share will help facilitate a smooth transition once you approach the sale date.
How to handle future bookings on vacation rental platforms may be the most challenging aspect of selling a vacation rental. Most booking platforms, like AirBnB and VRBO, do not let you transfer bookings to another party. There are many ways to approach this which we will explore in a future post. The easiest way to handle this is to communicate with any guests arriving after your sale date and allow them to cancel, penalty free. Depending on the buyers’ intentions for the property they may be able to rebook with the buyer directly.
We believe it is good business practice to communicate openly with your future guests. Keep them informed as early in advance so they have options. Don’t burn bridges here! They may book at another vacation rental property you own in the future.
In summary, there are a few key decisions you should make prior to listing your vacation rental home that will help you avoid stress as the process moves forward. Be proactive and get your vacation rental sold!