Selling my Vacation Rental
Beach Time Rentals has partnered with RE/MAX Action First and The Hayslett Team. Contact them for a free, no obligation consultation regarding the value of your vacation rental and the process of selling.
Selling a vacation home is different from selling a primary residence with a traditional real estate agent. In the vacation rental real estate market, your buyers probably aren’t community members, and they may be just as interested in a property’s cap rate as they are in its curb appeal.
In both traditional real estate and vacation rental real estate, location is the number one factor influencing your home sale. But, in vacation rental real estate, you’re not just selling a home on the beach (or in the mountains, on the lake, etc.). You’re selling a business opportunity in a vacation destination, rich with amenities and distinct cultural draws. This distinction changes the stakes, steps, and skills involved in your sale.
The Hayslett Team with RE/MAX Action First is the #1 real estate team in the Tampa Bay market when selling or buying a vacation rental home. We have completed thousands of transactions and have a proven international marketing plan designed to sell vacation homes for top dollar.
Here’s what to expect when you sell your vacation home with a RE/MAX Action First and The Hayslett Team:
1. Share vacation home selling goals and set expectations
Every seller has their own reasons and their own goals for selling a vacation home. Still, your decision to sell should be as informed as your decision was to buy.
Together, we explore these and other questions:
- Has your lifestyle changed, suggesting that it’s time to sell the vacation home?
- Are you looking to divest your portfolio and sell off an investment property?
- Is the home part of an inheritance, and you’re concerned about maintenance?
- Are you renting out the home but not meeting your financial goals?
- Are you looking to do a 1031 exchange for a more comfortable vacation home?
- What are the advantages and options for making the property available to guests during the sale?
Our vacation home sellers often discover they have more choices, and more potential to earn top dollar, than they initially realized.
2. Prioritize vacation home repairs and improvements
To earn true value for your home, you need to bring it to market ready to rent. Our agents work with you to complete pre-sale inspections, identify critical repairs, and prioritize any improvements.
This pre-work eliminates surprises
85% of home buyers who apply for a mortgage will request an inspection. In fact, many lenders require them (and nearly 75% of vacation home buyers plan to finance their purchase).* Yet, most sellers wait for the buyer to initiate and pay for an inspection, even though the inspection report can make or break your deal. You don’t want to find yourself in a blind spot or hung up on a detail that could have been avoided.
Local expertise pays off
Inspection processes and code requirements in vacation destination markets vary greatly from those in locations where owners reside. Your local agent will have on-the-ground experience with the unique regulations, building codes, and common inspection issues in their markets. They also have valuable firsthand experience with everything from climate considerations (like mold) and severe weather issues (like hurricanes or ice storms), to pest concerns (like termites) and geographical or geological events (like fire, seismic, or tsunami exposures).
Local real estate agents can anticipate or resolve flash points that sometimes emerge during an inspection and assessment of the condition of your vacation home.
Pre-inspections can save you money—and headaches
With a pre-inspection, you reduce the risk factors in your sale before your home ever hits the vacation rental real estate market. Our agents share their expert insights and network of trustworthy vendors, so you can prioritize repairs and improvements—then perform them up front, on your terms. You can even potentially pay for those repairs with guest revenue if your home is operating as a short-term rental during your sale.
3. Stage your vacation home for sale
Staging reduces the number of days your home is on the market and protects your list price.
Nationwide, three out of four homes on the market for longer than one month will sell for less than their list price (Source: Zillow, 2017). It only makes sense: the longer a home sits on the market, the less valuable it’s perceived to be, and the price drops.
That’s why staging is so important. Staging invites buyers to imagine the home’s potential in ways an empty space, or an overly personalized space, does not. When done well, staging creates an emotional, human scale to a space, illustrating its usability and value without over-personalizing the home.
Staged homes sell for 17% more than comparable unstaged homes.
(Source: Washington Realtors, 2016)
Sellers who spend 1–3% of their home's value on staging see a 1000% ROI.
(Source: Washington Realtors, 2016)
Staging is easy
If Beach Time Rentals already manages your property, it’s likely we’ve already staged your home to leverage photos for your vacation rental listing.
If you’re selling, but Beach Time Rentals has not managed or listed your vacation property, this could be the perfect time to stage your home and begin property management services. Vacation rental sales cycles vary from market to market, and if you can earn income on your property during your sale, you’re in a real position of strength. Plus, according to recent studies, 96% of vacation rental buyers prefer to buy in markets they’ve already traveled to. Your buyer could easily be a guest who falls in love with your vacation home and makes an offer during or shortly after their stay.
4. Price your vacation home for sale
Vacation home buyers have all the time in the world to search for their next, right investment. Your buyers know their markets, and they can be unmoved by emotions when homes are priced above market value.
That’s why you’ve got to price appropriately. A poorly priced home can kill your chances the moment your buyers take a closer look. With a properly priced listing, you can catch a buyer’s interest quickly and trigger a full-value offer.
How we reduce risk with vacation home pricing
Our local expertise and data-driven insights inform pricing decisions, so you can attract the most buyers in the shortest amount of time possible. We will also provide you with a Comparative Market Analysis (CMA), pulling properties comparable to yours in the surrounding area to set proper expectations on pricing, and to support pricing your property correctly the first time.
Your listing price comes together by balancing these elements:
- Your Comparative Market Analysis (CMA)
- Your home’s title information and property insights
- Historical short-term revenue data (for homes managed by Vacasa)
- Short-term rental income potential
- The current condition of your home
- The value communicated through home staging
- Seasonal influences
Remember, in the end, buyers decide on the value of your home. You decide how to set up your home to compete, and win, against other homes for sale.
5. Win with targeted vacation rental real estate marketing and exposure
We’re here to help put your home’s best face forward and attract more vacation home buyers ready to offer your property’s full value.
Your unique target markets
Remember, vacation rental sales are different from traditional primary residence listings. Typically, your buyers come from two market segments: