The Benefits of Renting Your Home Through a Trusted Rental Advisor
For owners in popular vacation markets, you may be thinking that renting out your home may be better than selling it. If you own a home in Aspen, Snowmass, or in the Roaring Fork Valley, what are the benefits of renting your home? And what advantage is there when you do it though a trusted rental advisor?
Holding on to your investment and receiving significant cash flow from it isn’t such a bad idea. After all, the market is having a record-high demand right now. Plus, while inventory remains low, owners who decide to rent their homes are commanding a premium, and setting their own terms.
First thing’s first though, if you do choose to rent your home, you don’t have to do it alone. You have options. You can always go the online route and put your house on the rental market with a popular company like AirBNB or VRBO and spend a lot of time managing inquiries on your own, or you can choose a trusted Engel & Völkers Rental Advisor. In this article we want to talk about the advantages of choosing the latter.
At Engel & Völkers You Have An Advocate For Your Home
When you use an Engel & Völkers Rental Advisor, the most important benefit is you have an advocate for you and your home. You are not just an online contact or lead, you are a preferred client who has a qualified real estate professional in your corner.
Our Advisors are educated on the real estate market, licensed and regulated by the state as well as members of the Aspen Board of Realtors and the National Association of Realtors. This requires the Advisors have annual continuing education and abide by high ethical rules. And being a part of the Engel & Völkers brokerage means they are a part of a larger network. The Engel & Völkers global audience will be an advantage to you by bringing in more qualified prospects to rent your home!
When you work with E&V, you’re granted the ease and convenience of allowing our professionals to handle the entire rental process for you while you earn an income on your property. Your property will be rented out as soon as possible while being protected and rented in favorable terms and conditions that you help set.
What it Takes to Achieve Success When Renting Your Property
There are two main factors in achieving successful rentals on your property: pricing the rental effectively and finding quality guests – Engel & Völkers can help you accomplish both.
An Engel & Völkers Advisor has in-depth, specialized knowledge and understanding of the market and turns our range of service into a valuable, all-inclusive package for you.
In addition to being an active part of the local real estate industry, they will also conduct business in a way that will reduce stress and eliminate errors.
Benefits of Working with Engel & Völkers and a Trusted Rental Advisor:
- They have access to broker-approved documents and systems
- Each Advisor is required to follow brokerage rules and best-practices
- They will physically meet prospects and walk them through your home
- You will receive professional one-on-one attention, advice, support and communication
- An E&V Rental Advisor knows the local market area and how to market to clientele that can afford to rent your luxury property
- Engel & Völkers Advisors have a network of vetted prospects and contacts, as well as strong relationships with other real estate agents in the Valley
- They can make recommendations based on your location, and the rules and regulations of the area
You are Protected and More Secure When You Work with Engel & Völkers
- Contracts are non-refundable and non-cancelable vs. VRBO/AirBNB that can be canceled within a month, a week or even a day
- Engel & Völkers vets the process and approves potential occupants to ensure safety and that your home is well kept
- Engel & Völkers requires a cash security deposit- not a credit card that can be disputed – and is held in client trust escrow with Engel & Völkers
- Our Rental Advisor will do a walk through before and after the rental to ensure there is no damage and will provide photo documentation
- We require owner approval of each rental and only the owner can authorize release of security deposit (security deposit damage is based on actual costs, not statistical national costs like AirBnB—which are often much less than actual cost in our area)
- You will work with your trusted Advisor to establish house rules, HOA rules, understanding linens, removal of personal items and house-keeping processes
What is a Property Manager? Do I need one?
A Property Manager performs periodic inspections of your property and performs preventive maintenance. They are also responsible for providing emergency assistance when there is a problem with the home, such as mechanical or plumbing systems. The Property Manager also provides a cleaning/housekeeping team that understands your home and the proper cleaning methods.
When renting your home out, a Property Manager is required to service maintenance and emergency issues that may arise. While there are some Property Managers that provide rental services, our customers find that separating the two is both financially beneficial, as well as operationally.
- Engel & Völkers will work with the best Property Management company that fits your needs, as we understand its not a one size fits all approach
- Your Engel & Völkers Advisor acts as a liaison between the property manager and owner, eliminating a lot of the back and forth communication
Other Reasons Renting Your Home with Engel & Völkers Could Be the Best Option
By exclusively working with us…
we will be at your side to take care of all the details – avoiding the pain-points that come with renting your property on your own.
Exclusive vs. Non-Exclusive
What is an exclusive listing? What are the benefits? An exclusive listing is an agreement where one real estate service company commits to marketing your home across the region, nation, and internationally to qualified candidates.
Engel & Völkers marketing strategies extend far beyond any do-it-yourself platform! Additionally, we are responsible for vetting inquiries. We keep you apprised of rental regulations and maintaining compliance. We assist in preparing rental agreements, collecting and remitting sales/lodging taxes, and performing pre-check-in walk-throughs with photos or videos, as well as post-departure walk-throughs.
Last, to ensure the best guest experience, we provide concierge services, place luxury Molton Brown toiletries in the bathrooms, and generous welcome baskets with seasonal items and snacks.
Concierge Services Provided by Engel & Völkers
To ensure a very happy guest experience and encourages repeat bookings, which benefits the owner, we offer the following concierge Services:
- Personal Driver / Vehicle Services – Whether you want the independence of your own vehicle or a personal driver, we will coordinate convenience on demand.
- Personal Chef / Groceries Stocked – From a fully stocked fridge to organizing a formal multi-course dinner with a personal chef, our concierge team can offer the right blend of services to cater to you and your guests. We work closely with some of Aspen’s finest culinary experts to prepare individual experiences including: cooking classes, meal preparation, and private chef hire. We bring world-class culinary delights direct to you.
- Dining Reservations – Eating out? Let our concierge team organize your dining reservations so you can relax and enjoy your time away.
- Lift Tickets – Lift tickets are available to purchase in advance with a discount and added convenience. Engel & Völkers offers clients a lift ticket and rental service, including custom boot and ski fittings brought to your home.
- Spa and Salon Services / Scheduling & Offering In-Home Services – Plan some time to relax and unwind and let us prepare an indulgent experience with a much-deserved spa service or beauty treatment. We have access to Aspen’s world-renowned spas and salons, also offering in-home services.
- Sitter for Children and Pets – Engel & Völkers has sourced compassionate and quality babysitting companies to take care of your children and pets. You can enjoy all that Aspen has to offer with peace of mind that your VIP guests are being well cared for. We take pride in matching the right sitter for your needs.
In An Exclusive listing Engel & Völkers provide the following:
- Professional photos.
- MLS Marketing
- Website/Internet Presence
- Print advertising
- Welcome baskets for the renters as well as providing a third party local concierge for them to ensure they have a wonderful vacation
- Provide timely responses to owner, renter and referring broker,
- Facilitation of Property Management as an intermediary between renters and owners.
- Providing a list of preferred property management companies that offers such services such as housekeeping, snow removal, general maintenance etc. as needed.
- Previewing each home to all interested agents and renters
- Informing owners of all responses and inquiries on their home.
- Service Fee amenity list provided to each renter of all services we provide
- We will work with you on meeting the Recommended Home Standards list of basic expectations that renters expect out of a luxury vacation rental in the Aspen/Snowmass area
- Collection of the security deposit for each rental, held in a client escrow account, as well as paying all cleaning and damage invoices, as well as return of the security deposit.
In a Non-Exclusive Listing such as an online company like AirBnB/VRBO, the owner works with each broker that brings a potential renter and is in charge of their own photos and marketing. Therefore there is no incentive for any one person to fully market the property and take on responsibility for ensuring the owner’s rental goals are met.
Engel & Völkers will Handle Secure Legal Processes
There are many details and factors that go into renting your luxury home. You want to be protected and you want to make the most money possible with the least stress and expense. This is why more people turn to Engel & Völkers to handle their luxury rentals in the Roaring Fork Valley. Engel & Völkers will handle these details for you:
- Administrative compliance
- Sales and Tax Collection & remittance to each local city/town, county and state.
- Vacation Rental Permits
- Local Government Filings
- Trust Ledger & Accounting
- In-depth and lengthy financial processes
Work with the Best in Roaring Fork Valley
There are so many questions and considerations you’ll have about renting your property – and we’ve got the answers. Contact Engel & Völkers to speak to a trusted Rental Advisor for more information and details on how to list your property as a rental.
Are you Interested in Our 7 Step Process to Successfully Rent Out Your Property? It starts with our Initial Consultation.
Request our Simple 7-Step Process here – https://aspen.evrealestate.com/Owner-LP