Not everyone looking to buy a home in the OBX is looking for their forever home. Many are looking for a rental property. When buyers decide to look for a rental property specifically, there are many additional aspects to consider. These aspects are different than a typical home buying process. The OBX vacation rental market is unique. Therefore, it is important for prospective vacation rental owners to understand the market and their options before making the investment.
While Airbnb is certainly active in the OBX, the vast majority of rentals utilize one of the many vacation rental companies. Unlike traditional hotels, the majority of these companies offer their rentals on a week-by-week basis. These rentals typically turnover on Friday, Saturday, or Sunday.
Choosing a property manager
Each rental company has its own strengths and weaknesses. The right vacation rental manager is dependent on the needs of the homeowner and the property manager’s location. For example, if your vacation home is in Duck you should use a manager who specializes in Duck. Also, different fits may be more appropriate depending on how handy and available an individual is to their home during the rental season. We’re happy to work with any potential vacation rental owners to pair them with the company that is the best fit. Many property management companies offer referral fees to realtors. Scott Team Realty typically does not accept these fees. We want the home owner to know that our recomendation is solely based on the merits of that vacation rental management company.
Vacation rental DIY
For a hands-on homeowner, a property management team may not be entirely necessary. Airbnb and VRBO’s presence in the Outer Banks is growing. The less than one-week rental niche market is growing. On the other hand, property management teams provide a lot of value to new rental business owners. Working with these groups is a great way to learn the dos and don’ts of vacation rentals. Additionally, these companies can assist new homeowners in better understanding their property’s prior rental history, or its rental potential if it has never been rented before.
For additional rental property information visit- Rental Income and Buying Information. If you would like to learn more about vacation rentals in the Outer Banks or the Outer Banks real estate market, please do not hesitate to reach out to the Scott Realty Team!