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Tips for Successful Summit County Short Term Rental Investments

12/04/2023

Clients shaking hands after transforming their vacation home into a Summit County Short Term Rental

You have a property in Summit County. You’ve had some great times there, whether you were skiing down the slopes or just enjoying some well-deserved rest and relaxation out in the wilderness. And as much as you love your Summit County home, you don’t use it 24/7.

We all wish we could be on vacation all the time, but at some point, we have to get back to reality. So what can you do with your home in the meantime?

How can you take your vacation home and turn it into a valuable asset, one that may even turn a profit? Stop thinking of your vacation home as a periodic getaway, and instead, reframe it as a Summit County short term rental investment!

At Paffrath & Thomas, we’re all about helping our buyers get the most out of their home. While our bread and butter is buying and selling Summit and Park County homes, we can also help you figure out how to turn your vacation home into an investment property.

With our tips, you can get the most out of your home. You don’t have to be staying at your vacation home to benefit from it! So read on to understand how you can help your Summit County short term rental thrive. But before we get into that, we’d like to tell you a little more about ourselves.

Our Background

Paffrath & Thomas has been operating in Summit County for over 40 years. And in that time, we’ve grown to understand the area. We’ve helped countless people buy and sell their homes, and we’ve always taken the extra time to ensure that the process is simple and enjoyable.

We’ve closed over a billion dollars worth of transactions in our time in Summit County, and we’re so proud to have been able to contribute to this incredible place. We’re the oldest local, family-owned brokerage in Breckenridge, and we owe our longevity to the great Brokers and staff in our organization.

Our People

When our founders created this company back in 1979, they knew they weren’t just growing a business; they were growing a legacy. Just take a look at our team members, and you’ll see a few recurring names.

We’re a family company in every sense of the word. Our founders, the titular Paffrath and Thomas, wanted to build a business that would benefit not just them, but their children and grandchildren. This could be a company that would provide for their families for generations to come. We love working with our family members, and we hope you’ll come by and meet them!

Summit County

We couldn’t talk about Summit County short term rental investments without talking about Summit County itself. If you’re looking to rent out your home, Summit County is a great place to do it. It’s filled with gorgeous, natural scenery. You only have to look around to get a taste of the beauty this area has to offer.

And the best part is, since 80% of the county’s land is federally owned public space, anyone can enjoy Summit County. So, as you’re looking to rent out your vacation home, remember all of the things that drew you to this area in the first place.

Why do you think we’ve stayed here for so many years? We can’t get enough of Summit County. 

How to Get Started Renting Out Your Home

So, now that you know a little more about us and what we do, we can discuss Summit County short term rentals. You want to rent out your home, but you don’t know where to start. We understand—it can be an intimidating process, and it’s difficult to know precisely where to begin. But we’ve taken the guesswork out of the equation.

Thanks to our years of experience, we know the best ways to get your rental off the ground. We’ve anticipated some common questions you may have about the short term rental process, and we’ve answered them before you even have to ask!

But before we get started, it’s important to note that there are new rental regulations in Summit County. Depending on where you live, you may be limited to a certain number of short term rental licenses, or you may not be able to get one at all.

If you’re not sure about your area’s limit or how you can obtain a license, take a look at our blog on rental regulations for more information.

What Advantages Does Your Home Offer?

The first step in setting up a successful Summit County short term rental is taking an objective look at your home. Of course, you love your home, but what can you offer a renter with lots of different choices? Are you a skier? It goes without saying; many people in Summit County love to ski.

The perfect location for skiing after renting a Summit County Short Term Rental

So, if your home is a short walk to the ski run, then let potential renters know! If your house is ski-in/ski-out, then even better. People looking to come to Summit County for time out on the slopes will love your home.

But here’s something a lot of people don’t consider: not everyone who visits Summit County enjoys skiing! Though many people come to Breckenridge and Summit County for winter sports, that’s not all we have to offer. So if your home is far away from popular ski destinations, don’t worry. Your property still has advantages that others don’t.

Many people come to Summit County looking for isolation. In an increasingly interconnected world, lots of people just want some time away from technology (and other people). For some, the idea of a cozy wilderness hideaway is far superior to a ski-out property. Sitting on a porch, listening to the birds, and watching the sun go down is all some renters will ever want!

If your home is surrounded by woods, far away from everything, don’t hide the fact. Sell it as a feature instead!

Meet With a Management Company

If you want to make the Summit County short term rental experience easier on yourself, consider meeting with a management company. Modern day technology and businesses like Airbnb and Booking.com have made the process of renting out your home easy and hassle-free.

It might seem unnecessary to have a third party help you, but it’s difficult to do all the work yourself. You may have trouble getting renters on word of mouth alone, and management companies are able to advertise your home more effectively. They also ensure the property is well maintained and in a condition that is to your satisfaction.

Take Stock of Your Home’s Décor

You might take umbrage at this piece of advice. The idea of changing your home to cater to your renters may not seem like a very fun idea, but the little things are what make your home stand out. This is a business that depends on positive ratings and reviews, so take some care to ensure that your home is up to the task.

A good example of home decor for a Summit County Short Term Rental

One of the ways you can make your home more palatable for your renters is by removing anything that reminds them of you. Renters want to think of your Summit County short term rental as their own personal getaway. So, when they see pictures of you and your family, it can break the illusion that this home belongs to them.

Don’t feel bad about stowing pictures away in the closet. You can always put them back up after the renters leave. You want your home to feel like a blank canvas—something that other people can project themselves onto. 

Buy Furniture That’s up to the Task

You want to make sure that your furniture can handle anything your renters throw at it. Don’t worry—your renters probably won’t be throwing wild parties in your living room, but regardless, you should have furniture that doesn’t need to be handled with the utmost care. For ideas on rental ready furniture visit our friends over at iFurnish.

For instance, if you have an old family dining chair that’s on its last legs, you can’t assume that a renter will know to treat it delicately. No one wants to hear that their hand-carved heirloom furniture was destroyed by one of their unsuspecting guests. So, if you do have furniture that’s more on the fragile side, consider storing it away.

Clear Is Kind

One of the most common reasons that a person may be hesitant to rent out their home is privacy. People don’t want to feel like a stranger has invaded their space, especially when their home is filled with things they value and cherish.

But just because you’re renting out your house doesn’t mean you have to do away with all of your boundaries. Just set your expectations and be firm.

If you want to keep your basement off-limits, be sure to let your renters know! They’ll understand. There’s nothing wrong with leaving a short note for your guests. Keep it kind and personable, and simply explain your rules. It’s your home; they’re just staying in it.

Talk to Us!

Do you have more questions about the Summit County short term rental process? Don’t hesitate to reach out to a member of our team. We’re always here to help the people of Summit County!

We have lots of resources to help anyone who has questions about our area’s real estate industry. And, of course, if you’re looking to buy or sell your home, we have virtual tool options for anyone who needs help. The process is fast and intuitive, so there’s no reason not to give it a look.

Help me find a home!

What’s my home worth?

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