Your property in Summit County is your escape. Whether you use it for family vacations, maybe as a seasonal home, or as that getaway just for the two of you, it’s located here in paradise and it’s ready whenever you are.

But what about all that other time on the calendar? If you’re like many property owners in Breckenridge, Frisco, Silverthorne, and more—you’ll want to allow short term rentals of your property, so that when you’re not using it, you’re earning from it. 

At Paffrath & Thomas, we’ve been helping people buy and sell these kinds of properties since 1979. Being a local resource with roots deep in Summit County’s mountain country, we’ve created connections with the best management groups and service providers in the area.

Our team offers tips for finding the right vacation rental management in Summit County. From mostly hands-on to totally hands-off, we can help you get to know the right companies for what you need.

Contact us for recommendations, and check out this list of know-how and know-who tips for finding the right vacation rental property management.

4 Types of Property Management

When you’re looking for vacation rental management in Summit County, your first thought might be to just look up “property management.” You would be right to that, in the way that you can define a square as a rectangle, but not a rectangle as a square.

There are 4 types of property management:

• Residential. For properties where a tenant might choose to live (houses, condo’s, apartments, etc)
• Commercial. Non-residential properties (hotels, office buildings,retail, etc)
• Industrial. Warehouses, manufacturing, distribution facilities, etc.
• Special-Purpose. Property designed for a specific purpose (theaters, stadiums, churches, etc)

Vacation rental property management in Summit County falls under “residential.” However, our short-term rentals for vacationers is so prevalent, it has earned its own designation.

When you’re talking with property management companies about your own property, make sure they know exactly what kind of property management you need, that you get the best, most accurate course of action and array of choices.

Level of Management Assistance

Before talking to a property manager, you should know just how much management you want done for you, and how much of the work you want to do yourself (if any).

You’ll need to consider several operational aspects of the rental procedure to determine how deeply you want to be involved.

Check In

If you don’t live within easy driving distance of your property (and many owners don’t), online services exist with door mechanisms that allow you to control access from anywhere. But what if there’s an issue with the door and your guest can’t get in? 

Someone will need to be available, quickly, to help your guest continue their stay, and keep you from getting 1 star reviews.

Cleaning

Will you do the cleaning service after a stay? Most owners do not. At Paffrath & Thomas we know several cleaning companies which do excellent, detailed cleaning. We use them too when we help clients stage their properties for sale. We wouldn’t recommend them unless we were willing to hire them too.

Interior Maintenance

Similar to cleaning, are you the handy jack-of-all-trades who can fix a frozen pipe, replace a window, or repair drywall? And do you want that kind of responsibility on your shoulders at any given time?

Most of our clients hire out for this kind of work. We can point you to companies and individuals who do great work at fair prices.

Marketing

Getting the word out about your great vacation rental property means clients and income. 

If you do this on your own, quite a few online listing services already exist. You’re probably familiar with several, if not from using them then at least from their own marketing efforts. 

All of them charge certain fees and commissions, so you’ll need to check their websites for details. Here are just a few: VRBO, Airbnb, Booking.com etc….

And those are just some of the national companies. Summit County also has several local companies, and we would be glad to share with you our thoughts on the best of the best.

As part of your marketing, you’ll need:

• Professional photography displaying the best aspects of your property
• Copywriting that paints a picture and draws the reader in
• Contact information that’s clear and easy to remember
• A clear idea of where you want to spend your marketing dollars

Vacation Rental Financial Management

Somebody has to “keep the books” for your vacation rental. When is it booked? What’s the income? How are the expenditures? And all of these numbers come in to play for tax purposes on the business, on the property, and on your income.

Exterior Maintenance

Know what makes Summit County so popular in the winter? Snow. Skiing, snowboarding, snowshoeing, or just enjoying the wonder of snow-capped mountains and the quiet delight of watching snow fall outside your window. With a fireplace going. And maybe some hot chocolate. 

Did we just hear you sigh? Yeah, it’s one of the reasons we love living here too.

Snow is magical. And it’s also an issue for steps, for porches, for driveways and parking lots, for getting into and out of properties. Snow removal becomes your responsibility as the vacation rental property owner.

Plus, painting the outside, fixing railings, patching roofs and more are just part of the deal. Our winters can be on the extreme side, and you’ll need to make sure your rental is ready regardless of the weather.

 

The Bigger Picture

There’s more to vacation rental management in Summit County, but those are the biggest issues, and the largest time investments. You’ve got to decide how much of it you want to do, and how much you want done for you.

Think of it this way: the more you do, the more money you save. But what’s your time worth? Do you really want to spend a day replacing a toilet, or having to make all the phone calls and schedule plans for a local contractor to do it? Or having to make a run, immediately, to your property with a fresh set of towels you had to launder on your own?

Or did you want to be hands-free, letting your property earn money when you’re not using it, and enjoying it when you’re there?

Full Service Vacation Rental Management

In Summit County, many of our real estate clients buy terrific properties for short-term rentals, and then contract a full service residential property management company to do all the work. 

Full service rental management companies do so much for you, including:

• All the marketing, including having professional photos taken, and listing on various sites.
• Collect all fees,handle licensing & do the bookkeeping.
• Provide appropriate cleaning services.
• Ensure maintenance is performed
• Lock down your personal use dates
• Make useful suggestions for improved success
• Keep you informed by communicating regularly

Some even supply linens just for guests!

Keep in mind that a company doing full service vacation rental management in Summit County doesn’t just get renters in and out. They manage your home, your property, to the utmost care.

In-Town Companies vs Out-of-Town

When you speak with companies, you’ll want to consider whether they’re based in the area, or are a national company headquartered elsewhere. 

At Paffrath & Thomas, we’ll connect you with local companies for vacation rental management. In Summit County. We have several extremely competent management groups who are based within easy reach of your property

We do this because local companies know what properties in our mountain towns need for maintenance and seasonal preparation. Plus they already have excellent relationships with staff and contractors who are local. These are the people who get what you need done quickly and appropriately.

So no matter the amount of work you want to do on your own for your vacation rental property, in Summit County Paffrath & Thomas can connect you with the providers most suited to your goals.

Questions You Should Ask Your Vacation Rental Management Team

As you meet with companies and contractors—whether via our introductions or through your own research—there are questions you should ask to make sure they’re what you need.

Maintenance & Inspections

• How often will you be going to my property?
• Do you check for property/inventory damage or loss?
• How often/quickly is maintenance performed?
• When the property is empty, do you check for heating, care, etc? How often?
• When I want to update the property, will you help?
• If repairs are needed—such as a new dishwasher—will you be there during the installation?
• Who will watch over 3rd party contractors for their work?

Financial

• What is the percentage you charge?
• Do you have a list of services I get for your charges?
• How long will my contract with you be?
• What are my avenues if renters are not satisfied with your services?
• What rates do you expect to be able to rent my property for?
• How is the rental rate determined?

Marketing & Advertising

• Do you also handle marketing the property?
• May I see some of the marketing materials you’ve done for similar properties?
• What are the most succesful properties you manage and why do they stand out? 

Renting

• What is the screening process for potential renters?
• How do you ensure the property rules are heeded?
• Who is responsible if the renters cause issues for surrounding properties?
• How do you communicate with clients – through 1 person? Through subcontractors?

Cleaning

• What does the cleaning crew do in a service?
• Are there any areas or types of cleaning excluded?
• If I come into town to use my property, do I have to pay extra for cleaning afterwards?

Insurance

• Are all your employees/contractors insured?
• Will I be in any way liable for accidents/injury while they’re on my property?

Service

• What are the out-of-box services you offer?
• Do you have a shuttle service for rental clients?
• What other services do you do for rental clients that creates a full, enriched experience?
• What is expected from me as the property owner on a monthly basis?

Vetting

• Do your current properties reflect the kind of business you do?
• Which properties like mine do you currently manage?
• Do you offer a luxury portfolio?
• Do you do 1 to 2 bedroom ski in/ ski out properties (frequently condos)?
• May I see a portfolio of your current properties, and visit similar ones to mine?

What Else You Should Know

There are some other tips you should know as you go into providing your property for short term rental.

Deciding Rates

If you hire a full-time company for vacation rental management in Summit County, the company decides the rental rate. Usually it’s based on their experience in the area surrounding your property, with seasonal rates adjusted for comparable properties. 

This is not ironclad, however. You do have some control based upon your needs, and you can talk to the residential property management company about your goals. 

If you decide to do it yourself, most rental platforms have suggested rates, and you can use this info to help determine your income goals. 

Fair Prices

For a full service company to allow you hands-off rental business, the average rate is around 30% to 45% of your gross rental income. 

This is a straight, flat fee as part of a success-based business. If your property isn’t rented, they don’t get paid. The fact is, full service vacation rental management in Summit County should have skin in the game along with you. As a partner, they only get their piece of the rental pie when your property is rented.

As for subcontractors you hire when you want to be more involved in managing the property, well—they’re all over the place rate-wise. Be sure to ask about who they currently service, and check out the appearance of those locations. You could also ask other nearby short term rental owners who they use for their services. 

 

We Recommend Going Local For Services

We’ve had over 40 years of real estate experience in Summit County, and we’ve seen it all. That’s why we recommend you use a local, brick-and-mortar management company over remote, online-based companies.

As the rental owner, you’ve got to be sure that your renters have access to the property. It could be key pick up, or helping when remote access doesn’t work. If all your eggs are in one online basket, what do you do when the internet is down?

We don’t just say this because we love our communities. Experience has shown us, over decades, that locally-based companies usually give you better, faster service. And if they don’t, we know it—and won’t recommend them.

When you work with Paffrath & Thomas Real Estate to close on a property, and your goals are to use it for short term rentals, we know the companies that do the best work for each specific property style. 

We’ll gladly introduce you to 3 to 4 companies that match your goals, and talk you through what they do BEFORE you meet them. You’ll walk in informed, and ready to do business. And keep in mind, we don’t make a dime off of this. No referral fees, no under the table money. We find great people, because we have great clients. It’s just what good neighbors do up here!

Plus we stay on top of the state, county, and local regulations regarding short term rentals in Summit County. We can help you be prepared to move forward with your dreams. 

For Real Estate and Real Expertise

Our team of professional Reators® are ready to be a resource for your goals. We’re experts on mountain properties, and we know the folks who provided services that make our communities thrive.

Contact us today, even if you already have a property! We’ll be glad to share our connections with you. And when you’re ready for a new property, we have free online tools to tell you current market conditions, and what your home is worth. Check out our listings to find that new dream home!

Paffrath & Thomas is here for you, on Main Street in Breckenridge, online for buyers and for sellers, and down the street as your neighbor. 

Come for the winter, stay for the summer, with Paffrath & Thoma