In order to market your Pagosa Springs rental you will also want to consider how you may integrate your vacation rental program into all of your work, social and family networks. If you are employed by a large firm, you may be able to generate plenty of business by marketing your Pagosa Springs rental to folks within your company. You will also need to have a relationship with a local handyman and housekeeping service. There are qualified people within Pagosa Springs that can take care of these tasks for you.
If on the other hand you do not want to be directly involved in the management of your Pagosa Springs rental property, you may contract with one of several rental management firms in Pagosa Springs. They will take care of the pricing, marketing and management and provide you with a monthly report of all rental activity, revenues and expenses for the rental. The fees charged for rental management are set by each firm; you may pay anywhere from 25%-50% of the gross revenue. You will need to check with the management firms directly. Some questions you may ask as you interview management firms would be: How many rental units do you currently manage? How long have you been in business? How much income do rental properties similar to mine generate annually? What are your fees? Are you insured with liability as well as errors and omissions coverage? Can you provide me with three references among your existing and past clients?
Renting out your Pagosa Springs vacation home can provide some extra income to help offset property taxes, insurance and maintenance expenses. Your accountant can explain the guidelines you will need to follow in order to maximize the income tax advantages of the rental program. Please give us a call at Pagosa Source to discuss rental programs or anything related to real estate in Pagosa Springs and Southwest Colorado. As always, your discussions with us are without cost or obligation and remain strictly confidential.