When you first purchased your vacation home in Maui, you probably thought it would be the perfect excuse to get down and enjoy our beautiful island as much as possible. Maybe your life hasn’t been so accommodating. Maybe your work is a little too busy, or you don’t want to keep pulling your kids out of school, or the cost of the flights adds up. Whatever the reason, your Maui vacation home ends up sitting empty more often than it is occupied. Is it time to sell, or are you overlooking a chance to turn your home into a money-making tool?
Consider the Possibility of Turning Your Home into a Hands-Free Vacation Rental
Your Maui home is an asset that will most likely continue to increase in value…assuming that you hold onto it! Maybe you’ve thought about renting it out in the past, but becoming a landlord is time intensive and tough, especially if you live thousands of miles away. What are you going to do when tenants call to say that the sink is leaking, or if they cause property damage and then skip town? You definitely don’t need that hassle, so does this mean you should just sell and get the house off your hands?
There is another option. Every year over 2.5 million people visit the island of Maui, and they all need somewhere to stay. The island offers many resorts and hotels, but some travelers prefer the privacy and freedom of renting their own vacation condo or home. How about your home?
You might be thinking that constantly renting your home to vacationers is even more work than renting it to long-term renters. That’s not the case if you hire a vacation rental property management company to handle all aspects of renting out your vacation property like Ali’i Resorts.
Why Use a Vacation Rental Property Management Company
If you don’t exactly have the time to market your vacation property to renters, book the property, and handle all the resulting questions and complaints, then you should consider hiring a vacation rental property management company. Basically, the company will do all the work of renting your property on your behalf. A good vacation property management company will have a strong reputation that will allow them to market your property as part of their available catalog. They will handle all of the bookings, take the security deposit, handle payments, answer questions, review the property after each guest departs and clean and maintain the property between rentals.
For all this work, the property management company will take a percentage of the rental profits you earn, and you will get to keep the rest. In essence, your property will make you money and you won’t have to lift a finger. You can use that money to pay your mortgage bills or buy yourself and your family plane tickets down to the island, so you can spend more time at your house. (Just let the property management company know when you plan to come down, and they won’t book any guests).
Of course, this isn’t some magical formula for instant money. No property management company can guarantee that your house will be rented 24/7/365. The condition, size, and location of your vacation condo will determine what pricing the company can ask for, and the amount of vacancies will be affected by the time of year and how well your property management company markets your property.
Interested in learning more?
Work with the best! Ali’i Resorts is always looking for new units to offer our year after year returnee guests. We offer fair compensation to our condo home owners and take great care of your Maui home while you are away.
Take a look at our website to see what properties and condo we are currently showing. We specialize in South Maui but are interested in considering all quality condo homes in Maui.
Contact us today if you would like us to consider your Maui condo home as a money making vacation tool.