Depending upon your location, it could be a buyer’s or seller’s market. However, regardless of where you live or which type of properties you own, there is no question about it – right now is definitely a “landlord’s market.”
There are a few reasons why rental properties (especially multifamily properties) look attractive to landlords and entrepreneurs as well as US and foreign investors. A couple major reasons are:
- Even though the economy is still tough, families are still taking much needed vacations. For those that can afford it, hotels are still an option. If not, vacation homes listings allow visitors to save money while staying longer; opposed to higher nightly rates offered by hotels and resorts.
- Demand for long-term rentals are high and so are the monthly payments. This makes saving for a down payment tough, which means that current renters will stay renters for quite some time.
- Landlords have their pick of tenants. With a slew of renters to choose from, landlords do not have to hand over a lease to a less than ideal tenant. Over time this helps landlords to preserve investment properties while increasing returns and cutting back on unexpected costs.
- College students are actively seeking rentals as opposed to expensive dorms.
While investment, rental and vacation properties have risen and become a trend over the last few years, they can also have their disadvantages.
Besides considering major determining factors such as location, additional expenses and working the numbers to ensure that this investment is indeed an actual investment, there is also the issue of managing tenants and filling vacancies quickly with as little hand-holding and extra work as possible. While there is work required in owning and operating a rental property, there is a difference between profit derived and energy expended from too much work and a level of “just enough”.
iScripts Reservelogic is an affordable software that can assist rental landlords in booking and managing vacation homes, multifamily properties, bed and breakfasts, motels, time share booking, resorts, small hotels, guest houses, tour/travel companies, campgrounds and more. Opposed to scattered listings, the software makes it possible for site and property owners to list all rooms, photos, amenities, utilities, locations and destinations available, all from one main site.
Even if you only have one property, you can also have the option to connect your site to Expedia listings to generate a supplemental income when users complete online booking on your website.
Additional key features include search filters, Google Maps, user ratings, and social sharing while viewing specials and reserving rooms or properties within the live calendar. If more features or site changes are required (such as a defined lease period or application process) iScripts programmers can edit the software to fit your specific business and management needs.
Learn more about iScripts ReserveLogic or call us at 1-(800)-569-5538 to discuss a potential fit for your situation.