Tag Archives: rentals

Summit Sotheby’s International Realty partners with InvitedHome in exclusive partnership

WHAT MAKES INVITEDHOME UNIQUE?

InvitedHome is a luxury vacation rental management company unlike any other. InvitedHome manages premier homes and condos in resort destinations across the country. InvitedHome began in 2008 as a vacation rental management company in Lake Tahoe and has since grown into a full-service management and booking service for million-dollar homes.

Our passion and our mission is to create amazing vacation memories for our guests while providing meticulous care for our homes, earning maximum profit for our owners, and inspiring peace of mind and joy for the vacation rental ownership experience in each of our destinations.

Our goal is to transform the vacation rental experience by combining the high standards and service of fine hotels with the comfort and unique beauty of privately-owned homes. We hire the best talent and empower them with the technology and training to deliver first-class service and peace of mind.

WHAT SERVICES DOES INVITEDHOME PROVIDE?

InvitedHome is a full-service vacation rental management company. That means they handle everything necessary to maximize your home’s rental revenue according to your specific goals and objectives.

INVITEDHOME KEY DIFFERENTIATORS:

1. Our sophisticated global marketing and sales strategies keep us on the leading edge of the everchanging vacation rental industry. We work directly with representatives from all of the top listing sites like HomeAway, FlipKey, VRBO and AirBnB to stay current and to get the best placement for our homes.

2. Our best-in-class website receives 25,000+ unique visitors each month, ensuring more exposure for your home than many companies could ever provide. With the help of robust and dynamic marketing strategies, our direct-booking rate is often as high as 55%.

3. Our mobile platform enables guests to easily book from anywhere, at any time, on any device.

4. Our dynamic pricing model gives you 500+ nightly rates per year– we adjust these daily rather than seasonally, to keep in line with shifts in market demand.

5. Our local team of highly trained and dedicated professionals provide superb attention to detail in housekeeping, maintenance and guest services. Our team goes above and beyond to accommodate special requests and ensure a superior quality of guest experience to keep them coming back to your home year after year.

6. Global reach – We are in some of the most sought-after resort destinations in the country and we’re still growing. Our guests come from all 50 states and 25 countries around the world. And we have one of the highest customer satisfaction rates in the industry.

7. You have our undivided attention. Unlike many other local property manaement companies who are also invested in selling real estate, our sole focus is on managing your vacation rental and optimizing the results. Think of us as your asset managers. We want to keep your investment performing at its best for the short and long-term. If you need a realtor, we have trusted agents who specialize in vacation homes that we can recommend.

WHAT DOES MY HOME REQUIRE TO BE INCLUDED IN YOUR RENTAL PROGRAM?

InvitedHomes specializes in high-end luxury homes that feature a winning combination of location, condition, design, amenities and decor. Not sure if your home would be a perfect fit? Please contact a Summit Sotheby’s International Realty sales associate to schedule a home visit. We would love to provide you with a brief presentation so you may make an educated decision on entering the short term rental market with the right management company.

Investing in Utah

The rental market is competitive and can be financially rewarding. Protecting one’s investment, keeping your rental full and providing an exceptional living experience for tenants, comes much easier with a firm understanding of the rental market.

1) Average rent for a 2 bedroom is nearly $900/month and is trickling up– Research the average rent price in the area of your rental. Compare your property to others. You can charge extra if your property is updated or well maintained, or offers proximity to shopping areas or green spaces.

2) Neighborhoods dominated by renters have higher crime rates than owner dominated neighborhoods – Statistically good schools walk hand-in-hand with low crime rates. Additionally, properties in good school districts hold value better long term and in the rental market. Moreover, it never hurts to run a background check on potential renters, if you have multiple units, this could also be used as a selling point.

3) Nearly 11 percent of Utah’s residents are in the 20-24 age bracket, and 93 percent of them are employed – Take advantage of this ready market by embracing ease and technology. Buy a property with multiple bedrooms, rethink lawns or lawn care, make getting things fixed quick and stress-free and make it easy for tenants to pay their rent online. However experts do warn: Stay away from college towns, where vacancies will ebb and flow with the semesters.

4) Rental Vacancy Rates are at historic lows in Utah – Don’t be the exception. Keep your tenants longer by maintaining the property and being grateful for good long-time renters by thinking twice about raising their rent, which may drive them away. If your property does become vacant, act fast by advertising immediately and offering incentives such as a discount on the first month’s rent to get it filled quick.

5) Salt Lake is consistently ranked among the top U.S. cities for its promise of good returns on rental investments – Avoid losing money to repairs by having a clear list of what the tenant is responsible for and maintaining your side of the deal. The best way to lose money on your rental is by letting it fall into disrepair. Maintain it: re-caulk bathroom tiles, fix leaks, clean gutters, get temperature systems checked, repaint inside and out and don’t dodge making reasonable updates. 

6) Landlords are eligible for more tax breaks than almost any other group – If you can, get a professional for the job. If that’s not an option, reduce your amount of taxable rental income by keeping a meticulous list of rental expenses. Local and long distance travel, depreciation, interest on your mortgage and loans used to improve the rental property, repairs, utilities, insurance premiums, legal services and theft are all expenses that can be subtracted from your income – ultimately saving you loads of money come tax time.

8 Essentials for a Profitable Park City Vacation Rental

Artsy, historical, gastronomical and adventurous—Park City has many draws for locals and visitors alike, which is what makes it such a fantastic and often lucrative place for vacation rentals. Nevertheless, the vacation market is fickle so we’ve consulted our own Mary Ciminelli, a Summit Sotheby’s International REALTOR® in Park City. She is an expert in income properties, and has supplemented her real estate expertise by studying investment analysis for rental income properties. Mary also owns and operates a nightly vacation rental property management company, which gives her an intimate understanding of the rental market in Park City and Deer Valley.

So, what are the essentials for a profitable vacation rental?

Bank on the nearby slopes.

When in Park City, Mary suggests starting with the slopes. Start out by choosing a property very close to at least one of the three ski resorts in Park City, and if you can find a ski-in ski-out property, even better.

Choose a property close to downtown.

A property both close to downtown and the resorts provides an assortment of activities that will likely lengthen the stay of your renters. Proximity to downtown and Main Street is even more important in the off-season – when the powder is no longer a draw. Walking distance is ideal. However, the next best thing is nearness to Park City’s free bus system.

Choose something modern and spacious.

Park City hotels effortlessly merge luxury with sport. A vacation rental must be updated and include similar amenities in order to compete with these powerhouses. Features such as a great view, hot tub, pool, fireplace and a large number of bedrooms will set you apart from the rest and allow you to increase your rental price.

Compare apples to apples before you buy.

Find out past rental income figures if you can. If this isn’t an option compare your potential property to others in the area with a similar number of beds/baths, finish level and proximity to the slopes and Main Street. Don’t forget to factor in the hot tub.

Know your HOA.

Some HOA properties are not renter friendly, do your research and make sure there are no rental restrictions. HOA fees will vary, so find out exactly what exactly is covered.

Choose a property management company wisely.

Compare the price of different property management companies before you buy because this number will affect your net rental income. Focus on a company that has a small amount of properties to manage, one-on-one personal service with both owners and guests and will market your property well, which a vital element to maintaining profitability.

Figure out your true rental Income.

Once you know what your maintenance fee covers, factor in utilities, insurance, taxes and HOA fees. Consult with your accountant about the advantages of depreciation and eligibility for a 1031 exchange. Having an idea of your potential rental income is a vital when negotiating a purchase price.

Realize your rental income will vary.

The income of your Park City vacation rental is subject to all kinds of things, from the season, to ski conditions, to the current economy and flight costs just to name a few. Your budget when buying should allow for that flexibility.

If you are interested in purchasing an income property in Park City you can start by contacting our Park City real estate office. Or, browse our current listings. Summit Sotheby’s International Realty is the exclusive Sotheby’s International Realty Company for the state of Utah. We have 7 offices and over 100 brokers and support staff associates serving some of Utah’s best-known luxury markets including; Park City, Deer Valley, Heber, Midway, St. George and metropolitan Salt Lake City.   

About Mary Ciminelli

Mary Ciminelli is a top-ranked real estate agent at Summit Sotheby’s International Realty in Park City. Mary’s primary focus is investment and rental properties in the areas close to the Deer Valley and Park City ski resorts. She also has extensive knowledge of the Park City single-family home, vacant land and ranch markets.