As we approach the 2019 cottage season, those of you fortunate enough to own a cottage often ask if renting your cottage out to guests is a fiscally wise decision.
There is no doubt that there are significant financial benefits to renting out your vacation property…but what about the risks? Particularly when one considers all of the bad press surrounding the big internet vacation property services, and the spectre of guests who simply don’t give the properties and neighbours the respect or consideration due. There is no doubt an element of risk when letting strangers use your property, but thankfully, the bulk of families are simply looking for a place to get away without any hassles or unforeseen challenges. Most take care of the properties as if it were their own, and everyone wins in the end.
That being said, how does one minimise the risk? In fact, if you haven’t done any sort of renting in the past and are new to the game, how does one even get started? Fortunately, there are alternatives to the big internet providers whose headquarters aren’t even in the same country, (let alone province), provide very few assurances and essentially let the owners do all the work and consequently take on most of the risk! Consider engaging a local cottage rental agency. Here you will often find the expertise, assistance and local knowledge that the big box companies simply cannot provide.
At a local agency you and your guests will find friendly staff who actually live in your community, are full of knowledge about where to fish, where you can launch a boat, find a local doctor or hospital…even find where you can get the best fish and chips! A local agency will get to know your property, and will best know how to match your property with guests who will benefit most from what you have to offer. A local agency will take the time to make sure that, as an owner, you understand everything about the rental process and what you can expect, and what you can do to make your guests stay more enjoyable.
Some municipalities have new regulations which have tried to control some of the challenges that come with property rentals. Local agencies can be extremely valuable in knowing what is allowed and what isn’t. Some agencies can even keep you as the owner, completely anonymous if you wish and can handle everything from check-in, right through to check-out as your representative! In particular, a local agency will be there in times of unforeseen circumstances, and with their experience, be able to best assist you and or the guests through any challenges that may pop up.
Owning a cottage is itself a significant investment. If you choose to rent it as so many owners have, why would you leave so many things to chance as you would with a faceless internet cottage service provider? Using a local cottage rental agency will give you the peace of mind and expertise that you simply won’t find anywhere else!
Submitted by Steve Dewey
WRD Cottage Rental Agency