WHAT IS A VACATION RENTAL
Many people confuse the term vacation rental with Time Share mainly because both are similar in the sense that they are making a Real Estate property available for occupancy for a short period of time (most of the time a week or two) and usually associated with the travel or vacation industry. But in reality they are different terms and describe similar but different activities. Since we are mostly dedicated to the Vacation Rental business as property managers, we think that it is worthwhile to describe both activities and in doing so we hope to bring some clarity to the term Vacation Rental.
According to Wikipedia dictionary, Vacation rental is a term in the US travel industry meaning renting out a furnished apartment, condominium or house on a temporary basis to tourists as an alternative to a hotel. Other parts of the world refer to holiday homes or holiday apartments.
A vacation rental is a fully furnished property, such as a holiday cottage, condominium, and townhome or a single-family-style home, often referred to as villa rentals in Europe . The client/traveler arranges to rent the vacation rental property for a designated period of time, many rent on nightly basis similar to hotel rooms, although the more prevalent vacation rental industry practice is typically weekly rentals.
Vacation Rental vs. Timeshare:
As mentioned, consumers unfamiliar with the concept of a vacation rental may confuse it with the seemingly similar, but distinctly different, timeshare. A timeshare can still be rented as a vacation rental should an owner decide to put his owned week(s) or time period on a vacation rental program. A timeshare is a piece of real estate—often a fully furnished condominium—that is jointly shared by multiple owners. While different types of timeshare ownerships exist, in general, each owner bears a portion of the responsibility, along with the right to a segment of time in which he or she is granted sole use of the property. Timeshare owners can also choose to bank their week with and exchange company such as RCI, or rent the unit.
Vacation rentals are generally appealing for many reasons, some of the foremost being cost savings, more space, and no tips or service charges that are associated with hotel rooms. Vacation rentals have equipped kitchens for cooking, living rooms for gathering together and offer the appeal of living in a real neighborhood and soaking up the rhythm of the locals. In the United States , hotels often enjoy the advantages of brand recognition, familiar reservation processes, and on-site staff for problem resolution. For a guest, booking a vacation rental may mean stepping out of that comfort zone in order to garner some of the advantages they offer. Perceived cons of vacation rentals can include having to communicate directly with the property owner, being unfamiliar with the property, lack of on-site staff, and concerns about quality or cleanliness—however, these are most often mitigated by dealing with villa or vacation rental agencies that manage vacation properties for owners. This is possible because many property owners contract a vacation rental or property management company to manage the business of their vacation rentals. These management companies market the vacation rental property, providing information and photos to guests and handling reservations and billing in the homeowner’s behave. These companies also handle details such as guest check-in, housekeeping and property maintenance.
There are numerous agencies that specialize in villa/vacation rentals and most can be booked via the internet. Reputable vacation rental agencies will have familiarity with the regions and properties they represent as well as official booking/rental agreements and generally standardized booking procedures, cancellation policies, key collection, etc.
Additionally, vacation rentals may be offered through aggregation portals. Aggregators, which are not property managers, typically display property information and photos provided by the homeowner; however the listing services bear no legal responsibility for the accuracy of the information. Also, because the listing services do not verify the information guests are encouraged to request references from past renters and to procure a lease agreement prior to sending money directly to a homeowner. On the other hand, property owners also do not have the advantages of a property management company related to the collection of rental fees, management of property maintenance, coordination between different clients, etc.
A vacation rental may not be booked directly with a listing service. Because each property owner has his or her own deposit and payment requirements, cancellation policies, key-pick-up procedures, etc., a guest must contact the property owner or owner’s agent directly in order to book. Vacation rentals are available in most states and territories of the US and very prevalent in major tourist areas such as Hawaii , California , Florida and Puerto Rico . The vacation rental market is much larger in Europe than it is in the United States as it has long been a common travel option for European travelers but it has been growing on different parts of the world.
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[...] Vacation Rental vs. Time Share | San Juan Vacations – Real Estate 6 Oct 2010. A timeshare can still be rented as a vacation rental should an owner decide to put his owned week(s) or time period on a vacation rental Vacation Rental vs. Time Share | San Juan Vacations – Real Estate [...]
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[...] Vacation Rental vs. Time Share [...]
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