There are licensed real estate brokers and agents – masters at selling commercial, industrial and residential properties. But are there brokers and agents specializing in vacation rental sales? Is there such a thing as a “certified vacation rental agent”?
If you’re a real estate professional who hasn’t been paying much attention to the short-term rental market, you definitely have to stop and give it some serious look. The vacation rental market is white-hot and here’s why:
Analysts owe the above figures to the rising expenditure on travel, vacations, and accommodation — mostly among Millennials. About 200,000 million global tourists are millennials, and they spend around $180 billion on travel each year.
There’s also increasing awareness among travelers, in general, about the availability of vacation rental services.
That’s why the vacation rental industry can’t stop growing. In spite of Covid-19, travel restrictions, and economic downturns, people haven’t stopped traveling. Nor will the demand for private rentals disappear.
But here’s the kicker. Only a minute fraction – 1% in 2019 – of real estate agents deal in this specialized area. Vacation property owners who want to sell their units have a hard time finding them. That’s according to Erica Muller, founder and CEO of Vrolio.com.
Buyers, for their part, know the goldmine that is the vacation rental market. And they’re busy doing their research. But faced with low inventory across the States, they find it challenging to locate an ideal vacation rental property. And who can they turn to for expert advice and purchase assistance?
Currently, there are 660,000 US properties listed on Airbnb and about 688,000 on Vrbo. If small, non-traditional units like yurts, domes, and treehouses aren’t included, and duplicate listings are also disregarded, there’d still be a million properties that can be sold and bought at some point in time. All of those properties have rental histories, reviews, and transferable incomes that could be a pot of gold for any investor.
And according to Muller, the question is who’s going to be closing these sales?
This is where you come in. If you’re an experienced property manager, agent, broker, or realtor, and you find that your residential and commercial portfolios aren’t getting you as much revenue as before, then maybe it’s time to shift gears.
The short-term rental market isn’t lucrative just for investors. It’s a goldmine for real estate professionals like you and me.
Real estate agents, in general, help clients in the rental, sale, and purchase of real estate property. They advise clients about market conditions, conduct walk-throughs, and provide assistance in the process of buying, selling, or leasing homes.
Now apply that to the niche market of vacation rentals, and you get the job description of a vacation rental agent.
But selling to buyers who want to take advantage of investment opportunities in the short-term rental industry requires a more unique set of skills.
As a short-term rental agent, there are a few things you’ll need – and clients will expect you – to know. Here are the duties of a vacation rental agent:
Many vacation rental buyers will be coming from out of state – remote workers, digital nomads, migrating employees, retirees, snowbirds, and families ditching the city for country life during this Covid era. There are also investors from abroad.
All of these people will be needing some kind of guidance in securing rental homes and investment properties. As a real estate professional, you’ll need to know the local market and be a master at helping renters and investors know where to put their money.
And, as in any industry, there are unscrupulous operators in this space. Both sellers and buyers need to be protected from them. Getting the proper training and accreditation will help you earn your clients’ trust in this new but rapidly growing industry.
There are various institutions that provide training and certification for those who want to get a vacation rental sales agent license.
As a property owner, host, manager, and real estate pro, you can leverage your knowledge and experience to start selling Airbnb properties, too. Professionally.
And the above-listed organizations can give you the training, confidence, and accreditation you need to be a certified vacation rental agent.
Get the coaching you need now so you can expand your portfolio quickly and jump into the goldmine that is the vacation rental industry.
And, as soon as you start selling, be sure to help your clients find property managers they can work with. Cohostit delivers excellent short-term rental management services. From marketing to guest communication, maintenance to security and automation. They’ll make sure investors (your clients) earn more and work less on their rental properties.
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