Cottage rental questions.

[3catwoman3]

My 94 yr old mom and I are co-owners of a small cottage on one of the Finger Lakes in upstate NY. We have done some word-of-mouth rentals since 2012, attempting to defray some of the taxes so we can afford to keep it in the family. That worked well until last year. We met today with a vacation rental agency, who felt the place would be very "rentable." So far, so good.

Not so much. I nearly fainted when the owner of the agency said the property owner only gets 15% of the rent charged to customers. From previous investigations, I had been under the impression that the agent usually took about 18%.

Anybody have any experience with transactions of this nature? I was totally shocked, as well as disappointed. If the agency takes 85%, what would be the point?

[Smarmie Doofus]

1. PM me. I might be interested.

Got any pics?

You'll get more than 15%.

[dixiegrrrrl]

2. Check with SEVERAL rental agencies.

Someone is trying to take advantage of you, methinks.
And if you do sign with an agency, be sure the contract says they get paid ONLY if the cottage is actually rented.

[Tobin S.]

3. What dixiegrrrl said.

[mnhtnbb]

4. Have you had it on VRBO?

If you are in a desirable area for vacation rentals, you may make a LOT more by handling the rentals yourself--or even paying
someone you trust in the area to manage it.

https://www.vrbo.com/

Also post it on flipkey--which is run by tripadvisor.

https://www.flipkey.com/

Posting it in on-line vacation rental resources will get you a lot more inquiries than just word of mouth.
You might want to try that before you go the agency rental route.

[we can do it]

6. Which sets you up for fake a-holes who make a mess of your place.

[TexasBushwhacker]

8. Hey. I've rented from VRBO twice! N/t

[we can do it]

10. How many idiots trashing YOUR would it take to make you skeptical?

No one said you are a pig, but there are no checks with VRBO to even see if the person(s? ) applying are who is showing up. Having a rental agent who screens tenants is better, still not perfect.

[TexasBushwhacker]

14. The checking is up to the owner

For the times I rented, I had picked up the keys from the owners themselves. I have a friend who rents out a riverside cottage in the hill country who also meets their guests in person.

[3catwoman3]

16. Picking the keys up from us...

...in person is not an option. My 94 yr old mom lives 90 minutes away, and can't drive there at the beginning and end of every rental. I live 700 miles away. There are a couple of trusted neighbors, but they are in and out a lot, so I could not expect them to arrange their lives around our need for a renter to get keys.

We would love to meet guests in person, but it is just not doable. The first 2 years we did it on our own, my mom would come down before every rental and leave home-baked cookies. It bothers her enormously that she can't do that anymore.

We've made it quite clear to the agency that there can be no smoking, no pets, and no frat/sorority/prom/graduation parties. The cottage sleeps 6 easily, and 8 if someone is willing to use a pull out couch.

There is a ton of renting that takes place in the Finger Lakes, so it must work out well enough for most people on both ends of the transaction.

[TexasBushwhacker]

17. I think 15% to the agent is totally fair.

Just make sure they earn it.

[3catwoman3]

5. Well, well, well.

I was just about to e-mail the rental agency woman to tell her that this was not going to be financially worth it, when I got a call from her. She'd had a colleague with her who must have noticed a WTF look on my face, and told the agent, "You'd better call her back. I think there was a miscommunication about who gets what."

To say the least. It turns out the agency gets the 15% and my mom gets the 85%. That's more like it. I know that is not what she said, because my mom heard it the same way I did. That's more like it.

I do know about VRBO, but, thus far, am not tech savvy enough to create an on-line brochure. My 23 yr old son probably is. I am also something of a procrastinator, which would not be good when trying to run an on-line business.

I figure I will try this for a season, and see how it goes.

Thanks to all who responded. I knew I could count on some words of wisdom from DUers.

[elleng]

7. must have noticed a WTF look on my face!!!

[3catwoman3]

12. I am usually quite good at keeping a straight...

...face. My job requires this. I'm a pediatric nurse practitioner, and even after a nearly 40 year career, there are still, occasionally, parents who tell me things that make me want to shout, "What the hell were you thinking?!"

Apparently, the mask slips from time to time -

[elleng]

15. Thanks for that; I'll keep the picture in my mind's eye!

I've often admired medical professionals for their straight faces. OK that it slipped this time, as it was actually valuable toward your goal.

[whistler162]

11. That sounds better...

[TexasBushwhacker]

9. I have a friend who uses AirBNB

to rent out a riverside cabin in the Texas Hill Country. She's very happy with it.

[TuxedoKat]

13. Do you know any other cottage owners

who rent in the area? I would ask them if/who they use as a rental company and how they like them. My mom has used various ones for years for an ocean front condo she owns. I don't remember what percentage her agency gets, but it is something like 10-15% commission. It's a good deal, they find the tenants, handle the cleaning and necessary repairs and mail her the checks.