Owners are realizing that, in a soft economy, their vacation homes can be a welcome source of extra income. Here’s what you need to know to become a successful landlord.
Photo: Jean Allsopp
Some owners choose one agency to keep an eye on the property, make small repairs, and ensure the place is clean; others prefer to get maximum exposure by listing with multiple brokers. “They take the hassle out of renting,” says Jane Arginteanu, who rents her three-bedroom East Hampton home. “You have recourse if something goes wrong. Plus the commission [10 to 50 percent] is tax-deductible.” If you choose not to use a broker, you can reach a wide audience of potential tenants by listing on a Web site, such as homeaway.com. The cost is typically a few hundred dollars.