As VisitArizona.com points out, there are many reasons to love Prescott, AZ, from its 700+ homes and businesses registered in the National Register of Historic Places to its over 400 miles of trails for hiking, equestrian, and mountain biking. It's also the state's official "Christmas City," so fun and festive activities abound here throughout December.
All those characteristics and features make Prescott a prime holiday destination. So, why not invest in a property rental for vacations to generate extra income?
Our team at PMI Northern Arizona has shared vacation rental tips to help you get started, so read on.
Get Your Rental Licensed
Before renting your Prescott property to vacationers, get a Transaction Privilege Tax License. The Arizona Department of Revenue issues these licenses, and according to the City of Prescott, obtaining them is a legal obligation of rental property owners. Once you have this license, you must report and pay transaction privilege tax on your rental property income.
You may also have to apply for a City of Prescott Registration if your property is:
- Within a residential zone
- You're not in the property while you rent it out
- Your property isn't a B&B, motel, or hotel
You don't need to do the same if your property is in a commercial zone, you live there while renting it out, or it's one of the lodging businesses mentioned above. You only need to obtain the Transaction Privilege Tax License.
Allow Pets
According to the American Veterinary Medical Association (AVMA), about 37 million American households have cats, while 62 million have dogs. Many pet owners consider their pets part of their family, so when they go on vacation, they want their pets to be with them, too.
Therefore, welcoming pets is one of the best vacation property strategies for maximizing rental profits. It can make your rental more attractive to pet owners who want to vacation in Prescott.
To ensure prospective guests know that your home welcomes furry family members, don't forget to highlight this perk when creating your listings and marketing your property on various rental platforms.
Partner With a Holiday Home Management Firm
A holiday home or property management company can take over most of your landlord's responsibilities. Some of their services include:
- Assisting with the licensing and registration process
- Home staging and professional photography
- Creating engaging property descriptions and listings
- Marketing your property on different rental platforms
- Responding to inquiries and helping with check-ins and check-outs
- Overseeing property maintenance and cleaning
- Planning and implementing guest incentives, like welcome treats and expert local guides
You must do all those tasks and chores if you manage your rental alone. So, if you don't have or can't commit much time to your vacation rental, consider partnering with a property manager.
Expertly Manage Your Property Rental for Vacations
Now that you know more about property rental for vacations in Prescott, AZ, it's time to decide if you can manage everything yourself. If not, don't worry; PMI Northern Arizona is at your service.
As a full-service property management company, we can handle all your short-term or traditional rental lease management needs. We're part of PMI, a larger national property management franchise managing over $5 billion of assets.
Get in touch with us today so we can set you up with a free rental analysis!
