Have you ever considered taking the leap into the vacation rental business? With events like Super Bowl LVII rolling into The Valley of the Sun next month, it's no wonder people are getting excited about potential profits that could come with these sorts of rentals.
But before diving headfirst, there are a few things worth considering- such as if your city even allows short-term rentals! Recently Scottsdale passed ordinance 4655 which requires property owners to obtain and MAINTAIN an annual license for each residence they intend to rent out - so make sure you educate yourself on local rules.
I’m not only a Phoenix real estate agent but I’m also an investor. I have a vacation rental in Prescott, Arizona which is about an hour away from where I live. I can tell you, it’s definitely a nice income producer but there’s also work involved!
Before entering the world of vacation rental property management, there are a few steps one should take. First and foremost is to be sure your Homeowners' Association (HOA) will allow it - communities like Fireside at Norterra in North Phoenix do not allow this type of rental! Furthermore, you must make certain that someone reliable can maintain the home; from timely cleaning and bedding changes for each group of guests to basic upkeep like changing lightbulbs and minor repairs.
Today I’m joined by fellow vacation rental owner, Scott Zychowski to discuss his unique perspective on the opportunities and challenges that come with owning a vacation rental in Flagstaff, Arizona.
Heading to Flagstaff or Prescott, Arizona? You're going to want to check out our two rentals below ↴
