Ep 022 – Managing Vacation and Rental Properties with Home Inventory

Summary

In this episode of the Be a Smarter Homeowner podcast, hosts Beth Dodson and John Bodrozic discuss the complexities and benefits of owning multiple homes. They explore various scenarios of multiple home ownership, the importance of managing home inventory, and how technology like HomeZada can simplify the process. The conversation also touches on insurance considerations, documenting inventory for rentals, and the significance of having a plan in place for effective home management.

Keywords

multiple homes, home inventory, property management, vacation homes, rental properties, HomeZada, homeowner tips, real estate, insurance, technology

Takeaways

  • Multiple home ownership can take various forms, including vacation homes and rental properties.
  • Managing multiple homes requires effective tools to keep track of inventory and maintenance.
  • HomeZada provides a comprehensive solution for managing home inventory across multiple properties.
  • Fixed assets like appliances need to be inventoried for maintenance and insurance purposes.
  • Personal property inventory is crucial for rental homes to track items and ensure proper management.
  • Technology can significantly ease the burden of managing multiple homes.
  • Insurance considerations are vital for protecting personal property in vacation rentals.
  • Documenting inventory helps in property sales and ensures transparency in transactions.
  • Creating a detailed inventory can prevent disputes with renters regarding property condition.
  • Homeowners should take responsibility for managing their own property inventories.

Sound Bites

“Go buy a house, go buy a house!”

“Managing multiple homes can be challenging.”

“HomeZada is a godsend for managing properties.”

“You may need to replace your sofas sooner.”

“Documenting inventory is crucial for rentals.”

“You want to share what you have with others.”

“Spreadsheets and photos don’t cut it anymore.”

Chapters

00:40 Introduction to Multiple Home Ownership

03:35 Defining Multiple Home Ownership Scenarios

06:41 Managing Home Inventory Effectively

09:37 Importance of Fixed Assets vs Personal Property

12:38 Utilizing Technology for Home Management

15:32 Insurance Considerations for Multiple Homes

18:52 Documenting Inventory for Rentals

21:37 The Role of Inventory in Property Sales

24:26 Final Thoughts on Home Management24:27 Heartwarming Customer Stories

31:25 Final Thoughts on Moving and Inventory

How to Handle Seasonal Fluctuations in Rental Demand

The seasons influence the rental cycle, which could be the difference between your property being promptly rented out or sitting empty for weeks. Knowing how to handle, comprehend, and adjust to seasonal demand is one of the best methods any landlord can use to increase rental income and reduce vacancy times. The demand for rentals frequently varies with the season, particularly in popular tourist destinations or with a sizable student population. Here are some vital tips for modifying your rental approach to maintain year-round demand for your property.

Read More

6 Tips for Managing Multiple Homes

As a homeowner with multiple properties, I don’t have to tell you that managing them can be quite a challenge. From maintenance and finances to communication and time management, there’s a lot on your plate. 

Read More

Do You Need a Property Manager?

Do You Need a Property Manager?
Photo by Oleksandr Pidvalnyi

If you’ve been wondering if you should hire a property manager or do it yourself, hopefully by the time you’ve finished reading you will have some idea of what works best for your situation.

While many hands-on (DIY) landlords manage their rental properties themselves, some opt to hire a property manager to take care of some or all of the landlord’s duties.  

Read More