With its majestic natural beauty, rolling hills, serene waters, and the nearby O'Neill Regional Park, which, per California.com, encompasses 4,000 acres of wilderness, it's no wonder Mission Viejo, CA, is so appealing to locals and tourists alike.
For the same reason, making passive income for vacation properties here is undoubtedly doable. However, you must first learn the ropes of short-term rentals.
Luckily, you've come to the right page. In this guide that our team at PMI Mission Viejo has put together, we'll share real estate investment and property management tips to help you get started on earning vacation home income.
Legally Earn Passive Income for Vacation Properties
The first step to renting out your Mission Viejo vacation properties is registering them. According to Orange County Public Works, all short-term rentals (properties rented out for less than 30 days) operating in the county require an STR permit. You need this permit before marketing your rentals and accepting guests (and their payments).
You must also impose a Transient Occupancy Tax (TOT). As the City of Mission Viejo government explains, STR operators and facilitators must collect TOT from each guest, amounting to 8% of the rent charged.
Price Your Mission Viejo Rentals Right
To generate income from vacation rentals, you must price them right and ensure they align with current Mission Viejo property trends and rental rates. Start by researching comparable or similar properties to see how much they charge. You can then use your findings as a guide for setting reasonable rates for your rentals.
Choose Your Vacation Rental Platforms
Once you've decided how much to charge, the next step is to determine which vacation rental platforms to use. You have several options, including:
- Airbnb
- VRBO
- Booking.com
- Trip Advisor
Using multiple platforms can increase the number of potential vacationers who see your Mission Viejo short-term rentals. However, you should be ready to do more work, such as managing several accounts, adhering to each platform's rules, and answering numerous inquiries.
Create Engaging Property Listings
To make eye-catching, attention-grabbing listings, describe your properties and highlight their best features, such as:
- The location, especially its proximity to some of Mission Viejo's best sightseeing or tourist spots
- Number of bedrooms and baths
- Amenities available, such as free Wi-Fi, full-service kitchen, patios, and pet-friendly and outdoor spaces
Then, use high-quality, well-illuminated photos and videos to support your listings and showcase your properties in the best light. To maximize the impact of your visual aids, create and follow a vacation rental cleaning checklist. It can help ensure the photographed rooms are tidy, organized, and spotless.
Ready to Make Vacation Rental Income?
Generating passive income for vacation properties in Mission Viejo is doable but requires a lot of effort and commitment. After all, being a host could quickly become a 24/7 job.
Partner with PMI Mission Viejo to earn vacation rental income in the most passive way possible. We're a full-service, short-term rental management firm proud to be part of PMI, a fast-growing company with over two decades of real estate and property management experience. We'll use our expertise and state-of-the-art tools to manage every aspect of your STR business, from marketing to property maintenance and accounting.
Contact us today, and we'll happily start with a free property consultation!
