Q. Why lease your home out as a rental?
A. Maximize the return on your investment now.
Tourism produces $6.5 trillion of the global economy and employs one out of every 12 people on earth. “In gross economic power, it is in the same company as oil, energy, finance and agriculture,” writes Elizabeth Becker in Overbooked: The Exploding Business of Travel and Tourism. In 2012, one billion people traveled outside their home countries. Amongst them affluent travelers made luxury home rentals the emergent accommodation choice. This means you can put your home to work for you in one of the highest grossing global markets. Also, a growing number of people who can afford to buy trophy homes are instead opting for a more temporary solution: the trophy rental. Some luxury tenants say that instead of tying their money up in steep down payments, they prefer to invest their money elsewhere and provide themselves the freedom to spend tens of thousands of dollars a month on a rental to get the lifestyle they desire. As a result, the highest end of the rental market has seen significant growth.
Q. What property is best suited for leasing?
A. Almost any.
Vacation homes, homes on the market, secondary and even primary residences are all investments waiting to be cashed in on. Let us help you maximize each property’s potential.
Q. How do I protect the integrity of my property?
A. Each applicant is screened by our trusted property management team as if your home was our own.
Any applicant that is not personally referred is screened in a two-part process to be certain that only respectful, qualified tenants with discerning taste will be renting from you.
Q. How do I deal with the business of renting my home?
A. Let our full-service property management and home concierge team take care of the details.
Our goal is to remove the complexity of leasing your property. We offer standard PROPERTY MANAGEMENT services as well as additional CONCIERGE SERVICES. So sit back. Relax. Let us sweat all the small stuff while you enjoy the income.
Q. How do I establish rental rates?
A. Let us do your research for you.
Our team of experienced agents will conduct market value research to determine the best possible rates available for your property as well as provide half-yearly reviews of your rental history and make sales and marketing recommendations based on your reviews and current industry trends.
Q. How do I prepare my property for leasing?
A. Our property management team will guide you until your home is “hotel ready”.
We think of everything. From sourcing wrinkle free sheets to finding family friendly furnishings, we put years of experience and guest reviews to work for you. We also create inventory lists to make stay preparation and restoration as easy as possible.
Q. How do I know my bookings and payments are secure?
A. We provide secured billing platforms including credit card, wire transfer and cashier’s checks.
Q. What other sources of additional income can I make from my property?
A. Lease your property as a special event venue or filming location.
In Los Angeles, you can earn up to 14 days tax free income leasing your property for events or photo, television and feature shoots earning between $2,000 and $15,000 per day (see 14 day rule). This benefit also applies to your California tax return as California conforms to the federal 14-day rule. For those seeking this additional income, we have carefully groomed close relationships with production, location and event companies interested in leasing home and commercial properties for events and filming locations.
Q. How much does it cost?
A. You decide.
The leasing division is commissioned based. We don’t make money until you do. When we request payment for a reservation, a standard 10-20% agent and reservation management fee is added to your agreed net rental income amount (calculated off the best market rate of your property). Added to your net rate, these fees are absorbed by the tenant, not you. Property management fees are assessed depending on services provided.
For properties focused on short term leasing, we recommend property owners invest a small amount in marketing fees. For the cost of a one or two-night stay, we can list your property with the leading industry portals, VRBO (the #1 vacation rental site in the world with more than 12 million visits per month) and Homeaway (offering the 6th most visited site and largest internet presence through bundled global packages) at a significant discount of up to 25% off published annual fees if billed through us. Your first reservation will pay for the listing cost and we will build your listing as well as field, screen and attend to all inquiries and reservations for you. Still have questions? Call Lisa at 323-314-0799 or Desiree at 512-296-5651 or email info@LALuxuryLeasing.com<