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QUESTIONS/ANSWERS CONCERNING MY COTTAGE
INDEX
- Why hire an Real Estate Rental Brokerage?
- Why hire Vacation Time Realty as my Brokerage?
- How many vacation properties do you represent?
- What are minimum vacation property requirements?
- How long have you been in the rental business?
- How much do you charge to rent out my cottage?
- What is the rental probability?
- What about winter and off-season cottage rentals?
- How much rent can I expect for my cottage?
- What am I expected to provide?
- What do I need to consider prior to renting out my cottage?
- How much risk is there?
- Who makes the decision on who rents my cottage?
- When do I get paid?
- How do I sign up to rent my cottage?
1. Why hire an Agent?
Most vacation home owners, especially absentee ones, don't have the time or inclination to: deal with the public;
be available to answer the telephone; screen and eliminate dozens of potential renters; answer all the same
questions; follow up payments due; return deposits; provide essential rental information and many other tasks
involved in renting.
Informed owners prefer to turn the job over to a professional Real Estate rental company. We handle the myriad of details
involved in a successful rental, such as rental contracts, collection of rent and security deposits, keys and advertsing. We remove the time and effort involved on your part and simply send you the cheque!
2. Why hire Vacation Time Realty as my Agent?
Over the last few years, there have been many new rental agencies that have appeared (and some that have
disappeared) and there are a couple of rental agencies that have been around just a little bit longer than us. As an owner,
you may be having a hard time trying to decide who to list with. Here's what we think sets us apart from the rest...
- Our Muskoka location. If your property is in Muskoka, it only makes sense to list with us.
We are close-by! When you're at the cottage you can easily pop in to our Gravenhurst office. Likewise, when renters are at your
property they can also come in (and they frequently do, often to extend their rental). Because most
cottage properties are within an hour of our office we've also been known to assist onsite at your property when the need arises.
- Our specialized Muskoka knowledge. We live in Muskoka, we work in Muskoka and we know Muskoka. With our
specialized local knowledge we can advise potential renters on the area and assist them with questions during their
stay. We know where things are: the boat launches, garbage dumps, public drinking water supply etc. We know
the back roads and the lakes. You don't have to answer the questions, we will!
- Our main-street Gravenhurst office. Our main-street, storefront office allows us to personally meet just about all of the people who
rent through us. We meet them when they when they pick up and return your cottage keys to us at the start/end of a rental. We feel that key contorl is very important.
- Problem Management. Over the years, we've developed good relationships with local Muskoka tradespeople and
can often obtain service from plumbers, cleaners etc. on a preferred basis. Although the ultimate responsibility
for any mechanical problem resolution at your property is still yours, we can and do, act as a clearinghouse and
liaison between you, your tradesperson and the renter in your cottage.
- Advertising: This website. We have received extremely favourable comments on this website and we hope you like it too! Its
overall design and sophisticated query capabilities were developed based on our many years of experience listening
and responding to people's questions. We think we have met their cottage needs admirably by allowing fast, easy and accurate
access to the cottages we represent. Your vacation property will obtain maximum market exposure, thus allowing you to
achieve your rental objective, whether it is just two weeks, or, an entire season's rental. Other forms are: The Cottage Life Show in Toronto and web site, brochures, word of mouth and 15 year customer base. Our informative Cottage brochures are located in most Real Estate offices in Ontario as well as throughout Europe and the United States.
- Our booking plan program. We offer a unique booking plan program where we try to minimize the number of rentals,
while at the same time maximizing your return. We think that, if you have the time available, longer-term rentals, to one
party, are in your best interest as it reduces general "wear-and-tear" and risk potential. Longer term rentals are most popular on the larger lakes such as Lake Muskoka, Rosseau and Joseph and with larger properties such as four and five bedroom cottage. If a
longer-term rental cannot be obtained, shorter-term (i.e. 1-2 week) rentals can usually be achieved quite close to their
start date anyway. We also, prefer to rent to smaller groups of renters such as 6 or 8 people overnight, thus reducing the wear and tear on the cottage.
3. How many vacation properties do you represent?
Over the last decade, we have listed over 650 Muskoka and area properties. Not all are active now as some have
been sold, or, may have only been rented for a year or two. However, each season we usually reach 150+ active
cottage vacation listings. We have owners who have been with us every single season and also many more who, when they have a
period of time when they won't be using the cottage, will just call us to quickly reactivate their listing for whatever
period they have available.
4. What are minimum property requirements?
Our minimum property requirements are:
- located within a one-hour drive of our Gravenhurst, Ontario office
- privately-owned waterfront property
- at least two week rental availability in high season
- clean, neat, tidy and generally in good repair overall including interior, exterior and grounds
- at least a three-piece bath with hot/cold running water (i.e. indoor flush toilet, sink and tub or shower)
5. How long have you been in business?
Vacation Time Realty Ltd. was incorporated in January 1991.
6. How much do you charge?
You pay only for performance. There are no signup fees or hidden charges. Our commission is a percentage of
the rent (plus GST). The percentage varies depending on the length of the rental, rental rates and rental customer. Fees are tax-deductible against
rental income. For current percentage rates, please contact the Gravenhurst office.
7. What is the rental probability?
The July and August period is high-season in Muskoka and you can expect to be almost fully booked for the eight
weeks, or so, that constitutes this period, if your vacation property is of good-quality, well-maintained, and
road-accessible with good water frontage.
Properties that are less desireable, such as river front properties, or, those that are not modern and well-maintained, can
expect some vacancies even during high-season. Demand is almost non-existent for properties with
weedy and/or muddy waterfronts.
Rental rates on cottages must be competitive. Renters know the rental market, there are numerous cottages available and those that are overpriced may not rent.
8. What about winter and off-season rentals?
There is some rental activity in the spring and fall periods, however, the likelihood of a rental is much lower than
during high season. In our experience, demand for winter rentals in Muskoka is very low (almost non-existent)
with the exception of a few days at Christmas and New Year's.
9. How much rent can I expect?
Just as in sales, the supply and demand economic paradigm applies to the rental market as well. High-demand
vacation properties in short supply bring more and average properties bring less. High-demand properties are usually larger
properties with privacy, a good location, modern amenities and at least three/four bedrooms and two bathrooms. In
Muskoka, the most-requested rental locations are Lakes Rosseau and Joseph, followed by Lake Muskoka
and Lake of Bays. Other areas and smaller lakes have less demand but are still a good market in high-season.
We have properties listed between $600 to $7,500 per high-season week. Most "average" properties on the
"big three" lakes (Rosseau, Joseph & Muskoka) usually bring between $1,100-$1,500 per high-season week. Larger, "upper-end" cottages bring more.
With our rental market knowledge, we can help you decide on a competitive listing rate that will bring results. We will need to
visit your cottage property before we can provide an opinion as to its rental value, however, you can probably get a fairly
good idea by browsing the other cottage listings on this site and comparing them to your own.
It is always best to list your cottage by January 1st, as that is when most serious renters begin to look for a cottage for the summer.
10. What am I expected to provide?
We provide you with a detailed list of items in our brochure 'Preparing to Rent Your Vacation Home'. This brochure is
included in our free, on-request, owner's information package. Renters typically bring their own sheets and towels as well as their own drinking water.
11. What do I need to consider prior to renting my cottage?
Some points to consider before deciding to rent your vacation home are:
- Insurance. Will your existing policy cover you for rental? In most cases, no changes are required. Some
insurance companies may require a change to your policy and perhaps an additional premium for coverage, or,
restrict the length of time you may rent for. If needed we can assist you with your search for an Insurance company.
- Rental Income. Rental income may affect your personal tax situation. Professional accounting advice should be
obtained to determine the effect, if any. Our fees are tax-deductible against rental income.
- Repairs. The property's chattels, electrical, plumbing and heating/cooling systems must be in working order and
good repair. Items prone to failure should be replaced or removed. If an item does break down during a rental either
you, or your representative, must be available to quickly perform repairs. In some cases, a refund of rent may apply.
- Between Rental Inspections. Either you, or your, representative, must be available to check the cottage property between
rentals. In some cases, we can arrange to have this done for you, however, it is preferable
for the owner to inspect the property, if they are available.
12. How much risk is there?
We provide numerous safeguards for you, such as signed rental applications and agreements, security deposits and screening of
prospective renters to match your rental conditions. Also, as many of our rental customers are repeats we can
advise you of their past rental behaviour at other vacation properties.
However, we understand that many owners considering renting their cottage property for the first time are nervous. Some owners
find the thought of "strangers" in their home rather disconcerting. Others have had a "friend" relate a rental
"horror story". The reality is that most owners quickly become at ease with the process, even finding that sharing their
property with other families can be very gratifying knowing that someone else is enjoying the property as much
as they do.
For security reasons it also a benefit to have someone in the cottage as much as possible.
Over the last decade we have arranged more than two thousand rentals. We have never encountered a single case of
any kind of malicious damage to any property. Yes, there have been claims against security deposits for cleaning and
accidental breakages, but, the percentage is very low.
13. Who makes the decision on who rents my cottage?
You do! When we obtain a booking for your vacation property, we will call you and present all the facts to you: the size of the party, the "mix" (i.e. number of adults/children), whether they meet your rental conditions and whether we have dealt with them before. The final decision to go ahead is always up to you.
14. When do I get paid?
We are allowed to disburse money from our Real Estate Trust account only on completion of a 'trade' i.e. the day the renter receives occupancy. Therefore, we pay you on the start date of the rental. As a result, any refund of rent must come directly from the Owner.
15. How do I sign up to rent my cottage?
Please contact our Gravenhurst office, or, email
rentals@vacationtimerealty.com
to let us know where your vacation property is. We can then arrange to visit the property and
give you our assessment of its rental potential. Once we have agreed on a rental rate and you have
decided to go ahead we will need you to sign a listing agreement with us before we can work on your property. We will look after the photos, cottage description and videos.
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