The Chateaux at Silver Lake

By Todd Anderson

Oct 06, 2009

The Chateaux at Silver Lake in Deer Valley is a fantastic option for people who are considering the purchase of a condominium in Deer Valley and want the potential for rental income. The home owners recently signed a contract with the Stein Eriksen Lodge to manage the property which, in my opinion, makes the future even brighter. When a client is interested in generating rental income one of the key factors I look for is the ability for a property to generate revenue on a year round basis. Obviously the Chateaux at Silver Lake's location at mid mountain in Deer Valley generates winter revenue. But what about the spring, summer and fall? With over 9,000 square feet of meeting space the Chateaux has the ability to attract meetings, weddings and other special events throughout the year. Contracting with the Stein Eriksen Lodge will go a long way toward enhancing the perception of the Chateaux in the mind of meeting planners. Convention services, banquets and room standards will all go up a notch. Under the watchful eye of the Stein Eriksen staff the Chateaux's impressive amenities and services which include a large atrium lobby, on-site check-in, evening turndown service, concierge and bell services, complimentary wireless service in each guest room, outdoor heated pool and hot tub, fitness center, specialty shops, underground parking and a gourmet restaurant and lounge will all shine a little brighter. Another asset that the Stein Eriksen Lodge brings to the Chateaux is an experienced sales and marketing team. These people have been working for years developing relationships with groups that appreciate what Park City and Deer Valley have to offer and demand the high level of service and attention to detail that Stein's provides. This group will hit the street running and should have an immediate and positive impact on rental income for those fortunate enough to own a condominium at the Chateaux at Silver Lake. Rob Harris http://youinparkcity.com/

Tags: chateaux, condominium, Deer Valley, income, lodge, Luxury, Real Estate, rental, silver lake, stein, stein eriksen
Posted in buyers, Park City Neighborhoods, Park City Real Estate Notes, sellers | 0 Responses to "The Chateaux at Silver Lake"

Rental Income and VRBO

By Todd Anderson

Apr 15, 2008

VRBO.com is: Vacation Rentals by Owner a web portal for rentals. The site allows you to advertise and rent out your property on your own. For a relatively small price ($300-$500 for a year) you can advertise your property online and find short term renters. The site is well known amongst vacationers and is gaining popularity and available listings all the time. Many Park City real estate owners and investors look to this site to increase their exposure and rental income. I have often been asked by prospective property Buyers "Can I increase the net rental dollars if I put it on VRBO?" The answer is: "maybe". VRBO is an option and when you consider that property management companies in Park City take up to 50% of the rental revenue in return for their services, VRBO's advertising costs are fairly insignificant. There are however many hidden or unspecified costs. There are cleaning services that need to be factored into the equation. Some VRBO users add in a cleaning fee to the rental price to handle this. There is also the question of checking in and picking up a key. Key-boxes at the door can handle this and some rental companies provide this service for a nominal fee. Maintenance can also be a factor: if the plumbing backs up, who is going to respond? Small per service or hourly companies can take care of this issue. The most daunting tasks though are answering the questions (both when guests are "in-house" and before they arrive) and dealing with problems that occur during the stay. Being a small operator, you do not have the luxury of moving guests to another unit if they aren't satisfied with their accommodations (this is an advantage property management companies have). You also become the one that answers the late night phone calls. Finally you need to set up the ability to take credit card payment (this can be handled via Paypal) and be ready to do battle with guests over their charges. The question becomes; "Is it worth it for the added revenue?" Once again, the answer is "maybe". Finally, many owners have taken it upon themselves to use this service to find renters and then use an "owner usage block" with the management company they work with; thus increasing their revenue and still maintaining the benefits of a company to handle all the problems. Beware; this will undoubtedly put you in violation of your contract with your Park City property management company. While it may appear that fees for management are high, most property management companies in Park City provide many services that justify their fees. These services include websites, advertising, reservationists, shuttles and drivers, front desk personnel and answering services, breakfast, concierge services, cleaning and laundry, maintenance and more. The dates that the VRBO works best for the property owner are often the easiest to book and most desirable. By removing these from the property management company inventory it only increases their costs and it is reasonable when looking form their side that this would be a violation of their contract with the owner and that the owner should be removed from their rental pool altogether. It's a case of "you can't have your cake and eat it too". So, in terms of what you can do in Park City to increase your nightly rental revenue, VRBO may or may not be a good resource. You may make more money, but it will cost you time and effort. If you want more information about VRBO and property management in Park City, Utah go to Click Here and to contact one of our agents.

Tags: income, Park City, property management, rental, Utah, vacation property, VRBO
Posted in buyers, Park City Economy, Park City Real Estate Notes | 0 Responses to "Rental Income and VRBO"