If you’re considering buying a short-term rental property in Gatlinburg, Tennessee, there are a few things you should keep in mind to ensure you make a smart investment. To help you navigate the process, we’ve gathered some top tips from Colonial Real Estate agents who specialize in short-term rentals in the area.
1. Research the Area
The first step in buying a short-term rental property in Gatlinburg is to do your research on the area. Look at the local rental market, the tourism industry, and any regulations that may impact your ability to operate a rental property in the area. Gatlinburg is a popular tourist destination, so it’s important to make sure your property is in a location that will attract renters.
2. Choose the Right Property
Once you’ve done your research on the area, it’s time to choose the right property. Colonial Real Estate agents recommend looking for a property with a good location, good views, and good amenities. Properties that are close to popular attractions, such as the Great Smoky Mountains National Park or downtown Gatlinburg, tend to be in high demand.
3. Work with a Real Estate Agent
Working with a real estate agent who specializes in short-term rentals in Gatlinburg can be extremely helpful. A good agent can help you find the right property, negotiate a fair price, and provide you with valuable insights into the local rental market.
4. Consider Property Management
Managing a short-term rental property can be time-consuming and stressful, especially if you don’t live in the area. Consider hiring a property management company to take care of the day-to-day operations, such as cleaning, maintenance, and guest communication. Colonial Real Estate’s sister company, Colonial Properties has a property management division that can handle all of these tasks for you.
5. Crunch the Numbers
Before you make an offer on a short-term rental property in Gatlinburg, make sure you crunch the numbers. Consider all of the expenses associated with owning and operating a rental property, such as mortgage payments, property taxes, insurance, maintenance, and management fees. Make sure the rental income you can reasonably expect to receive will cover these expenses and provide you with a profit.
Buying a short-term rental property in Gatlinburg can be a great investment, but it’s important to do your research and work with experienced professionals to ensure your success. By following these top tips from Colonial Real Estate agents, you’ll be on your way to owning a successful short-term rental property in Gatlinburg.