The Rental Season

Martha’s Vineyard is regarded as one of the preeminent vacation locations in the world, with over 150,000 people annually visiting the island. The rental market is busiest in July and August, with May, June, September, and October also being quite active months. Properly insulated properties may also be used for holiday or winter rentals.

Many visitors enjoy the island so much they decide to return every year, often renting the property they had the prior season. Developing a quality repeat visitor business can simplify the rental process and help to create a steady rental income stream.

Back to Top

When and How Rentals are Booked

Some visitors may decide they wish to return to your property the following year during their stay. Consequently, we find that leases are generated as far as a full year or more in advance.

Tenants who know the island will generally book the next year in the fall (from September through January), with the busiest months being November and December. First-time visitors tend to book closer to summer, making their choices in January, February, March, and beyond. The sooner you decide to list your property for rent, the better the chances you have of filling all vacancies for the season at your targeted rent.

At Coldwell Banker Landmarks, we strive to support your rental-income objectives and will work diligently to find appropriate tenants that match the availability of your property. Most rentals we represent are for two-week minimum stays, but shorter and longer minimums can often be accommodated.

We typically recommend that landlords list their properties with one or two other rental agencies in addition to Coldwell Banker Landmarks. As there is not a “central booking” agency on Martha’s Vineyard, having your rental listed with two or three agencies often results in the maximum number of days filled. Talk with your Coldwell Banker Landmarks rental agent about availability and recommendations for other agencies.

One of the most important things you can do as a landlord is work diligently to ensure that all of your rental agencies are kept fully current on bookings and availability for your property. The importance of keeping availability information current cannot be overstressed. Coldwell Banker Landmarks clients are encouraged to use our proprietary online calendar system for availability management 24 hours a day, 7 days a week.

Back to Top

Working with Rental Agencies

Your rental agencies will screen tenants, show your property, confirm availability, and coordinate deposits, leases, and the many details associated with renting your home. You will sign a Listing Agreement with each of your rental agencies. The Listing Agreement is a legal contract that details the terms of your agreement with your rental agencies. Be sure you clearly understand the terms of the Listing Agreement and keep copies on hand for reference.

Ask your rental agencies how they will be promoting your property, the best ways to contact them, and how they handle the collection and return of deposits. Make sure that you have contact information (phone and e-mail) for each agency with you at all times. Making yourself available to your agencies and establishing good communication practices can help significantly in maximizing tenancies. At Coldwell Banker Landmarks, we recommend that you work with us and one or two additional rental agencies. If you would like us to refer you to other quality rental agencies, please contact us.

Depending on your final choice of rental agencies, you may be able to work by phone, fax, US mail, e-mail, or Internet to manage the rental and tenancy process for your property. Of course, the more groups you hope to handle, and the more agencies you enlist, the more details you will need to coordinate.

We believe we can do a great job representing your property for rent and have worked hard to develop online and off-line tools and processes that make all our lives easier. Be sure to read through the section below, which explains our online rentals database, and browse through to see how properties are displayed. Only properties listed with Coldwell Banker Landmarks Real Estate or our select partners will be included in our online database.

Back to Top

Using the Coldwell Banker Landmarks Online Rentals Database and Calendars

The Coldwell Banker Landmarks online rentals property database is just one of the many ways Coldwell Banker Landmarks Real Estate works to match tenants with your property. Once you have signed a listing agreement with Coldwell Banker Landmarks Real Estate, your rental agent will work with you to add your property to our online database. Your Coldwell Banker Landmarks agent will take photos of your property, and you and your agent will create a Property Profile that we will retain in our database for as long as the property remains actively listed with Coldwell Banker Landmarks.

Your Property Profile includes all the information on your home that will be needed to ensure smooth rentals. To protect your home and personal information, only select portions of the Property Profile are made available to prospective tenants on the Web. Only after prospective tenants have contacted a Coldwell Banker Landmarks agent, been screened, and had leases generated or signed, will the agent pass on information such as the property address or driving directions to tenants.

A component of your Property Profile is the Rates and Availability Calendar. The calendar is available online 24 hours a day, 7 days a week, which allows property owners instant access to the most vital property component — availability. Maintaining accurate availability information is the #1 thing you can do to maximize bookings with your rental agencies.

We encourage you use the Coldwell Banker Landmarks online calendar as the primary place you maintain your property availability information. This fast and easy-to-use Web tool allows your updates to be entered once and instantly displayed on the Web, where all your rental agencies can easily access the information. Talk with your Coldwell Banker Landmarks agent about our online tools for landlords and other ways we integrate technology to promote your home.

Back to Top

Roles and Responsibilities: Owners, Agents, Others

After selecting your rental agencies and setting up your property profile with availability information on the Coldwell Banker Landmarks site, you should secure the team who will help you manage your home. Your rental agent’s primary responsibility is to fill your vacancies; they are not a property manager or caretaker and do not tend to home maintenance issues.

Following is a list of professional services you should arrange to have for your property. Your Coldwell Banker Landmarks agent will be happy to provide you with lists of companies we trust.

Caretaker/Property Manager: This is the primary contact for home care, emergencies, and maintenance issues. Coldwell Banker Landmarks Real Estate requires that all rental properties listed use a professional property manager or caretaker.

Cleaning Service: Professional cleaning is required at the beginning of each rental period as well as between each tenancy. Talk with your Coldwell Banker Landmarks agent for the best way to incorporate cleaning into your rental policies and rates.

Gardener/Lawn care: A professional service will keep your yard looking good — enhancing your tenant’s experience and boosting your property value.

Laundry Service: If you are providing linens, sheets and towels for your tenants, you may wish to consider using Takemmy Laundry who will provide clean sheets and towels as requested. This can save wear and tear on your linens and takes the headache out of doing laundry weekly.

Plumber/Electrician: The names and phone numbers of an island plumber and electrician with whom you have an existing account should be provided.

Repairman: Appliances, etc: It’s handy to have a name or a repairman who can help with appliances if needed.

Trash Service: If you’re not on town trash, hire a professional service and ensure you have an abundant number of cans. No one wants to see messy trash in the yard.

Back to Top

Legal Issues, Deposits, and Tax Considerations

As a landlord, you need to be aware of a few legal and tax issues. Your Coldwell Banker Landmarks agent has years of experience dealing with the many details associated with renting on the island and will be happy to assist you in anyway possible. Please do not hesitate to contact us.

Lead Paint: Homes built prior to 1978 that have not been legally de-leaded must complete a Tenant Lead Notification form and a Short-Term Recreational Rental Exemption form. These forms state that you comply with federal and state lead paint regulations. Your Coldwell Banker Landmarks agent will provide you with the necessary forms and can discuss lead-paint regulations with you.

Leases: Once tenants have agreed on the terms and availability of your property, your rental agent will generate the lease and send these to the tenants to be signed. Signed copies will then be sent to you; these need to be executed (signed by you) and returned to your rental agency in a timely manner. Be sure to keep an eye out for these documents and return them quickly to “lock-in” your rentals.

Security Deposits: In compliance with Massachusetts state law, Coldwell Banker Landmarks Real Estate ensures that all security deposits are refunded to tenants 60 days after the termination of the lease. Coldwell Banker Landmarks Real Estate will refund the deposits in full unless notified by you that deductions should be held for breakage, damage, or phone charges. It is the responsibility of the property owner to ensure that Coldwell Banker Landmarks is notified prior to the 60 day refund due date, in order for deductions to be withheld from deposits.

Tax Considerations: Your rental agencies are required by law to file IRS form 1099 for gross rental income and submit copies to you, which should be incorporated into your annual tax filings. If you move prior to receiving these forms, be sure to notify your rental agencies to ensure receipt of these important tax forms.

There are numerous allowable deductions (from costs incurred in owning a rental property) that you may wish to include in your tax filings. These include interest payments, care taking and cleaning fees, real estate commissions paid, home maintenance, and household supplies provided for tenants. These and other deductions may be applicable to your property. Talk with your accountant or tax planner (or visit www.irs.ustreas.gov) for complete information on taxes on rental income and allowable deductions.

Back to Top

Preparing Your Home for Tenants

As a property owner, you accept numerous responsibilities such as general maintenance, improvements, taxes, mortgage, and utilities. As a landlord serving a vacation rental market, you assume additional responsibilities. Try to think of yourself as a small innkeeper. Guests will arrive to your property and pay you a fee, and you will provide lodging. The trick is, you’re not there. That’s where having secured the right team of resources (see roles and responsibilities above) will make all the difference and ensure a smooth rental season for both you and your tenants.

Below, we’ve noted some general items to think about in getting your home ready for tenants. Be sure to see our Ready to Rent Checklist for additional detail on preparing your home for vacation rentals.

• If your home is being used seasonally and is not winterized, you should try to list the property before you close up for the season. That way, photos can be taken while the place looks its best, and marketing can occur during the winter months, when most tenants are looking for properties.
  
  
• If you’re renting your year-round home, you should be prepared for the influx of vacationers and pre-season showings. Walk through your home and try to see it as a potential tenant would see it. Is there excess clutter that can be put away without disrupting your lives? A house always looks larger with less clutter, and this “clean-up” gives you a nice head-start when you move out so tenants can move in.
  
  
• There are also housekeeping issues to consider — things to think about to get your home in “ready to rent” condition. Are there maintenance issues such as paint, carpet, or yard work that may have been put off? Do garages or outbuildings need cleaning out? If so, consider making an investment in these items. It’s amazing how a fresh coat of paint, some new rugs, or freshly cleaned windows can brighten a room and “enchant” a prospective tenant. Many of these expenditures are tax deductible; ask your tax planner for information on deductions that can be associated with the cost of maintaining a rental property.
  
  
• Other things to consider are items that may be under the control of your property association, if you have one. Is your home down a long dirt road that’s badly in need of regrading? A few calls to your association maintenance contact to get this work done can offset fears of a prospective tenant who may be worried about their luxury car making it down the drive.

Be sure to see our Ready to Rent Checklist for more ideas on preparing your home for rental. And as always, please don’t hesitate to contact us for more information. We look forward to working with you!

Back to Top