5 Tips When Considering to Rent Your Vacation Home
Keep in mind the responsibility attached to renting a property
There are several advantages to renting your vacation property, including generating income to cover the property’s expenses, tax break incentives, and even profit from the rentals. However, there are also several stresses to being a property manager for a vacation rental.
You will need to arrange for cleaning services prior to check-ins, absorb the cost of maintenance repairs, manage the marketing of your property, and collect payment and fees. Make sure you have the extra time to commit to this. If not, consider hiring a property management company.
Call in the Experts
There can be a lot of red tape associated with vacation rental properties. A lawyer and an insurance agent can help you navigate the local laws required for your property, lease, rental guidelines and accident insurance policies.
Check all appliances and areas of your home to make sure everything is in proper working order
Be sure to regularly inspect your HVAC system and appliances, as well as conduct routine maintenance on the property. If you want to block off certain areas of the home from usage, you will need to install locks and sensors. Never Away offers sensors that send text alerts to your smartphone if a certain door in your home ever opens, and can even help to control lights, appliances and thermostat from your smartphone to ensure that you are saving on utilities when your rental is unoccupied.
Don’t price yourself out of the market
Remember that you are competing with hundreds of other vacation rentals, and the tenants are shopping for the best deal they can find. It is important to price your house/cabin/lake house competitively to attract tenants.
Marketing is Key
To find renters, you must effectively market your property. Take professional photos, cross-post the listing on multiple reputable sites, and have a social media account to help promote your rental. Also, encourage tenants to write customer reviews about your rental property to use as testimonials in your marketing efforts.