If you’ve been wondering what to do with your vacation home when you’re not using it, renting it out for passive income is a great place to start. However, there’s a lot more to do than simply posting an ad online. You also need to make sure that it’s ready for your guests as well. If you’re not sure where to start, don’t worry. Below is a guide you can use to ensure your vacation home is ready to be rented out.
How Does Your Home Look in Photos?
When people choose a vacation rental, the pictures are their first impression. Before listing your space on rental websites, you need to stage it properly. Aside from being clean, you want to make sure it isn’t cluttered or show signs of neglect. Clean the space from top to bottom, and make sure that there’s plenty of natural light when you do take photos. Potential renters want to feel at home, not like they’re living in a subpar hotel. If the space is small, you might want to remove any items that take up space. If your kids have toys, pack them up and take them with you. If there isn’t a lot of storage for luggage, you can consider installing additional shelves in the closets to make the space more functional.
Are You Advertising in the Right Places?
There’s no shortage of platforms to advertise your rental, however, you want to make sure you’re attracting the right type of tenants. Airbnb is one of the best places you can advertise your home as a shirt-term vacation rental. The platform is east to use, offer protection for both you and potential renters, and even allows you to screen tenants before they move in. Starting your own Airbnb business isn’t only about posting photos and choosing the first person who comes along. There’s an actual process behind that, which can be confusing without the right information. If you’re not sure where to start, you can check out a guide on the best ways to get your business off the ground before anyone takes up residence.
How Much Should You Charge?
As with any type of business, you need to charge enough to make a profit. In fact, if you’re not charging at market rate or above, you could lose money. There are a lot of factors that go into determining your price point. In addition to how luxurious the property is, you also need to think about the location, time of year, and how well-connected it is to daily conveniences. If your space is directly on the beach, you’d want to maximize that selling point and charge more. The right renter will pay for this perk, so don’t afraid to price your rental a little higher. On that same token, if your home is a little bit off the beaten path, you may want to lower the price enough to compensate for this.
Will You Have a Minimum Rental Period During High Season?
Another thing you need to consider is the minimum rental period you want to advertise. In major metropolitan areas and spots that are in high demand, you need to have a standard retinal period. Some landlords start with a one-week minimum and then work their way up. During peak season, you can decide whether it’s worth increasing the minimum rental period or not.
Do You Understand Local Noise Restrictions?
As a landlord, it’s your responsibility to know what the local noise restrictions are in the area. In some locations, there might be rules that prevent tenants from playing loud music or having parties after 10:00 p.m. If you’re not sure how to find out what they are, you have a couple of options:
- Check with the local government or housing association in your area
- Speak with the building administrator if your property is an apartment or condo
- Call the local police department for specific rules and regulations
Are You Accessible During Their Stay?
A vacation is meant to be enjoyed, but there’s always a chance where the tenant may experience an issue that requires your attention. The question is, however, are you available when they need you? If you want to maintain a reputation as a good landlord, you absolutely must be available when you can. Not being able to attend to your tenants can shatter your reputation very quickly.