Many people don't enjoy hotels anymore. They have a small box for a room to stay in, a lack of a kitchen, and little room to move around. That's why it's no surprise that short-term rentals are growing in popularity yearly.
To take advantage of this trend, you must understand how to rent your home for vacations. Here are a few tips that will help you get started.
Understand Local Laws
Depending on your location, you may not be able to use your home for local stay rentals. Some areas have laws that prevent short-term rentals, and others may require stays for more than 30 days.
Before investing time and money into this project, ensure you're legally allowed to use your home as a rental. You can find many resources online to learn this. However, it's wise to consult a lawyer if you want the most updated information.
Know Your Market
Many markets work amazing for vacation rentals. Popular destinations like beaches, nature, and popular attractions constantly have visitors looking for lodging.
But the same may not be true for your area. Examine the local short-term market to see what kind of properties rent there. You can then transform your property to attract customers looking for lodging in your local area.
Optimize for Renter Convenience
Great reviews will be the primary driving force behind your property. You want renters to have an amazing time, so you must do whatever possible to optimize their experience.
You can, for instance:
- Provide free WiFi and streaming services
- Include in-unit laundry
- Fully stock your kitchen
Doing this will help your property stand apart. Just be sure to segment your private property from public areas if you plan to keep personal items on-site.
Do Proper Maintenance
The last thing you want is for something to go wrong during someone's stay at your property. If you have an older home, some areas may break down and eventually need fixing.
Before you list your property:
- Do a home inspection to find any potential issues.
- Make repairs as needed
- Create a maintenance schedule
Doing this will ensure your property is in great shape for guests.
Work With a Management Company
It can be challenging managing a short-term rental. You have regularly rotating guests, so there is much more upkeep than a regular rental property. This gets even more challenging when you have more than one property.
Instead of doing this yourself, partner with a reputable management company. They will handle all of the management work for you so you can focus on growing your real estate business.
How to Rent Your Home for Vacations and Profit
If you have an extra room in your house or property you don't use, setting it up as a short-term rental is a great option to make extra income. But it does take work to get it off the ground, so it pays to learn more about the process before starting. Now that you know how to rent your home for vacations, you can start the process.
Of course, you'll need reliable partners to help you manage your vacation home. We offer financial, property management, and marketing services at PMI Flatirons Group for property owners who want to grow their rental business. Contact us to learn how our services can help.
