The Sanibel Arms Vacation Guide
4 Rules for Short-Term Vacation Rentals
Vacations are an important aspect of maintaining a healthy lifestyle for many people, especially those with stressful jobs. Two out of three top executives feel that vacations improve their creativity, while 40% of travelers feel more romantic while on vacation. More than half of adults in the United States feel more refreshed after a vacation. With such emphasis placed on vacationing, the industry is fraught with opportunity for those looking to make a profit by using their properties as vacation rentals.
If you travel a lot and are looking to make some extra money, renting out your properties as short-term vacation rentals can be the perfect solution. Allowing guests to stay at your townhome, condo, apartment or home is a great way to make some cash, but it can come with its fair share of potential issues so be sure to tread carefully.
Before you open your home to friends or strangers for a place to stay during their vacation, be sure to do the following to avoid hassle and headaches:
Check your local laws. If you own the property you are going to be renting out, you may be required to pay a hotel tax or else you may be conducting illegal business in the eyes of the government. If you rent an apartment or house and you're looking to rent it out to guests while you're away, it will be smart to ask your landlord before making any decisions. Landlords are sure to vet their prospective tenants before allowing them to rent a home and they may require the same for anyone else who hopes to stay there.
Thoroughly screen your guests. You will want to know a decent amount of information about anyone who is renting out your property. If they have a criminal background, it may not be the smartest idea to rent to them. Knowing about the people staying at your home will take some of the anxiety out of renting out your home.
Set ground rules. While certain boundaries and rules may seem self-explanatory, they may not be for a potential renter. Make sure to draw the line for each guest and make it clear what you would not like to happen at your property while they stay there. It's also important to get a signed contract as proof of your agreement to follow the set rules. You don't want to come home to any surprises.
Properly price your property. If you are renting out beachfront condos, oceanfront condos, or island condos, your pricing will vary greatly from a small apartment in a rural area. Checking the pricing of other properties in your area with the same type of vacation accommodations is the best way to get the best pricing range for your property. Charging too much for your property will deter potential guests while charging too little may leave you with some leftover costs.
After you have done the above, you can start to promote your vacation rentals and wait for the offers to start coming in. There may be some trial and error involved for the first few rental periods but after you learn how to navigate the process, you can expect to make some extra cash!