Are you sitting on an investment property that's gathering dust while you're away? Renting your home to travelers is a great way to make use of it during the vacation months while earning some steady income. It's also not difficult to set up since you'll only rent it out on a short-term basis.
However, the rules behind owning a vacation rental property have changed in the past few years. No longer can you rent out a space without getting some kind of approval from your local government.
Here are five things to remember before you set up your short-term rental.
1. Understand Local Regulations
First of all, take some time to look into both statewide and local regulations and laws. Every state and district handles short-term rentals differently, and those guidelines are constantly changing.
For example, Savannah has percentage caps in certain areas and annual permit renewals. Atlanta requires hosts to pay $150 annually for a permit and live in the city. Smyrna restricts short-term rentals to one unit per property in single-family zones.
2. Get Insured
Make sure you have the right kind of insurance for your short-term rental situation. Standard homeowner's insurance may not cover incidents related to short-term stays. You may also end up violating your policy by renting it out to other people.
At the same time, keep your insurance up-to-date. Get a better policy if you feel like you need the extra financial security.
3. Focus on the Guest Experience
Providing the ultimate guest experience is the best way to keep your vacation rental in business. Part of a family's travel plans is staying somewhere welcoming, comfortable, and personalized.
Some ways to meet those expectations are by communicating with them, paying attention to their needs, and creating a unique environment they'll remember.
4. Set House Rules
Even though getting good reviews is important, you shouldn't neglect the condition of your home. It's important to set ground rules for how you want people to use and take care of your property.
For example, be very specific in your rental contract about things like changes a renter can make and who to contact if anything needs repairs. It also helps to stay in touch with them just in case.
5. Use a Trusted Rental Platform
Finally, make use of a trusted platform that can help you handle your short-term rentals. You can list your home on these platforms, manage bookings and payments, and even communicate with guests through them.
Keep in mind that utilizing one of these platforms does not exempt you from obeying local regulations.
Renting Your Home to Travelers Without Issue
Renting your home to travelers requires property owners to both keep their homes in good condition as well as manage short-term tenants. This is easier said than done, as you may be renting out a vacation property in another city or state.
PMI Oconee is here to help if you need someone to manage your home while you're away. Our services cover vacation property management, marketing, accounting, and more. Reach out today to learn more about our capabilities.
