Steps to Renting out your Vacation Home
A Vacation Rental can be a hard thing to pay for while owning a different residence. To overcome these difficulties consider renting it out a great alternative to paying off the bills. It can offset monthly mortgages against the property and pay for additional expenses. At times it may even make you a profit to help pay for things back at home.
To start off, make sure you have a rental that is in a location that people are going to rent. If it is in a less desirable vacation area, you may want to consider renting out your home monthly rather then weekly or on the weekend. On the other hand, if your rental is in a desirable location you will make more money by renting it by the night. If you are looking for a rental to buy for the sole purpose of a vacation rental business, consider places around beaches or mountains where people vacation often. To have niche over other rentals make your rental different then the other stand rentals. Try to sleep more or have a pool. One of the hardest things to beat while looking for a rental to rent out nightly is the number it sleeps. Many people are looking for places that sleep more then 12+ people. These groups are scrap bookers and church groups. This also allows you to raise your price while at the same time not scaring away potential customers. These groups of people need to rent out enough vacation homes for X amount of people. The more of those people you can rent out to the more money you will make. In addition, if you are going to rent out to this many people make sure your cabin has the right facilities to house that amount of people. Make sure you have the correct number of bathrooms and beds for the people.
Decide on the rates that you want to charge (daily, weekly, weekend, monthly, or seasonal rates). To do this check out competing vacation rentals on Fast Vacation Rentals or other classified advertisements. Make sure you include the correct rates. In many areas weekends cost more during the summer then they do during the winter or visa versa due to the demand. Make sure the comparables you look up are in the same general area and include the same amenities.
Create a written policy for renting your rental. There are many sites that offer templates or other basics that can help you start this if you are having a hard time. Also at the same time, create a basic information sheet that includes the most commonly asked questions. This will make renters more informed and answer some of there basic questions while at the same time making your like easier by not having to retype it each time.
Establish a classified rental ad for your cabin. Include a brief description which should include the location, seasonal rates, required deposits, pictures and a number to call you at. Pictures are one of the most important things that break or make your sale. Availability calendars are also a great way to speed up the process on both the property owner and vacationer side.
The next step is to post the classified ad that you made above onto different online databases. Fast Vacation Rentals is a great way to help spark off your business. Try to post to several different sites that offer a free trial service. At the end of the year, tally how many rentals you got from each site and keep the best ones. The majority of the time if you made one rental off a site that is enough to keep the listing, as the fee to post a listing is small to be paid off in a single nights rent.
Send out the rental agreement to the rental and have them return the agreement with a deposit to hold the date. Make sure that you receive total amount before you give them access to your cabin (key lock box, touch pad, etc).
If you become to overwhelm doing this, consider listing your property with a rental property management company in the same area as your vacation home, especially if you do not reside in the same general vicinity. Be aware that these businesses want a portion of a percentage of the income of the services. Consider getting a housekeeper to look over your house instead, who can also run over and fix a common problem real fast. Make sure put on your agreement also if there is a cleaning service fee or not and what you expect of the cabin when you get it back.
Tips & Warnings
- Include taxes and cleanings fees as part of the expenses for the renter.
- Some communities do not allow you to rent our vacation rentals. Make sure you check in with your local community before trying.
- Create special deals and niches for groups during times that are hard to rent out. (Rent five nights and get 6th night free).
- Be aware of oversea frauds that want to rent out your cabin. Do not refund people if they send you too much money. Make sure you get the correct amount before cashing the check. Some over sea people try to swindle you by sending you an amount over what is due and are expecting you to cash it then send them the rest of the money. This is fraud and the check will bounce. Be aware.
Best of luck and have a great time renting out your vacation rental
-The Fast Vacation Rentals Team