Renting out your property to prospective holiday-makers can be a lucrative way to earn additional income, however, getting started is not as straightforward as simply listing your home on a vacation rental site. You’ll need to ensure that your home is appealing to tenants and meets all the legal requirements to stand out from the local competition and provide a return on investment.

Upgrade Your Home

Some areas of the property are likely to be used more frequently by vacationers than others, so it would be wise to focus on keeping these select areas in tip-top shape. Vacation rental guests will likely spend the most time in the kitchen, bathrooms, and living areas. As such, cleaning up and modernizing these spaces with new tiles, paint, and appliances will go a long way in making them more attractive. Most guests also enjoy spending time outdoors, so adding a deck with comfortable furniture and a grill is a great way to increase the appeal of the home.

Offer Perks to Tenants

In order to help your rental stand out from the competition, it’s important to provide guests with something unique. Consider offering the use of certain items that would make the stay more pleasant, such as bikes, kayaks, or beach umbrellas. You can include these items in your rental agreement and charge a deposit that covers their loss.

Market Your Rental

The easiest way to market your property is by creating a listing on a vacation rental site, such as Airbnb or VRBO. Include high-quality photos of the property, as well as a detailed description of the amenities and perks that come standard with the rental. It may also be worthwhile to add information on nearby attractions and family-friendly activities.

Managing Your Rental

To prevent any miscommunication, be sure to conduct a walk-through of the property with guests upon their arrival and provide them with a list of house rules. To limit risk to your personal assets, it may be worth establishing a limited liability company by making use of a formation service. You could also contract a property management company to avoid personal involvement.

Understand Tax Requirements and Local Regulations

Before you start renting out your property, it’s important to be aware of the tax implications and local regulations. You may need to obtain a business license and collect lodging taxes from your guests. The legislation varies from state to state, so research the requirements in your area to safeguard your enterprise.

Secure the Property

Vacation rental properties are often located in prime real estate areas, making them a crime target. Because of this, it’s important to take measures to secure the property, such as installing a security system with cameras. To avoid low-quality products and bad after-sales service, check the reviews of a few systems you’re interested in before making your final choice.

Landscape the Exterior

First impressions are everything, so it’s important to make sure the outside of your property is well-maintained. If you aren’t an expert gardener, you’ll save time and money by hiring a landscaping contractor. Look for companies that are offering deals and discounts, and be sure to verify their experience by browsing through a few customer reviews.

​​Store Your Personal Items

Guests should feel at home while staying at your property, so you’ll need to remove any personal items, such as family photos and sentimental objects. Take note that 5’ x 5’ storage in and around Las Vegas costs as little as $45. It may be a good idea to rent one to keep your belongings as secure as possible while they’re not in use.

Preparing your home for a vacation rental takes some work but is well worth the effort. With the right approach and an ironclad management plan, you can increase the appeal of your property and make it the most attractive option for potential guests in your area.

Triumph Property Management offers services to property owners, investors, and developers that are tailored to their unique needs. Find out more.