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You’re purchasing a beautiful vacation home and are hoping to rent it out to make some money while you’re not using it…but where to start?! Global Vacation Rentals has a few tips so you can start making money by letting others enjoy your gorgeous investment property. Follow these 5 tips for successfully renting out your vacation home!
Research your market
It’s important that you know exactly what you’re getting into. Every market and community is unique and guests have certain expectations you’ll want to make sure you’re meeting. On top of this, you’ll want to make sure you understand all the rules and regulations of your jurisdiction and get squared away on the not so fun but important matters like taxes, licenses, and insurance. Every area has different rules, so be sure to know exactly what is specific to yours and how to stay in compliance!
Create a rental agreement
Once you know what you’re getting into, it is important that they know what they’re getting into! In simple terms, a rental agreement is a written contract between you (the property owner) and the guest (who is staying in your home) laying out all the details of the stay. It is important to be specific so you and the renter know the ins and outs of the contract, and you are protected from any unforeseen issues.
Furnish your rental
It is time to give your home a makeover! Vacation homes are special in the fact that people come from all over the world with friends and family to enjoy your home. People want to feel at home, have fun, and be blown away with the decor. Should you invest in a game room? What about themed rooms for kids? Should you do bunk beds? These are big decisions, but can make all the difference in creating a highly coveted rental versus one that just misses the mark. It’s important to strike the right balance between function and aesthetics – the homes that produce the best rental returns and guest satisfaction really nail this!
Marketing your rental
Once furnished, now is the time where you get your beautiful home out to the world! Whether you try to build your own site, use Facebook, AirBnb, VRBO, or other services, effective marketing and standing out from the competition is a must. Be sure to hire a photographer for professional photos!
Managing your rental home
The most tricky part of the process starts and ends with managing your rental home. Up- keep is just as important as the other steps, and dare we say, the most time consuming. From guest communications, check- ins / check- outs, cleaning, landscaping, and proactive maintenance, managing your rental can be quite the ordeal. Be sure when you’re managing your vacation home, you cross your T’s and dot all your I’s as the attention is in the details!
Now you could do all of this yourself, or you could do what hundreds of other vacation home owners do and trust Global Vacation Rentals to handle it all for you. Global’s team are masters at guiding buyers through the vacation home buying process and optimizing and managing their vacation rental. From knowing the market to booking your home and managing all the details in between, Global does it all. Our attention to detail is what makes the process of renting out your vacation home so incredibly easy! Visit here to learn more.
