Renting out your property is the perfect way to generate extra income. Getting your vacation property ready to rent is a process which can help you provide a better rental experience and save on unexpected costs. If you prepare and maintain this property the right way, there is sure to be less repairs and costs incurred over a longer time frame. Furthermore, these efforts are always reflected in customer feedback and the all-important online reviews which are likely to determine how much interest you receive for the property in future.
Vacation property management is always beneficial and one reason as to why many property owners avail of a property manager to take care of such issues. However, in this article we will take a closer look at what you need to know about preparing a vacation property and staying on top of any ongoing issues which tend to arise when renting your property.
Whether you decide to take care of the process yourself or seek out the assistance of a property management firm, here are some of the most important points which need to be taken into consideration prior to renting your vacation property:
CARRY OUT AN INITIAL INSPECTION
To get started, perform an initial inspection of the property and pay close attention to the major issues. In case you might be asking yourself, this refers to obvious signs of damage such as cracks in the walls, leaks in the ceiling or faulty electricity outlets. Needless to say, this might involve some costs but carrying out such repairs will help you avoid complaints and further damage over time.
CHECK FIRE ALARMS AND EXTINGUISHERS
Carry out safety checks throughout the home. In this sense, check or install fire alarms throughout the property and ensure any emergency exits are clear of unnecessary objects and safe to maneuver. Moreover, there should also be a fire extinguisher on each floor.
CLEAN THE ENTIRE PROPERTY
Unfortunately, this is one job which many property owners neglect and one which costs little more than time to do. First impressions will often depend on the cleanliness of the property and this will often make or break your renter’s experience. For this reason, ensure every floor, wall, and furnishing is immaculately clean. If needed, repaint walls and also shampoo any carpets which need to be cleaned.
EVALUATE THE CONTENTS AND FURNISHINGS
As you know, even furnishings in a rental property can ruin the appearance. In this respect, you should ensure every furnishing is clean, fit for use and even remove shabby objects which serve little purpose. Needless to say, broken appliances should also be discarded while both the outside and inside of working appliances should be cleaned.
STAY OVERNIGHT IN YOUR VACATION PROPERTY
It may sound a little odd to some but staying overnight in a vacation property is the best way to step into the shoes of your customer. In this respect, you should stay overnight in the home and take time to test every aspect of the home, from checking there is hot water in the shower to making tea in the kitchen. Whatever seems out of place during this time is likely to feel the same way for the person renting your property in future.
CHANGING THE INSURANCE POLICY
You will need to inform the property insurers or mortgage company that you will not be living in the home. At this point, it is usually a requirement to change this insurance policy and adhere to the legal requirements surrounding renting your vacation property. Once again, property managers are an excellent source of knowledge and assistance with moving things forward.
MANAGING A RENTAL PROPERTY
Are you going to manage the rental property? As already mentioned, many vacation property owners choose to outsource this time consuming process to a property manager. While this involves a specified fee, working with a property manager will offer you convenience and save you the time it takes to figure out all the formalities and legal issues. Furthermore, property managers take care of the maintenance of a property along with advertisements and any ongoing issues with the renters. As you might expect, the monthly charge for this service is extremely small in comparison with the amount of work involved.
PRICING A VACATION RENTAL PROPERTY
As soon as you take care of the above, you should check out the prices of similar properties in the area. Although prices will change depending on the time of year, the most important features of the home are usually of most interest to the renter. For this reason, property managers take great care when it comes to listing a vacation property and making it sound as desirable as possible to the target market.
HANDLING THE RENTER
One of the most surprising things about renting a vacation property out is the amount of time it takes to communicate with renters or potential guests. With this in mind, property managers spend most of their day answering questions and tending to the concerns of those renting the property. Furthermore, it is also extremely important to screen potential guests and this should involve a background check to ensure that you know precisely who is renting your vacation property.
VACATION RENTAL MANAGEMENT WITH MINNESTAY
As you can see, getting a vacation property ready for rent is a time consuming process and one which can save the owner a great deal of expense. Although this is something which the owner can certainly handle, the benefits of employing a property manager are usually far more valuable than the respective management fees. Either way, preparing your vacation property is not only the key to an excellent experience for your guests but also the best way to stay on top of proceedings and save you money in the long run.
Are you getting your vacation property ready to rent? Do you have any questions about the process? Please do not hesitate to contact us so that we can help you put everything in place.