3 Useful Tips to Remember while Starting Your Vacation Rental Business
If you are fortunate enough to have a vacation home, it’s like a small paradise to you where you can escape for a few days from the routine life, unwind on the beach, play football with your grandchildren or simply relax on the porch swing. There may be a variety of reasons for you to rent your vacation home. You may not want it to remain empty when you’re not there or you just want to counterbalance the costs of owning it. Whatever your reasons may be and whether you hire a property manager to do the job or look into it yourself, it’s worth starting getting familiar with the vacation rental process.
1. Set Goals
You might haven’t thought of doing a business of your vacation home, but once you took the decision of renting it, you have entered the property renting business. And just like any other business, a vacation renting business too needs you to set clear goals. What do you exactly want to accomplish by renting your property? You may want to earn more money or you may want to ensure the upkeep of your property in your absence. Whatever is your idea behind renting your property, spell it out in detail and then outline a plan to accomplish your goals.
2. Check Rules and Regulations
Make sure your vacation rental business complies with the rules and regulations of your municipality, county and state.
- Check with your city and county officials about the zoning needs for short-term rental properties.
- Also check with the homeowners’ association in your area about their rules.
- Check if your area requires you to apply for a business permit or license to rent home on a short-term basis as many areas require that.
- In some areas, vacation rental homes should follow certain basic safety requirements (fire extinguishers, sprinkler system, deadbolt locks and so on) and may even require you to complete safety inspections. There may also be certain rules regarding health issues, like spa and pool maintenance, well-water testing, linen sanitization etc.
- Check if your state requires you to collect and remit sales tax which you have to collect from your guests along with your rental payment.
3. Who Can Help You?
Once you decide to start a vacation rental business, you can get help from many sources. For example, Tripz.com is a great vacation rental community where you can advertise your property and connect directly to your potential customers. The site is extremely user-friendly and caters all types of properties offering travelers a chance to choose the best vacation rentals.
You may be a little worried while starting your vacation rental business; however, these tips will help you to go ahead and make sure you succeed.