The increasing cost of living pushes many of us to seek side jobs. Toss in the uncertainties of the current global health crisis and the growing needs of each family, having an additional source of income is a gold mine for anyone. However, this could also mean sacrificing your health as you juggle two or three jobs just to make ends meet.
Therefore, passive incomes are always a good option. This includes online selling, remote work, or rental properties. So, with the United States gradually opening its borders for vaccinated travelers, you may want to use this profitable opportunity to your advantage, especially if you are near tourist attractions.
Check the necessary documents
While this is an exciting prospect in life, it is vital to ensure you are legally allowed to rent your home and that the process follows protocols and procedures. This will save you from further conflicts and protects your interests later on. So, take time to brush up on contracts and agreements with your homeowner’s association, lender, and property or liability insurance.
Remember that assuming the role of a host or a landlord entails agreeing to the terms and conditions that come with it. This means your responsibility is to keep the property in good condition and follow the necessary building codes that your state requires. Moreover, you need to keep an open line of communication in the event of emergencies, calamity, robbery, accidents, and property damages that may injure your occupants.
Draft a contract
Running a rental property is a business, regardless of whether you want to rent out parts of the house or the whole place. Therefore, a good rule of thumb is to have a written contract drafted and checked by your lawyers before agreeing to any deals. Ensure that everyone understands each section of the agreement before signing it to avoid misunderstandings.
The contract should include the roles and responsibilities of each party ranging from rental payment, fees, duration of stay, limitations, house rules, and other personal information necessary. You may also want to provide a map indicating fire exits, emergency hotlines, and your contact numbers, especially if the tourist is new in the area. Finally, make sure your legal obligations as a host are clear.
For example, if you require deposits, consider stating how you will use them, including rental food, cleaning, repairs, and unexpected circumstances. This is also useful if you plan on accepting guests with their pet companions or children. Of course, in case of reimbursement, ensure that the terms and conditions are also evident for both ends.
Prepare your home
Attracting tourists can be tricky, especially with the current situation. So, consider following health and safety protocols to help curb the growing number of COVID-19 cases. This may include requiring your guests to be fully vaccinated and providing weekly cleaning services. You may also equip your property with sanitizing products and face masks for added protection.
Moreover, start highlighting your assets. It could be a tourist destination that is a drive away from your location or a scenic ocean view that could amaze your customers. If you are far from these attractions, captivate them with your unique selling point. For instance, if you have your own vineyard, offer harvesting fresh grapes and wine tasting as part of their privileges in renting your property.
It is crucial to list down everything you can offer and improve it by finding the right people to do the job. This includes employing teams of bathroom fitters, plumbers, landscapers, and contractors to ensure everything is in good working condition. If you have a particular concept in mind that you want to achieve, remember to communicate it with your designers and set a realistic budget.
Ready for business
It is crucial to utilize every platform to reach and pique your consumer’s interests, especially in the digital age. However, it doesn’t stop there. It helps to know where people go to look for good deals. This could be a website, social media platform, or application.
Take quality pictures of the property and make sure the lighting and angles are good. Put designs, furniture, and decorations to make it look more attractive. Include the attraction and provide a detailed description of the services you offer, price range, address, and contact details.
It’s crucial to be honest with your listings as much as possible. Do not put misleading information for the sake of attracting more visitors. Remember that misunderstandings can put a permanent dent in your business and may potentially affect your future transactions. Most importantly, be patient. Investing in rental properties may take a lot of work, but remember that the result will be worth it, especially for your financial health.
