Hi Tinsel readers! We hope you are having a wonderful spring, we've been busy selecting the best new blooms at our local garden center. In this blog we will jump into short term rentals. They can be very profitable if done right, so read on!
1. Research. Before spending a significant sum on a new potential rental property, do your research. Make sure it's in an area where people want to come and visit, the home can accommodate enough people to make it worthwhile, and is in an area you are legally allowed to rent out short term. This last one is of growing importance for the years ahead, so take your time to vet the property.
2. Insurance. Be sure you have the correct insurance policy when short-term renting out your home. Some Property Management companies provide this option but it's always wise to do your research and find a policy that works best for you and your home. Always collect a security deposit from renters as well. If something is broken or damaged, the security deposit covers those expenses.
3. Renovate and Furnish. The better the interior and exterior of your property looks, the greater the chances it gets booked out. In a social media driven landscape, people want to stay somewhere comfortable that looks beautiful. Design can make or break whether people want to stay at your home. Get rid of all clutter, add some fresh paint, fun decor, a proper selfie spot on the wall, etc.
4. Good Photos. We highly recommend hiring a professional photographer to capture beautiful images of your home. These images will be listed online and are the best advertisement for your property. It's really simple- the better the images, the more views and potential guests.
5. Property Manager. Managing a property is a huge job in itself! From coordinating when guests arrive and leave, to ensuring your property is listed on the correct sites, to handling bookings, property managers wear a lot of hats. They make sure your guests have access to your home, let them know what they can expect, and follow up with them to ensure a successful stay.
6. Housekeeping. If you don't want to clean after every guest that stays at your property, and who does, we recommend hiring a housekeeper that can come every time a guest leaves. Your home should be clean and neat for all guests, and this fee can be included as part of the rental package so you're not eating the cost. Have you recently bought a property in the Lake Tahoe and Truckee area and are thinking about renting it out? Contact Tinsel House and we can help with all the interior needs to help maximize your profits!