It’s also easier than ever to make some extra cash off your home by renting it out short term. Below are some tips to maximize your profit and have a pleasant experience.
Be Aware of the Schedule
Big games aren’t the only events you can use to take advantage of renting out your home. Check out local event directories and your local newspapers and magazines for upcoming events. Take advantage of social media and follow event companies, who are most likely to promote their events. Contact your local concert venues for a calendar of upcoming events. The earlier you can plan, the better.
Advertise Your Home
Use trusted websites such as Airbnb, which makes the process as simple as can be. Post it on all of your social media accounts – it’s free advertising after all. Highlight events coming to your area and include important information about your home, such as travel distance and other activities people can take advantage of. The more information you provide, the better chance you’ll have of generating interest.
Know the Rules
Depending on your location, there may be certain laws you need to abide by. To ensure you’re not doing anything illegal, check with your homeowners association or local ordinances to find out if there are rules regarding short-term rentals. To avoid misunderstandings, make sure your renters sign an agreement that covers all of your requirements, including a cancellation policy. You’ll also want to settle on a security deposit should any damages occur. Also, consider the impact renting your home could have on your taxes. If you rent out your home for more than 14 days during the year, the income could become taxable. Consult your tax advisor with any questions you may have.
Check online to see what other rentals are going for in your area. How do they compare in location, size and included amenities? Set your price based on that. If you have a similarly sized home located 15 minutes closer to the event venue, don’t be afraid to bump up the price of your rental. On the other hand, if your home is smaller and farther away from the venue, don’t list it among the more expensive rentals. You’ll risk not renting it out at all, as you can be assured that people looking to rent will do their homework and shop around.
Screen Your Guests
Many owners worry that guests will use their home to party and wreak havoc. For your own peace of mind, contact your prospective guests to get an understanding of how they plan to use your home. Set some boundaries, which should also be outlined in the agreement. A short conversation with your guests beforehand can be good for both sides, as you can also answer any questions they may have about your residence.
A short-term house rental can be a quick way for you to earn some extra cash, as long as you follow the laws. Do you have any other tips on renting out your home for local events? Let us know in the comments below!
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