How to Rent Out Your House to Short Term Stayers

By
Education & Training with Property Investment Wise

 

Making money in your sleep does not have to be a dream. When you rent out your house while you are on vacation, you can earn money without lifting a finger. You are probably wondering how to rent out your house for a week. In the past, homeowners with more than one home would rent out their property while they were on vacation. Now, any homeowner can rent out their home to people who are visiting the city. Here is an overview of everything you will need to know about renting out a house.

Who Would be Interested in Renting Your Home

You do not have to live in a popular vacation destination to rent out your house. Many people travel to smaller cities on business or prefer visiting a place less crowded. If your home is near water, many tourists may be interested in your property because of the beautiful scenery in the background. People traveling on business may not want to go through the hassle of renting a hotel for a week.

How Can You Keep Your Valuables Safe?

Protecting your valuables should be at the front of your mind. You should check your insurance policy for information on replacing lost or damaged items. Small items should be locked in a combination safe. Require a large security deposit that covers damages to your home and replacing items stolen by guests. Before renting out your house, your guests should agree to uphold your cleaning standards.

Who Will Manage Your Property?

You also need to decide who will manage the property while you are temporarily renting out your house. A reliable property management company will collect the money owed to you and keep track of all the necessary paperwork you need for record keeping. Most cities have several property management companies. You should choose a local company that has great reviews and affordable rates. The prices of local vacation homes should help you decide on a rental rate. If your home has several amenities, you can charge more than your competition. Different localities have different laws, so it's best to go with someone that is local to the area and knows how things work.

What Other Options are Available?

When you are interviewing property management companies, you should make them aware of your expectations for cleanliness and any information they need to know about collecting payment from renters. If you decide not to use a local property management service, you can list your home for rent with an online service. It will be your responsibility to communicate with the people who are renting your home. Airbnb does not charge a fee to list a home for rent, and the company guarantee covers damages to the property. Airbnb receives payment when the property is booked by a guest. There's always more local websites as an options too. Your home will be booked faster if you provide travelers with several clear pictures of the home.

Keeping Things Organized

You should keep your important documents in two binders when you are renting out a house. One binder should be for your legal paperwork, and the other binder should contain paperwork that welcomes guests and informs them of their responsibilities while renting your home. You should also leave your contact information so the renter can contact you if an emergency occurs while you are renting out your property.

Keeping Things Simple for Guests

Your house rules should be listed in the binder. Guests should also be given notice of any areas off limits to guests. For added security, you should install locks to ensure guests do not enter off limit rooms. When renting your house out, a basket full of goodies is a good way of letting guests know what items are for them. Also, make sure everything in your home is properly labeled. 

Put Sticky Notes on Common Items 

Your guests will not have to rattle through your cabinets if they know where to look for dishes. Placing a note in your guest binder can help them find larger items. Providing guests with a separate binder for appliances and Internet access can make them more comfortable. You can also leave sticky notes on common household items with operating instructions. 

This is all the basic information you need to know on how to rent out your house. Take an inventory of all your belongings to make sure nothing is missing, and keeping a separate folder for inventory when renting your house out can help you stay organized.
Posted by

Joe McCord works at REAA.

Comments (3)

Chris and Dick Dovorany
Homes for Sale in Naples, Bonita Springs and Estero, Florida - Naples, FL
Broker/Associate at Premiere Plus Realty

All very good points and renting out a house especially when an event is taking place can be very lucrative.  I just saw a show also pointing out the terrors and the destruction that can come from this type of activity.  Be aware!

Aug 08, 2015 10:36 PM
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Joe - This is very good information on renting a home while on vacation.

Aug 09, 2015 04:13 AM
Joe McCord
Property Investment Wise - Las Vegas, NV
Making It Rain On The Regular

John Pusa Thanks for the kind words. I hope it's useful to someone who leaves there home often and would like to make some extra income.

 

Chris and Dick Dovorany It's better to be safe than sorry!

Aug 09, 2015 04:02 PM