Ever had the itch to get away for a while? Maybe you work from home, so you’re experiencing a little cabin fever. Or perhaps COVID-19 travel restrictions kept you from your usual vacation break for the past few years.
Whatever the case, you crave to get out of the house for a while, but travel has always been expensive and it’s gotten only more so. By the time you cover the plane tickets, hotel rooms, and activities for yourself and your family, you could easily be out several thousand dollars.
If concerns about money are keeping you from planning your next vacation, then we have some useful tips. In this article, we’ll go over ways you can rent out your home while you’re traveling.
If you do this, you can earn money while you’re on the road to defray your vacation expenses. After all, you’re not going to be using your home while you’re away; so you might as well rent it out!
Here are ten best practices with regard to renting out your domicile while you’re on vacation.
- Check your rental regulations
Before you can get serious about renting out your home, you ought to make sure it’s even legal where you live. Your state, county, or city may place restrictions and rules on short-term rentals.
The fastest way to find out if any of them do is to perform a quick Google search. Type in the name of your state, city, or county and “short-term rental regulations.”
You should pull up a government website that tells you what you need to know. If not, visit your municipal office and ask there.
If your home is part of a homeowner’s association (HOA), you’ll also have to check the HOA regulations to ensure they don’t place restrictions on rentals. In some cases, your mortgage contract will include a clause about renting out your home, as well.
So go over everything that could possibly apply and make certain you’re not about to commit a violation.
- Select a short-term rental (STR) platform (or platforms)
Next, you’re going to need a short-term rental (STR) platform on which to list your home. Popular ones include Airbnb and VRBO, but you might also consider FlipKey, HomeAway, or even Craigslist or Facebook Marketplace.
Various platforms will apply particular policies and agreement details. Do the necessary research to figure out which will work best for you. You might want to list your home on multiple platforms to maximize your listing’s reach to potential renters.
- Set a competitive price
Once you have an STR platform, you’ll pick a price at which to list your home. The best way to determine your home’s STR value is to compare similar listings in the neighborhood and region.
Some STR platforms may have a built-in pricing tool to assist you in setting a competitive price. Don’t forget about the seasonality of the STR market. Demand rises in certain times of the year, so you’ll want your price listings to reflect that.
Obviously, the lower the price you cite, the more dates you’re likely to fill (and the reverse will also be the case). So if you want a high occupancy rate while you’re away, lean toward the lower end of the acceptable rental price range.
- Set rental policies
Every rental requires some rules. If you don’t set any expectations from the start, you’re apt to run into trouble with your tenants.
You should establish policies with regard to check-in and check-out times and list a few house rules. For example, you may designate certain areas of the house as off limits (e.g., an electrical or boiler room), or you may prohibit pets or smoking.
You may also want to require a refundable security deposit—especially for extended stays. Why? Because tenants may damage your home while you’re gone, unfortunately.
You can use the deposit to help cover any repairs. But be sure to check that any security deposit policy is in accord with the rental platform you are using. Some may already have a security deposit policy in place or process the funds in a particular fashion.
- Prepare your home
Before you open your residence to renters, get it ready for them. This means removing any personal items and valuables you don’t wish to see damaged, lost, or stolen.
If there’s anything you don’t want to leave out, but you also don’t want to have to take it with you, consider storing or selling it.
It’s also a good idea to protect your furniture. You might put covers on couches or plexiglass on tables. Coasters are good protection against water stains from glasses.
To protect yourself from liability, you also should make sure your home contains no potential safety issues. A broken step or door could pose a problem.
If your tenants end up getting hurt, you could be sued or run into costly legal trouble. So make sure you fix any safety issues before you list your home for rent.
Lastly, don’t forget to clean the premises. You may want to hire a professional cleaner to do a deep clean for you.
If not, plan on spending a few days to cover every nook and cranny. Renters expect to have a clean place to stay in. Don’t forget about the back and front yards. Your home should be spotless.
- Take professional photos
Right after you’ve cleaned the best time to get your house professionally photographed. High-quality photos of the place will make your STR listing stand out.
Remember, you’ll be competing against other rentals in the region. The more attractive your STR looks, the more interest you’ll attract.
Be sure to get photos of every room as well as the exterior. Highlight the property’s top features, like a kitchen island or a hot tub in the backyard.
A professional photographer will help you identify the shots and angles that will make your home look its best.
- Screen your guests
Unfortunately, some guests will be better than others. Some may seek to rent your home just to throw a big party, which could leave the place a mess or worse.
To help prevent your home from getting mistreated, try to screen your guests. Some STR platforms like Airbnb do this for you, but you may still want to check out prospective guests yourself, just to be on the safe side.
Consider turning off any auto-booking feature for your listing so potential guests will be compelled to contact you before they may schedule a stay.
- Hire a property manager
One of the challenges of renting out your house while you’re traveling is that you can’t be there if anything goes wrong. What if a toilet stops working or your guest accidentally locks herself out of the house?
This is what makes it worthwhile to hire a reputable property manager to handle your property and tenants while you’re away. They can take care of tenant questions, maintenance or repair issues, and cleaning your home between guests.
In short, a property manager can serve as the main point of contact while you’re gone and ensure that everything runs smoothly. Most charge 8% to 12% of whatever the rent is for the units they manage.
But this is often well worth the cost because it means you don’t have to deal with emergencies while you’re gone. You can just enjoy your vacation.
- Look into getting short-term rental insurance
You probably already have homeowners insurance, but that may not cover unexpected costs from renting the place out. So it’s a good idea to get short-term rental insurance.
Such a policy can cover property damage, liability, and even loss of income. Some STR listing platforms also offer coverage for accidental property damage and other contingencies (e.g., Airbnb’s “Host Guarantee”).
Whatever you do, plan for the worst. If you don’t get insurance (or even if you do), you may want to maintain a budget for unexpected expenses like a large repair.
- Be a good host
Finally, be a good host. If you are, your guests are more likely to have a positive experience and leave you a good review.
Some ways to go the extra mile as a host include providing a welcome packet with emergency numbers (e.g., the property manager’s contact info), the WiFi password, instructions on how the TV and other appliances work, the location of cleaning supplies, and a guide to the local area that describes top tourist spots.
You may also want to send helpful reminder texts about check-in and check-out times and the password to the keypad door lock.
As a cherry on top, consider leaving a snack or a bottle of wine for guests to enjoy. All of this may help earn you an extra-positive review. Plus, if you’re a helpful host, your guests are more likely to treat your home with the respect it deserves.
Final thoughts
Renting your home can be a great way to make some extra income while you travel, but it requires some preparation. Give yourself plenty of time to plan things out before you leave and don’t forget to partner with a reliable property manager who can take care of the day-to-day tasks while you’re away.
Last of all, manage your calendar carefully. You don’t want to allow guests to book your home when you need it, such as right after you get back from your trip.
Otherwise, you may have to cancel their booking and incur a cancellation penalty from the STR platform. Try to fill your stays as much as possible while you’re not home, but keep the place clear for when you are.
If you follow all the above tips, you can travel in comfort, knowing your home is making money while you’re gone.
