Renting out condo units and apartments to vacationers for short periods has become profitable thanks to websites that let you put up listings. Tourists and other people from all over the world find that renting out condo units is cheaper than booking hotel stays.
Many condo unit owners, however, may not be aware of some of the important details of renting out a vacation property. Apart from the rules and laws that are in place, there are many other things to know if you want to get a good rating. You also have to know how to protect yourself from bad tenants.
Here are some safety hacks from experienced owners who rent out their vacation properties:
1. Take out some insurance
You never know when someone might trash your place or something gets damaged. Your tenant might forget to lock the door or they get home blind drunk and damage your unit. Getting a good vacation condo rental property insurance lets you sleep easy even when someone else lives in your condo. What’s more, you can transfer the charges to your tenant.
2. Keep everything clean and new-looking
One of the biggest things an owner forgets is to clean the unit before a new tenant arrives. Sometimes, the previous tenant doesn’t clean up or leaves something behind. Cleaning up also lets you examine the unit for any damage before and after renting it out.
3. Check on the tenants regularly
This isn’t some set-it-and-forget-it deal. The only way that you can maintain your unit is if you talk to the client or tenant. Let them know who you are, what you look like and your disposition. It may keep them from being boisterous or careless with your vacation property. If you can’t, hire someone to do so. You can ask a relative, friend, neighbour, or even a management company.
Renting out your place can be made easy thanks to certain websites, but you should never take good renting practices for granted.