How to Prepare Your Home for the Short-Term Rental Market
Have you been thinking about joining the short-term rental industry by starting your own vacation rental? When it comes to short-term rentals, getting your property listed on sites like Airbnb or Vrbo isn’t difficult. In fact, you can have your home or apartment listed on most booking sites within just a few minutes.
But that doesn’t mean you should just make a listing in hopes of generating some side cash. If you’re renting your property, here are a few ways you can make sure you and your property are ready for guests.
Clean Your Home and Property
Sounds obvious, right? If guests are coming to your home, it’s critical that both your property and inside the home or apartment are clean and presentable. When guests pay money to rent property, they generally expect it to be clean. Remember – if your first review is negative because of a dirty property, it’s going to seriously affect your chances of getting new guests.
Secure Your Valuables
When it comes to vacation rentals, theft is a very real concern. And while most of your rentals should be smooth sailing, there’s always a risk that something could be stolen. Because of this, it’s important to secure all your valuables, preferably in a different location. When deciding on what to take out of the rental property, ask yourself, “Would I miss this if it was stolen?” And remember: don’t expect your homeowner’s insurance to reimburse you for theft. Homeowners’ insurance does not cover short-term rentals. Instead, you’ll need some form of short-term rental coverage.
Safety Is Important
When other people enter your home, you’re liable for their safety. That means if they trip and hurt themselves or are injured during their stay, they could sue you for damages – even if their injury is not your fault. So, if you’re planning on listing your property for rent, make sure there are no safety hazards. One particular area of concern is bathtubs, where soap can build up and become a tripping hazard.
Take Care of Your Guests
It’s often the little things that stick out the most when renting a property. Leaving a small gift, and making sure you have extra supplies, including toiletries, can mean all the difference. When you go out of your way to please guests, you’ll often find yourself getting a 5-star review.
Verify Your Insurance
Have you considered that your home insurance might not be sufficient or even applicable for your short-term rentals? Email your agent and have a conversation about getting the correct coverage for your vacation rental. Make sure you have commercial general liability coverage and that your policy will cover your property if a vacation rental guest damages or steals from you.
Here are a few questions you should ask your current broker when you bring up short-term rental insurance.
