Should I Make My Long-Term Rental A Vacation Rental?  Part 2

In our previous article, we talked about the 10 most requested features for vacation rentals. Now, we’ll go over 6 things that every landlord should consider before deciding to turn their long-term rental into a vacation rental.

6 Things to Consider for a Vacation Rental

1. Complying with the law

Be sure to check your state and local laws to see if there are restrictions for making your unit a vacation rental. If you’re unsure, consult your local housing authority. Pay attention to lodging fees, zoning requirements, and occupancy laws.

Don’t forget to know what income and expenses that you will need to record so that you won’t be missing information when it’s time to file your taxes.

2. Accepting Payments

How will you accept payments? Going back to the first consideration, having a solid process for tracking all payments is key. Online payments are a good option for this. You’ll also want to consider how you’ll handle deposits and cancellations.

3. Included Features and Amenities

Most visitors will expect a short-term rental to be furnished and have some basic essentials, like bedding and dishes. Many properties will also have vacation essentials for use during the stay. Will you have beach towels and boogie boards available at your beach condo? Does your chalet offer sleds and winter gear for out-of-towners?

Some property owners live in a portion of the property and rent out another. In these cases, you may want to consider your interaction preference into this. Do you offer morning coffee or full breakfast for a fee? Are you available for concierge services?

4. Online booking

Whether or not you’re planning on using a vacation rental website, you’ll definitely want to consider using online booking so that interested visitors can see your unit’s availability. It’ll also be a good way for you to keep track of guests so that you can schedule cleaning.

5. Cleaning Services

In a long-term rental, you may only pay for cleaning when a tenant moves out, which could be once every six months. There is more turnover for a vacation home, so you’ll want to have a plan for handling cleaning in between guests. Because of this, you’ll want to have a clear cleaning fee policy established.

6. Access

Safety and security are a high priority. You’ll need to determine the best way to allow vacationers access to your property. There are a few different options, each with their own pros and cons. Key lock boxes are easy to install and setup, since they use a combination code. There are also electronic security options, like the systems used by hotels, that allow for more programming and monitoring options.

 
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