With the advent of home rental sites on the Internet, including airbnb.com, vrbo.com, vacationhomerentals.com and others, turning your home into a money-making vehicle is literally a breeze. But before you get too excited and start counting your take, it’s wise to size up your property and determine whether it’s a good candidate for the job.
It’s a no-brainer really. Think about what you’d be seeking in a vacation rental. A good location, close to popular attractions. An ocean, bay, skyline or mountain view would be a plus, but at a minimum the property must be in a place where people want to go. It’s got to be super-clean, up-to-date, modern and fully equipped with all of the basics and some special goodies to give that vacation feel – a hot tub perhaps or big soaking tub or best of all, a swimming pool.
No one thinks dreary in the same sentence as vacation, so bright, stylish furnishings will be appreciated (and look great in those all-important photos). Good quality, scrubbed clean appliances (an espresso machine would be nice), fluffy towels and uncharred fresh pots, dishes and glasses are a must. Your guests will be bringing their devices, so high speed Internet is de rigueur.
If you think your property qualifies, the first order of business is to make sure it’s legal. Check that your municipality and condo board permit transient rentals. If they do, the next step is to get some smashing photos of your home and all its very best features.
Creating a compelling narrative about your home – its location, style and amenities, along with those excellent photos, will comprise the advertising you will post on whatever sites you choose. It’s a good idea to peruse the array of listings in your particular locale before writing your description and setting a value for your rental. You don’t want your property to be wildly over-priced, or over-hyped.
Imagine being the stranger entering your abode for the first time. Create a welcome kit for them that explains where everything they need can be found, how to operate the appliances; connect to the Internet, where to put the garbage and who to call in an emergency. It would also be nice to include a listing of your favorite local haunts, and not-to-miss sights and recreational opportunities nearby.
You’ll have to decide whether you are flying solo or enlisting the aid of a local rental agent or property manager. You might decide you need vacation rental software to manage bookings if you plan to rent on an ongoing basis. You will most assuredly require the services of a housekeeping service if rentals are continuous or frequent. Lastly, you will need to figure out how to provide entry to the premises, either through a lockbox or having your agent meet guests as they arrive.
Vacation rentals come in all shapes and sizes. If you are in a popular city, like San Diego, where hotel accommodations are costly, a clean minimalist studio apartment can be a good vacation rental even with just the basics. In more developed markets with lavish properties featuring many amenities, just basic will just not cut it. Good common sense should provide the answer as to whether your home can be someone else’s castle, even for a weekend.
Del Phillips is a California Licensed Real Estate agent. He is a member of the National, California and San Diego Association of Realtors. You can reach Del at Ascent Real Estate at 619-298-6666 or at Del@DelPhillips.com DRE LIC #01267333.
