It's estimated that there are nearly 48.2 million individual rental units in the United States. There's no denying that opening up your property to renters (whether they're long-term or short-term rentals) can be a lucrative decision.
However, there are also a lot of steps you need to follow, from making it rental-ready to marketing the property. And, if you don't stay organized, renting your vacation home can quickly turn into a full-time job.
In this guide, we'll be going over the basics of listing your home for rent. That way, you can maximize your profits with as little hassle as possible.
Make Sure It's Renter Ready
It's important to ask yourself whether or not you're ready to invest in a rental property. When considering this, one of the first things you should consider is if you have enough money to make the property renter-ready. What does this mean?
At the bare minimum, it means that things like HVAC, water, and electricity are all working properly. However, you should also make sure that fresh paint is added, new appliances are installed, and everything is clean.
This can take up more money than you think, especially if you want to add amenities to make your property more attractive.
Include Good Photos and Descriptions
The key to optimizing your rental listing is making sure you include great photos and descriptions of the property. For good descriptions, make sure you're not just describing the square footage and room count.
Instead, describe both the area around the property as well as any amenities you might have (like large kitchens, pools, or scenic looks). Then, hire a professional who deals with property pictures so they can help bring the property information to life.
Promote the Listing
It's possible to promote your vacation rental entirely on your own. Sites like Craigslist or good old-fashioned flyers allow you to go down the DIY route. However, if you want to get a wider reach when promoting the listing, consider going with a rental platform like Zillow or Airbnb.
Alternatively, you can also hire a short-term vacation management company to help you. These services deal with all the marketing and listing information to bring in potential tenants and guests.
Prepare for the Accounting
There are a lot of expenses and income that come with renting your home. Booking fees, rent, cleaning fees, and maintenance are just some of the things you need to consider.
If you aren't keeping track of these expenses, you'll be in trouble when tax season rolls around. To make things easy, consider partnering with a company that offers accounting services.
How PMI Saltwater Can Help With Listing Your Home for Rent
We hope this guide helped you learn more about listing your home for rent. Here at PMI Saltwater, we know that homeowners can often be intimidated by all of the steps necessary for renting your vacation property.
That's why we make things easy for our Avalon, New Jersey clients by handling all the necessary details from marketing to accounting. So if you want to learn more about how we can make your life easier, get in touch with us today.