Set Yourself Up for Success: 5 Vacation Rental Tips for Owners
Are you a homeowner questioning the choice of whether renting your residence is worth it? Maybe you're not sure what's required in the process, is it even legal in Long Beach? The main concern probably restricting your final choice: the maintenance and upkeep required to keep a high demand for a possible rental.
Well, we'd like to clear out these questions for you to make the home renting process as simple as getting rid of the 'for rent' sign in your front yard. So keep reading below to learn about the best vacation rental tips for owners.
If You're Renting In Long Beach
Although short-term rentals are illegal in the city, recent ordinances have cleared the path for legalizing the practice and allow residents to list their properties. Despite the regulation, there are over 1,500 active listings online and the written ordinance is scheduled to be written by June 2019.
But, if you're only interested in the long-term rent process you don't have to click here for frequently asked questions about the current state of short-term rentals.
Vacation Rental Tips For Owners
It's normal to begin managing a vacation rental without a solid plan. But if you want to avoid setbacks you should consider the following guidelines:
Create a checking account - It's important that you separate your business into its own checking account. This step will help you keep proper records and report your income and expenses. And if you're looking to maximize your tax advantages look no further than to use a different bank or credit union.
Simplify your financing - There's good news about your vacation rental. It's classified as a passive income business. This means you'll only need to write off the expenses against passive income. So make sure to properly classify your expenses at all times. There are many accounting and budget tracking tools that make that process very easy, like Mint and Fudget.
Advertise to The Maximum- Have you ever stumbled upon a potentially good looking spot that lost its allure because of the quality of the photo? Well if you want to successfully advertise your vacation rental make sure you use professional photos. It will catch someone's attention and invite into learning more about the place.
Insurance is a Must- Insurance protects your property and your guest in the event of an accident. Now, it's important you comprehend vacation rental insurance in the U.S., to pick a policy that covers a variety of potential occupancies. For example, some insurance carrier offers a rider that allows for occasional rentals and offers limited property and liability coverage.
Apply Rental Agreements- Before you guarantee customer satisfaction you should set a rental agreement. The agreement will provide the rules and policies for the property before their stay. Some items you could include are dates, maximum occupancy, cancellation policies, and house rules.
Set The House Rules
When it comes to setting up your first vacation rental there are many things to set up and manage. Remember to keep up with Long Beach's city regulations and plan accordingly. Although it sounds like a lot of work these vacation rental tips for owners will help you bounce through the process with no stress in no time.