It’s our final episode of the year. Many of you will be traveling, so we’re going to wrap 2015 up by talking about short term rentals.
Renting out your home or an investment property can be a very lucrative business. If this is something you’ve been thinking about, here are some tips to help get you started and help eliminate some of the more worrisome factors that tend to go along with this kind of arrangement.
There are a few sites you can use to list your property, Airbnb being one of the most popular ones. Craigslist can be a good option as well, though keep in mind that you’ll have to handle the contract and billing process yourself. Remember to have professional photos taken of your place and to really nail your description. When in doubt, get someone else to write it for you, or, at least, look over what you’ve written yourself.
If you’re going to be renting, you’ll want to invest in a really good cleaning crew. Your cleaning crew should do three things: clean the property, inspect the property, and get the property ready for the next arriving visitors.
Since many of these sites rely heavily on reviews, you’re going to want to do what you can to ensure the best possible guest experience. This can range from things like making sure the temperature is controlled, to leaving out snacks for your guests. Anything you can do to give your guests a personalized experience of your home and the surrounding area is a step in the right direction.
Protecting the property is a concern for most owners who choose to rent. Accidents will happen, but there are some things you can do to help prevent chaos. Obviously, you don’t want to leave your valuables easily accessible. Another trick is to invest in a second set of household items – linens, towels, even silverware – for your guests.
For more tips, including strategies to optimize your list prices, tune in after the jump.
[3:31] Pitching the idea of investment properties to millennials
[11:13] Listing on your own vs using a property management company
[16:27] Compliance issues and dealing with the objections of neighbors
[20:34] Getting good reviews
[28:00] Protecting your property
[36:28] Screening guests
[37:42] Pricing strategies
Airbnb
Roomorama
FlipKey
VRBO
Craigslist
Google Voice
Ikea
Smart Pricing
Short Term Rental Complete Shopping List
Podcast produced and edited by Jacob Turnbloom
Intro and outro music created by Jacob Turnbloom
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