What Do I Need to Know to Rent Out My Holiday Rental Property?
One of the first considerations when deciding to rent your property for holiday rentals is whether you should have a managing agent help you to rent your property or whether to do it on your own. Many professional managing agents charge high management fees which ends up putting a large dent in any rental return for your property.
If you are considering renting your holiday property without the use of a professional agent there are a few things you should consider:
First, you should always have a holiday rental agreement in place with any guest renting your property. Many guests prefer to have a contract, especially when they are paying a deposit. Having a rental agreement is important protection for you, your property and your guests to outline the rights and responsibilities of both you and your tenants. This can help to avoid possible disputes, helps with clarity on terms of rental and also provides a right of recourse for any damage that may be done to your property. It also makes you look more professional and may make it somewhat easier for you to manage and keep track of your rental guests.
In addition and in the (hopefully) unlikely event of any accidental or negligent damage to your property, having a rental agreement in place can be particularly beneficial for you, as an owner, to give you a right of recourse to reclaim some or all of any security deposit to pay for any damages that might occur. It is also a requirement of most insurance companies for you to be able to evidence a contract with your tenant should you ever need to lodge an insurance claim. Be aware of this important requirement for most insurance claims as it is not often understood until you have to make a claim.
Another consideration for you, as a holiday rental owner, is how best to advertise your holiday rental property. In most cases this will be through a holiday rental website as it reaches a large audience and may be your least expensive way to advertise.
When deciding on a website to advertise on, ensure you understand the cost structure as some charge one-off fees while others have daily booking charges in addition to advertising fees. Before placing your advertisement, research the competition and see what types of ads people are putting up in similar areas as well as their costs. This can give you an idea of what prices are appropriate for similar properties in your area, their inclusions and how much you can charge to get good tenants in your holiday rental.
When renting out your property on your own you can end up with an interesting little business of your own, which, when done in a professional manner with systematic processes in place, can be quite unexpectedly lucrative!
If you are considering renting your holiday property without the use of a professional agent there are a few things you should consider:
First, you should always have a holiday rental agreement in place with any guest renting your property. Many guests prefer to have a contract, especially when they are paying a deposit. Having a rental agreement is important protection for you, your property and your guests to outline the rights and responsibilities of both you and your tenants. This can help to avoid possible disputes, helps with clarity on terms of rental and also provides a right of recourse for any damage that may be done to your property. It also makes you look more professional and may make it somewhat easier for you to manage and keep track of your rental guests.
In addition and in the (hopefully) unlikely event of any accidental or negligent damage to your property, having a rental agreement in place can be particularly beneficial for you, as an owner, to give you a right of recourse to reclaim some or all of any security deposit to pay for any damages that might occur. It is also a requirement of most insurance companies for you to be able to evidence a contract with your tenant should you ever need to lodge an insurance claim. Be aware of this important requirement for most insurance claims as it is not often understood until you have to make a claim.
Another consideration for you, as a holiday rental owner, is how best to advertise your holiday rental property. In most cases this will be through a holiday rental website as it reaches a large audience and may be your least expensive way to advertise.
When deciding on a website to advertise on, ensure you understand the cost structure as some charge one-off fees while others have daily booking charges in addition to advertising fees. Before placing your advertisement, research the competition and see what types of ads people are putting up in similar areas as well as their costs. This can give you an idea of what prices are appropriate for similar properties in your area, their inclusions and how much you can charge to get good tenants in your holiday rental.
When renting out your property on your own you can end up with an interesting little business of your own, which, when done in a professional manner with systematic processes in place, can be quite unexpectedly lucrative!
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