With 85% of Americans taking at least one vacation each year, you know there's a market for vacation rentals. If you own property in popular Fort Bend, Texas, you could create a steady source of passive income if you rent out your house.
How do you get started? Read on to discover a guide to renting out a vacation home!
Prepare Your Rental Property
To make your home shine as a short term rental, you may need to make some cosmetic upgrades. You don't have to blow your budget to do this. But to command better rates, your home must emerge above the competition.
Use paint to freshen up rooms, and upgrade appliances in your kitchen. Introduce decor that reflects local attractions in the Fort Bend area. Ensure that your landscaping is manicured and everything is maintained.
Determine a Fair Price
You'll want to investigate comparable vacation properties in the Fort Bend area. What are people charging to spend a night or week at a similarly sized home?
Create a pricing strategy that doesn't undercut the competition too much. Going too low with prices may attract attention, but you won't end up with a profit.
You may need to adjust your price seasonally, as well. When the weather makes spending time on the water favorable, for instance, you'll get more attention. These premium times of year are when you can nudge your prices higher.
Tackle Logistical Issues
Even with homeowner's insurance, you're not always protected if you rent out your home. And when you're letting other people stay in your short term rental, it pays to protect yourself. After all, what if someone is injured in your home?
You may need to add special coverage to ensure that your home is protected during rental occupancies as well as when it is unoccupied. You also can get riders to provide extra benefits to your personal policy.
Market Your Vacation Property
Use a vacation rental platform to market your property and accept bookings. First, take professional photographs of each room and the property's exterior. Craft a description that highlights your home's amenities.
Use the site's calendar feature to map out rental rates. And include pertinent details about cancelation policies and pets.
Draw up a rental agreement that guests can view on the platform, too. This document will outline expectations and consequences if guests violate the agreement's terms. For example, you may prohibit smoking and ask guests to avoid using a hot tub after a certain hour.
Guests who damage property or fail to abide by the rules could face fines. When in doubt, ask an experienced property management professional for advice on setting up expectations.
Rent Out Your House
When you rent out your house to vacationers, you can fulfill a need while making money. Make sure your home looks its best and get appropriate insurance coverage. Then work on marketing your property to generate bookings.
At PMI Fort Bend, we have the expertise to help you convert your property into an in-demand vacation home. We offer an array of professional property management services to help clients maximize profits. Contact us today to learn more!
