People were less inclined to travel earlier this year, but attitudes are changing. More would-be travelers planned leisure trips in 2024 compared to last year -- but are they coming to your rental property?
You may think your home is the greatest place in the world. However, others may need more convincing if you're going to rent it out.
There's plenty you've got to do to make your house stand out. Luckily, we have four home sharing tips that may help with successful hosting.
1. Check the Legal Aspects of Home Sharing
The legalities of rental property management often differ from state to state. What's allowed in Wisconsin may not apply in Hawaii or Mississippi. The first of our home sharing tips is to check what's legal in your area.
Ask if you need permits or licenses to rent your home. Inquire about zoning laws and review taxes to see if your vacation rental will bring a profit.
2. Research Local Prices
Here is the second of our vacation rental tips -- check out local prices. Look at pricing and demand trends from at least a year back. Remember to check properties similar to yours for pricing advice.
Don't charge for a Victorian-style, two-room home if your house is a three-bedroom bungalow. Look into seasonal fluctuations too; you could charge more during peak seasons and holidays if your home is in a popular area.
3. Make Your Home Look and Feel Welcoming
Your residence wasn't built to be a vacation home, so it may lack certain amenities and aspects. You might be satisfied with your house, but people paying to stay there will demand more effort.
Be prepared to repaint walls and light curb appeal, like cleaning the house siding and mowing the lawn. Remove clutter and personal effects, like family photos. Add kitchenware and luxury toiletries.
Consider adding internet access if you don't have it. A welcome basket may go a long way in making the home feel inviting. This may be your home, but it should feel hotel-like.
4. Upgrade Security
The final tip our home sharing guide has to offer is to increase security measures. Better security will make vacationers feel safer about being somewhere they're unfamiliar with.
According to this Vivint article, 20 million people lose their keys yearly. Having keyless entry is one of the handiest hosting tips you'll hear because it helps you save money on keys and lock replacements.
Carbon monoxide and smoke alarms are also worthwhile investments. Anything keeping your guests safe will benefit you in the long run, given that you're renting your main property.
Learn Helpful Home Sharing Tips
Our home sharing tips can help you create a great vacation space. However, hiring a rental property management company can make the process easier and less stressful.
PMI Northwoods can handle all your vacation property needs within Central Wisconsin. Our team will oversee:
- Bookings
- Check-in and check-out
- Cleaning
- Inspections
- Property Maintainance
- Accounting and marketing
PMI Northwoods also allows owners 24/7 access to our online portal for further aid. Contact us today and let's begin maximizing your profits.
