As fall approaches, many of you may be thinking about how your vacation home can generate some income when you’re not using it.  Fall is a popular time for vacation home rentals – the weather is cooler and crisper, but still warm and the crowds have diminished. It is a great time to capitalize on your investment by renting your vacation home.

But how do you get started?

The first step is to think about your vacation property as a business rather than a home. You’ll want to set clear goals for achieving success in your business and make sure your home is rent ready. Here are just a few of the many things to consider to maximize your rental opportunities and potential income.

1. Marketing: Include quality photos and a good description of the home when marketing your property to potential renters. Highlight all features that make it competitive such as Wi-Fi, gas grill and proximity to the beach, lake or mountains.
2. Reservations, key transfer, check in/check out: Set up an easy reservation system and a convenient way to get the keys to and from guests with written check-in and checkout policies.
3. Insurance & licenses: Be sure you have insurance to cover yourself and your tenants. Many townships require licenses or permits to rent homes on a short-term basis; consult city or county officials for more information.
4. Tax advantages & sales tax: Consult your accountant about any tax breaks available. Some states require the collection and payment of sales tax, and check with your local officials for more information.
5. Record keeping: Keep detailed records of all communications and bookings to avoid scheduling errors and double bookings.
6. Guest requests & work orders: Have a system in place for handling inquires and emergencies that may occur.

If all of this seems like a hassle, well, it certainly can be!  You’ll need to be ready to meet your tenant at midnight to give them the keys when they arrive late to the home. You might even have to take a 3 a.m. call about a leaking pipe. Guests expect, among other things, easy transfer of keys and immediate repairs because, after all, they are on vacation and want everything to be perfect.

To eliminate stress for yourself and for your vacation renters (think about capturing repeat business), consider hiring an experienced vacation management company. Our team at Long & Foster Vacation Rentals, for example, can take care of all the headaches involved with owning a vacation rental, so you can just enjoy the property whenever you visit.