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Sign into your accountCan’t Sell the Home, Seller Wants to Rent It Out? What to Make Sure They Know First
August 05 2015
Client with a home that's not moving looking for tips to turn their home into a vacation rental? Sites such as Airbnb, VRBO and HomeAway provide easy access into the business, but there's more to vacation rentals than listing.
Make sure clients understand vacation rental is no trip to the beach.
It's not that simple. Renting out your home is running a small hotel. It's essential to understand:
- Properly licensing and registering your business.
- City/state lodging taxes required for short-term rentals.
- The need for professional licensing and tax assistance.
Who's the boss?
Does your client want to handle all the personal involvement of the rental process?
- "I can handle it!" - Remind them as the boss, issues that may interrupt their day will include interacting with the guests, keeping track of scheduling, collecting funds, following-up on issues, cleaning, and more.
- "No thanks..." - Have them consider hiring a property manager for a commission of 20-35 percent. They should be excellent (not cheap) for a drama-free experience, understand what is expected out of the rental process, and the estimated rental income. Not getting many bookings? Consider a new manager or renting through an online platform.