• SRlogo-1
  • SRlogo-2
  • SRlogo-3

All About Running Your Own Short-Term Rentals

Short-term rentals have been rising in popularity. Travelers tend to seek these out to find a temporary home almost anywhere in the world without having to pay the high cost for hotels. There are great money-making opportunities in converting your property into the traditional bed-and-breakfast. Although there are some risks such as damaged property or stolen goods, the benefits can give you a nice profit.

Becoming a Landlord

As soon as you turn your property into a rental, you automatically fill in the role of a landlord. This means that you need to tend to your guests’ inquiries, needs, and emergencies. You could possibly be woken up in the middle of the night by a guest that has plumbing issues. You have to be ready to take on all the responsibilities that come with being a landlord.

Fees and deposits are usually taken care of by the online site that you register your bed-and-breakfast with. This doesn’t mean that you are completely off the hook. Your guests need access to the property and supplying them with a set of keys and basic instructions is important. Also coordinate your arrival/departure times on a calendar to avoid confusion. Creating a copy of check-in/check-out times for your guests will decrease the chances of scheduling issues.

Maintaining Your Property

Not every guest is going to bring their own soap and towels to your building. Be sure to invest in small household items such as: soap, toilet paper, garbage bags, towels, etc. A thorough cleaning of each room should also be done after each tenant leaves.

“Short” Term

Because your property is a short-term rental, you avoid the hassle of troublesome long-term tenants. Your contract is written up by you, the landowner. You get to decide when you want your space to be rented out, for how long and the price range. Be sure to check out the terms of rentals in your area to make sure that you are following proper regulations. Some areas may differ from others.
Kuba Jewgieniew is the head of Realty ONE Group, a real-estate brokerage firm that has been ranked by Inc.500 as one of the fastest growing companies in America.