I assume if you have chosen to click on this article, that you are either a vacation rental owner or considering renting out a furnished property. So where do you start?
- Before you put any time, energy or become excited about this opportunity, you need to check with the HOA, housing association or your local housing authorities and verify that no ordinances exist that do not allow short term, furnished housing in your target area.
It would certainly be a shame to purchase a property, rehab it, furnish it, market it and start renting it, only to receive a notice from the HOA or town to cease and desist business operations.
- Oh, the joys of the hospitality business. To be successful in this business, you need to understand this is a BUSINESS! You will need to deliver an awesome product for your guests. Taxes and expenses will need to be paid every month, payments will need to be processed, contracts for services will need to be implemented and most importantly, great customer service skills and prompt communication with guests before, during and after their reservation is key to generating 5-star reviews. You will want to dig deep inside your soul to make sure you are committed. Don’t be discouraged at all. This can be a very profitable and rewarding business venture. It will take time, money and patience in the beginning. If you dot your I’s and cross your T’s, this business will run pretty smooth after the initial time and money investment.
So, I will let you sleep on this and tomorrow, we will take the next step. So please follow me as we travel through the vacation rental journey whether or not you buy one, own or rent one.
If you haven’t read the introduction about owning a vacation rental, you can click on the link: https://steemit.com/travel/@juliabreheny/sooooooooooooooooo-you-want-to-own-a-vacation-rental-property
