Tips for owning a vacation rental

One of the most important issues many vacation rental owners have to learn is how to protect and secure their rental.

Your rental is likely one of your largest assets. so if you’re going to rent it to strangers, it pays to know who your renting to and invest in security.

So what should you do?

Screen Your Guests

Take the time to screen. Use social networks to screen your potential guests. There is often a wealth of information at your fingertips to help screen. Call your potential guests before accepting a reservation. Ask the right questions.

The best way to screen any potential tenant is to talk with him or her on the phone. You should obtain at least the following information

• what is the purpose of the trip?
• how many adults and how many children will be staying in the rental?
• does the guest they smoke?
• will they have pets they’ll be bringing with them?

Use a lease

Never rent without a lease. This is the most important item on any owners checklist for a safe and secure rental.

Insurance

Make sure you are adequately covered for loss. Your policy should include content protection and personal liability protection. Owners can protect their contents if they own a condo with a H06 policy. For liability many owners choose to create an LLC or use an Umbrella policy.

Install a security system

Many owners are miles away from their rental property. It pays to invest in a security system to monitor your rental. Smart home technology now allows owners to monitor everything from door access, heat and air conditioning and lighting.

These are just a few suggestions on how to protect your vacation rental from tenant issues and loss.