Listing your property as a holiday rental can be a great way to increase your rental yield, as it may be possible, to charge the regular monthly rent for a one week holiday stay, depending on your location.
Leasing your property for say 12 weeks a year as a holiday rental, would generate the same return on investment, as a permanent tenant and additional weeks, will simply increase your return.
Here are some tips from RealRenta if you decide to rent your property as a holiday rental:
· Familiarise
yourself with privacy guidelines with regards to screening prospective guests,
asking questions and collecting personal information.
· Confirm
the rental agreement in writing to your guests and include emergency and repair
instructions and information on departure
· You can request a refundable damage deposit to
protect you from damage and premature departure
· Do an inspection of the property before guests
arrive and provide them with a copy of the report and advise them that they are
responsible for negligent damage
· Check to see if your local council requires you
to seek approval for short term leasing
·
If you don’t have an ABN you will need to set
one up
·
Consider installing s keyless lock for easy
access to your property
·
Ensure you have enough furniture, beds, cutlery,
crockery, a kettle and toaster.
·
Provide linen and towels and pillows (you may
want to charge for linen as an optional extra)
·
Providing entertainment like Cable TV will help
attract guests
·
Take any of your personal valuables out of the
property
·
Take high quality photos of the exterior,
kitchen, living room, main bedroom, additional bedrooms and the outlook
·
Look at similar holiday rentals in your area to
determine the right price
·
Consider having a "peak” and "off peak rate” and
whether or not you want a minimum night stay
·
Determine what your deposit amount will be
(generally 20%)
· Ensure that your guests are aware of your
cancellation policy, general terms & conditions, check in and check- out
times, total amount due, policies on pets and smoking.
Are you sick of handing over income from your
residential investments directly to a property manager?
Use RealRenta instead and get your rental income paid
directly into your bank account. See how easy it is!
Try RealRenta now for Free for up to 2 months and you will
NEVER pay a property manager again.
Start your Free trial here: https://app.realrenta.com/Signup.aspx
Marlene Liontis
Tuesday, 27 August 2019
