The average number of short-term rental listings in the U.S. was 1,278,254 in 2022. This number will only continue to grow as more and more homeowners convert extra properties or rooms into vacation rentals. But simply listing your space online isn't enough to guarantee success.
The right strategies when first setting up your rental can set you apart from other listings. It can maximize bookings and income potential down the line. With that in mind, here are some home sharing tips to help you get started.
Set House Rules
Setting clear house rules is one of the most important things when venturing into this business. The rules should be as detailed as possible so guests understand exactly what to expect. Some things to cover include check-in/check-out times, smoking policy, parking information, pets, and more.
Communicate them by including them in the listing details and booking confirmations. You can also print them out and display them somewhere visible, such as by the front door or on the refrigerator. This goes a long way toward minimizing issues with guests.
Take Real Estate Photos
The quality of your photos goes a long way toward influencing your guests' decision to book or not book your home. You want to showcase your home in the best possible light, highlighting its features and amenities. This calls for professional-looking photos that are well-lit, clear, and accurate.
You can either hire a photographer or use a smartphone with a good camera and follow some basic photography tips.
Take Down Family Photos
While you want your home to feel cozy and welcoming, you also want to respect your guests' privacy and comfort. That's why it's a good idea to take down any personal or family photos that might make your guests feel like they are intruding on your space. Instead, you can replace them with some neutral or decorative items that match your home's style.
It's also important to decide how often and when you want to rent out your home. You can choose to rent it out only on weekends, during certain seasons, or all year round. Remember to set a minimum and maximum stay length for your guests.
In addition, adjust your availability based on your schedule and preferences, as well as the demand and supply in your area.
List Your Home
Once you have prepared your home and taken some great photos, you are ready to list it on a home-sharing basis. There are many home-sharing platforms to choose from, so weigh the pros and cons of each to determine which one suits you best.
Don't forget to write a catchy and informative description of your home that includes its location, size, amenities, nearby attractions, and other details.
Home Sharing Tips Get You Started, But Leave the Rest to the Experts
These home sharing tips cover the basics to get started renting out your property. However, effectively managing a vacation rental involves much more. This includes handling bookings, guest communication, and maintenance. If that seems daunting, PMI Santa Fe can help.
We have the expertise to market your listing, field inquiries, and more, driving a profitable business. Reach out today to learn more about our short-term management services.