Here at HomeCareontheWeb we are property management and rental experts, with more than 15 years’ experience caring for our clients’ homes as if they were our own. Some clients simply like us to keep an eye on the property and deal with any issues that may arise while they’re away. However, the majority of our owners also want our help with generating income by renting out their property.
So, we wanted to share a few steps you need to take to prepare yourself and your home before you can start to rent it out and generate rental income.
- Decide whether to go short or long term
The first step in preparing your home for rentals is to decide what kind of rentals you want to do – short term holiday rentals, or long-term rentals. The long-term rental market is really booming and there is a definite shortage of supply, which is pushing prices up. However, this is most suitable for owners who don’t want to use their properties and are simply using it as an investment. Some contracts have breaks for the summer months to allow owners to holiday there themselves, but tenants usually want a 12 month contract. To find out more about long-term rentals download our free guide Home Owners Tips for Long-Term Rentals
If you want to use your property, but aren’t here often and can be flexible as to when you holiday, then short term rental is a good idea. Although there is a lot of competition in this field, properties rent well over the peak summer months, but tend to be empty outside the season, so you can use the property yourself. There is now regulation in this industry and you need to register your property, inform the police station when guests arrive and pay tax on your rental income, but this is still a good way to maximise the investment in your property.
Download our Secrets of Successful Rentals Guide to learn more about renting out your property.
Once you’ve decided how you want to rent your property then you need to prepare your property for when guests arrive.
- Make sure guests are informed
Create an information pack which helps guests to enjoy their stay to the full. This includes contact information for you or your property management company, instructions on how to operate things like the air conditioning, washing machine and dishwasher and any rules and regulations you would like guests to abide by. This information pack should also contain information about the local area, so your tenants feel right at home and know everything they need to so that living in your property offers the best possible experience.
- Protect your valuables
Guests will look after your property to the best of their ability, but it’s best not to leave important things at risk. Pack away any items of value (sentimental or financial) and any delicate items you wouldn’t want broken and store them in a safe place. Many landlords buy new but easily replaced packs of cups, plates and glasses from Ikea so there’s no sentimental value and if things get broken it really doesn’t matter.
It’s also a good idea to remove any highly personal items such as photographs and keepsakes and make your property neutral, as this will help guests feel right at home.
- Clean, clear out and tidy
Clear your cupboards and fridge and make sure you have all the essential items for a short term or long term tenant. Then deep clean everywhere and perform any small maintenance tasks you may have been putting off to make sure everything is perfect for your guests’ arrival.
Organize cleaners who can handle the change over after guests leave and gardeners, if necessary, to keep your garden in good condition for guests and make sure the property is secure. Appoint someone to keep hold of your keys so that cleaners, gardeners and maintenance people can get access. Then you are ready to welcome your first guests and start generating income.
If this all sounds like too much work, call in the experts!
HomeCareontheWeb can take care of all of this for you. Our experience and multi-skilled team makes this easy, and we have processes in place to remove the stress from you. We are able to find you rental clients, taking bookings, handle payments and deposits and organize all the people needed to keep your property in great condition for you and your tenants.