With each new listing added online, the Short Term Rental industry grows increasingly competitive. To set yourself apart from the amateur operators, you need to understand which opportunities to jump on and which to avoid. This can be a huge challenge, especially when you’re just starting out.
To offer some guidance, we have put together four tips on how to become a professional Short Term Rental host. Let’s make 2020 your most successful year yet.
Research Local Regulations
As the Short Term Rental industry expands, more and more cities are implementing regulations as a way of protecting the peace and personality of their communities. Hosts should research their local regulations to make sure they are operating within them. The last thing you want is the added expense of a fine, especially when trying to get your business off the ground. Check if your city requires hosts to register their Short Term Rental properties with the city or if you need to apply a business tax to your property listings.
Verify Your Insurance
With so many guests checking in and out, Short Term Rental insurance is an absolute must. There is a common misconception that owners can rely on their existing insurance for coverage, but homeowner policies traditionally exclude business activity. Check with your insurer to see if you’re covered against injuries, theft, or damages caused by Short Term Rental guests. Proper Insurance recommends asking your current insurer the following question to determine compatibility with your Short Term Rental business.
If I regularly entrust my property/vacation home to a paying vacation rental guest for a period of less than 30 days, and that guest damages, steals, or is injured at my property; do I have property and liability coverage?
Vet Your Guests
Once you’ve on-boarded a handful of properties, operating your Short Term Rental business becomes a full-time job. And the more listings you manage, the greater the risk of hosting bad guests. To protect your properties, you need to vet the guests you book. If you only have a couple of properties under management, this is something you can handle on your own. When working with multiple properties, however, this becomes too difficult. Screening services like Autohost will give property managers peace of mind, flagging high-risk guests.
The vetting process ensures that you and the guests are on the same page, reducing your chances of having to deal with any incidents.
Use Technology to Your Advantage
In the Short Term Rental industry, hosts who leverage technology are better positioned to succeed. By using the industry’s latest technologies, you can minimize your workload while making your operations more efficient.
No matter what aspect of your operations you are trying to improve, there is a technological solution. For instance, if you are looking for an added layer of security, check out Autohost’s guest screening procedures or try noise sensors from NoiseAware. These devices track the noise level in your property and alert you in real-time of any spikes in volume. This technology will notify you of nuisance guests before your neighbors, or the police do.
Flo is another great device that can protect you from thousands of dollars in damage and remediation. It automatically shuts off the water in your property when it detects leaks or an overflow of water.
Stay in the Loop
To be a successful Short Term Rental host, you need to be professional in your operations and stay on top of the industry’s latest trends. As such, you should research local regulations, make sure you have the proper insurance to cover you and your business, vet your guests, and use technology to your advantage. By following these tips, you will improve the experience of your guests, keep your neighbors and community on your side, and encourage future referrals.