Turning Your Investment Property into a Short-Term Rental

Steps to turning your property into a short-term rental

You’ve done the calculations, you’ve listed your home for vacancy on your preferred platform, and now you’re ready to get your property rented; let’s take a look at how to prepare:

Step 1: Clean

Nobody wants to stay in a dirty place, so grab a broom, a vacuum, a mop, and some cleaning supplies. Clean your counters, give that floor a little sparkle, and put in a plug-in for a welcoming fragrance. Your guests are coming to get away, and they want to feel comfortable. You want to rack up positive reviews, and the best way to do so is to make sure your home is spick and span and a place you’d really want to stay.

Step 2: Fix it up

Safety hazards and other unsightly spots are sure to turn off guests, so make sure there are no potential areas where somebody could get hurt, and while you’re at it, make sure your kitchen cabinets aren’t falling off the hinges. That chair with the loose, wobbly leg? Let’s make sure nobody is going to take a spill. The leaking ceiling with a slow drip? Probably want to get that taken care of.

Step 3: Safeguard valuables

Make sure you’re not a victim of theft and either lock up precious items or move them to a different location. Homeowners’ insurance may not always cover stolen items, so it’s imperative to make sure you take the extra precautions to secure your valuables. Lock up an old closet with a key or purchase a safe; just make sure you’re prepared.

Step 4: Prepare for guests

This step will certainly have an impact on the quality of your guests’ stay. Stocking the bathroom with toiletries and fresh towels, fitting the bedroom with clean sheets, making sure they have a pot or pan to cook, a TV to watch, and decent Wi-Fi are just a few basics to consider. Ask yourself, what would you want in a place where you were staying? You’ll probably want to throw in some garbage bags as well.

It’s always nice to leave instructions for guests; let them know of any favorite restaurants or places to go. A guide on how to set up your Wi-Fi and other entertainment devices can also go a long way to help you guests during the transition.

Step 5: Get insurance

It’s always important to make sure you’re covered, especially when you have a major investment like a property. You never know what could go wrong, so having sufficient coverage can not only help you in case of a potential disaster, but it can also protect you from possible legal liabilities.

[Related: Have the Wrong Rental Property Insurance? Here’s What Could Go Wrong]

About James P. Schlimmer

James P. Schlimmer is the CEO of Equity Real Estate Services. Renowned as a pioneer in the real estate industry, Schlimmer has been paving the way for innovation in a field that has been stagnant and overly complicated for far too long. For nearly a decade, Schlimmer has worked diligently, assisting buyers and sellers by revolutionizing the closing process with a more modern, seamless approach.

Equity Trust Company is a directed custodian and makes no recommendations or representations as to Equity Real Estate Services and any information communicated by Equity Trust Company is for educational purposes only and should not be construed as tax, legal, or investment advice. Clients are in no way obligated to purchase services from Equity Real Estate Services and are free to purchase such services from any company as they deem appropriate. No customer may rely on any statement made by Equity Trust or any of its officers, directors, employees, or agents for any decisions regarding the use of the service offered by Equity Real Estate Services. Whenever making a decision related to your account, please consult with your tax, financial, or legal professional.