There's a reason Utah is a popular tourist destination. It's a place that truly has something for everyone who visits. Whether you love shopping, good food, or the outdoors you're covered!
And that's why so many homeowners are choosing to start vacation rentals. In an area like Hooper, it's a great investment opportunity. But that doesn't mean it doesn't come with its fair share of work to make it successful.
There are a lot of things you need to do before you rent out your house. Check out this guide to see everything we think you should know so you can get started!
Setup Accounting Systems ASAP
One of the hardest parts of owning any kind of rental property is the accounting. And that job only gets bigger for short-term rentals with more visitors.
It's a good idea to get an accounting system in place as soon as you can. This way, you can stay organized so you don't make any major errors that will cost you. You'll have a better idea of exactly what's happening with your property.
Having your finances in order will also help you when you're working on a rental pricing strategy.
Create a Maintenance Plan
Next, you'll want to figure out what kind of maintenance your vacation rental is going to need.
Making a list of what needs to happen yearly, monthly, and after every visitor leaves is a great way to make sure nothing gets forgotten. You can easily keep your property in the best shape possible.
This list can also help you create rental policies to protect your space from needing extra care. It's also a reminder to stay on top of vacation rental insurance as well.
Hire As Much Help As You Need
Running a short-term rental is a lot of work. Take a look at what's required to keep it moving forward and then be honest with yourself.
The best thing you can do is get the help you need from the beginning. Instead of feeling like you're drowning trying to keep up, you can make being a landlord a pleasant experience. Property management teams make all the difference in these situations.
When you meet with a potential team, have an idea of what you'd like them to help with. You can customize the service plan to best suit your needs.
Everything You Need to Know to Rent Out Your House
Deciding to rent out your house for vacationers can be a great investment. But it's definitely a decision you want to think carefully about. The more of a plan you have, the more likely you are to see success!
Getting a great management team is a great place to start. They can help you make all the decisions so you'll know you're on the right track.
We love helping property owners at PMI Northern Utah. We know what it takes to make a short-term rental profitable and will manage it all for you! Contact us today to see how we can help you get started!
