Top 3 Things You Should Know to 'DIY' Rent Your Holiday Rental

By Vanessa Emilio

Here are the top 3 things I found I wished I had thought about when I decided to holiday rent out my property:

1. Advertising: The first thing that goes through your mind when you decide to rent out your property is how to find guests. The easiest and most cost effective way to reach a large audience around the world who may be interested in renting your property, is by advertising on one of the many holiday rental websites.

You should research a holiday rental website that has a good range of properties and can be found easily on searches. In addition to finding the best online advertising website, you should also understand fully all costs involved. Some websites charge a one-off fee for advertising while others charge a fee for your advertisement plus a nightly fee. There are still others that have hidden fees that you need to ensure you are aware of, to make the most of your holiday rental income.

Once you have chosen the website to advertise your holiday rental property on, you need to ensure your advertisement is attractive to guests. Check to see what other similar properties are charging to ensure you are within the correct price range, have a professional photographer take photos of your property and include sufficient details of your property inclusions so that your rental is clear and attractive to guests.

2. Management: To DIY or not to DIY - that is the question. Do you manage your property yourself or through a property managing agent? Depending on your location proximity to the property and personal situation you may opt for one or the other. If you do decide to use a professional manager, ensure they are licensed, insured and that you shop around to understand the full pricing model. The fees are quite high for most professional managers and with the additional call out charges and contract fees some charge, you may find it is very hard to make any profit on your holiday rental.

On the other hand, if you decide to self manage or hire your own private manager, your costs will be lower but you may find there is more work to be done. For example, you may choose to answer the inquiries and look after the quotes and finances but let your manager have the responsibility of guest contact, be on call for queries or issues and do the final inspections. Or you may decide to let them do all of the day-to-day management of your holiday rental property. It comes down to your personal circumstances and preferences. However you decide to structure your holiday rental, ensure you have a good management contract in place that has clear and defined expectations of the manager role to avoid any issues for you or your guests.

3. Guest Holiday Rental Agreement: This is a very important item that you should not rent without. It is protection for you, for your rental property and for your guest. It should make the terms of your holiday rental clear to the guest. It should also state the payment schedule and any security deposit terms. Most guests would prefer to have an agreement in writing, even when they are renting a holiday property. It makes you look more professional and gives you contractual rights to protect your property and claim for any damage that may be done.

And importantly, any insurance company will require you to have an agreement in place with your guests should you have to make an insurance claim. Don't leave yourself and your property exposed.

Finally, if you keep your holiday rental property up-to-date, clean and run it as a professional business of your own, you may be surprised at how lucrative and rewarding it can be!

Want to know more? Click here for Free information on Property Owners Holiday Rental Agreement. Australian legal agreements and forms fromhttp://www.Legal123.com.au.

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