Vacation rentals have grown exponentially in the last few years. The industry now represents a $64 billion market and is poised to exceed $81 billion in the next decade.
That is promising news for anyone considering renting out their property. However, there are a few things to be aware of before moving forward.
Below are some home-sharing tips for Wilmington, NC, vacation rentals. Keep reading for advice on how to get the most out of your real estate investments.
Understand Laws and Regulations
One of the first home-sharing tips is to become aware of any laws and regulations that govern short-term leases. North Carolina prohibits local governments from requiring permits or registration for such properties.
However, municipalities can still impose other regulations. These pertain to general zoning, noise and parking rules, health and safety standards, and other rules.
Property owners should be aware of these so that they can know how they might impact a rental property. It is also important to understand occupancy taxes or fees, and how they will affect your rental.
Prepare Your Home
Before getting ready to rent, ensure the property is decluttered. Consider hiring a professional to do a deep clean before guests arrive.
If you do not already have them, think about installing safety features, such as smart locks and security cameras. Note that there are some areas of a property where you cannot place cameras, as they would infringe on an occupant's privacy rights.
Purchase Insurance
Before renting property to vacationers, get a dedicated short-term rental insurance policy. In most cases, regular property insurance plans do not provide adequate protection.
Rental insurance will cover damage caused by guests, as well as theft. It also provides liability protection against claims, should someone become injured on the property.
Do Market Research
Before listing your rental, look at comparable properties in the area. Consider factors like square footage, amenities, and location. Proximity to things like the beach, shopping, and restaurants should also impact the listing price.
Use dynamic pricing tools to adjust your rates based on demand during different times of the year or for local events. Finding the "sweet spot" price-wise will maximize profits by keeping the property rented
Set Up a System for Screening Guests
Next, make sure you are getting good guests. Requiring information about prospective travel plans and party size can help ensure you are getting reputable renters.
If you are using an online platform like Airbnb or VRBO, you can read reviews of guests. These also allow you to require verification of a guest's identity before they proceed with booking.
Finally, set clear rules, including those related to occupancy limits, noise levels, smoking, and pets. Make sure these are in the rental agreement. Make sure you include corresponding penalties as well.
Get More Home-Sharing Tips for Your Vacation Rental
Now that you have some home-sharing tips for Wilmington, NC vacation homes, you can get the most out of your rental property. An experienced real estate expert can give you further home-sharing advice and strategies particular to your unique property.
PMI Wilmington gives our clients access to a team of highly educated, licensed real estate professionals. We offer a variety of management services, including marketing and tenant placement. Contact us to learn more or for additional vacation home rental tips.
