Are you looking to rent out that beach condo to make a little side money? Do you want to help pay for the condo itself by renting it out? If so, then you need to learn the preemptive steps to take when renting out your condo to guests.
Doing so can help set you up for success. It will help you make a great return on your investment without adding much responsibility to your daily agenda.
See below for an in-depth guide with tips on how to rent out your condo and what to do before you post it for rent the first time.
1. Hire a Local Property Manager
You want to rent out your beach condo to others. You realize the value and potential revenue that awaits you when you do so. However, you have enough on your plate as-is.
You have a career to worry about. You have a family to provide for and run around from place to place. Some of you might not even live in the state where your beach condo is located.
How can you make sure that it (and your guest) is being taken care of? By hiring a local property management company. This allows you to rent out your beach condo and see a valuable return without much work on your end.
Property management services can provide services such as:
- Marketing your property
- Hiring cleaning services or doing it themselves
- Monitor frequent inspections and maintenance
- Service you and your guests anytime (thanks to their local staff)
Here at John’s Pass Condos, we take tremendous pride in providing property management services throughout St. Pete and Clearwater area.
We’re so confident in the services that we promise to make you more rental income than ever before! You show us your projections, we’ll show you how we can increase them.
2. Stock Up on Insurance
Contrary to popular belief, you shouldn’t just invest in a homeowners policy for your beach condo. You need to invest in landlord insurance as well to make sure all of your bases are covered.
Landlord insurance covers a wide variety of things, such as:
- Any personal property that you use at the rental (beds, bikes, lawnmowers, etc.)
- Liability if a renter or worker is injured while on your property
- Additional structures on your property (not a concern with a beach condo)
- Emergencies such as fire, lightning, hail, high winds, and so on
Imagine the horror of having something occur on your property, then not having insurance in place. If that were to occur, you would be financially responsible for any damage or injuries that took place.
Perhaps you need a bit more direction on this front. We’re happy to help! We have a tremendous local network that we trust. We’re happy to connect you with someone that can point you in the right direction!
While these incidents aren’t always avoidable, there are ways we can help you mitigate the risk on your property.
3. Plan Your Level of Inclusion
Even though you want to hire a property management company to oversee the day-to-day of your beach condo, you might still want to have a hand in the process.
At John’s Pass Condos, we are happy to accommodate any level of inclusion. We promise to keep communications as open as you’d like. If you’d prefer to only be contacted for more important matters, we can do that too!
No matter how included you want to be on the day-to-day, we always recommend that you visit your property a few times each year. It’s always good for owners to get a feel for the condition of their beach condo.
Stay for a few days. Take a walk around the condo. Let us know if there are any pressing issues that you would like to address. It gives you peace of mind, as well as a chance to recharge.
4. Pinpoint Your Target Market
Think of renting out your condo as running your own business. You need to make sure that you’re marketing it to the right target market.
Contrary to popular belief, “everyone” isn’t an acceptable answer here. You need to be more specific on the types of people that are looking to rent out a property just like yours.
A great exercise for this is to build a few buyer personas. These are imaginary avatars that you create to define what your target audience looks like.
We’re happy to help you develop these as well. Our company has seen thousands of guests during our tenure, and we know exactly the type of person that’s interested in your beach condo!
5. Prioritize Communication
As mentioned earlier, we are glad to take over a majority of the communications with your guests, if you’d like.
That said, we still encourage that you prioritize communication with both us and the guests. It keeps you involved and helps you remain aware of the current state of your condo. We don’t want anything to catch you by surprise.
Think of renting out your condo as being a salesman/saleswoman. You want to focus on growing your book of business. What you may find is that a load of relatives and friends end up booking your condo!
Renting Out Your Condo: Find a Property Management Service
Now that you have seen a list of things you need to do before you start renting out your condo, it’s time to start with step one!
Be sure to read this article for more information on the top 5 things to do next time you’re in John’s Pass.
For more inquiries, please be sure to reach out via our contact us page and we will be happy to assist you further.