When you start renting your property out to guests, you walk a fine line: You don't want to seem too strict, but you also don't want people destroying your property.
What do you do? This is where a solid set of vacation rental rules and guidelines can come in handy. Read on to learn how to establish the best policies for you and your guests.
Do Your Research
Before you make your rules, research other vacation rental properties in the area. You can look at what former guests say about them in online reviews, or simply view what their listings have to offer.
For instance, Vail, Colorado is known for its winter outdoor activities and family-friendly environment. You might want to consider a pet policy allowing dogs if people want to bring the whole family, including their furry companion.
Try to avoid setting rules that are too strict and may earn you negative reviews. It pays off to be a bit more flexible to garner more guests and better tenants.
Find Out What Makes You Comfortable
You should not do anything that makes you feel uncomfortable when it comes to hosting guests. For example, if you feel like you're at risk for property damage, you should make it clear that the tenants can't host social gatherings.
You may find that you can change the rules as you familiarize yourself with vacation rental hosting. You can be flexible with arrival and departure times or allow smoking in designated areas on the property.
Follow State Laws
Every state has different laws when it comes to vacation rentals. With the recent influx of property owners, some areas began cracking down on these types of properties.
For instance, in Vail, you will need to obtain proper licensure and fill out the appropriate forms before you start renting out your property.
Although Vail does not have strict limitations on the number of guests allowed in vacation rentals, you need to consider the safety of your tenants. If you create unsafe conditions, you could open yourself up to legal action or be shut down.
Get Proper Insurance Coverage
If you work with a vacation rental company, you will likely pay for coverage from the company. This will protect you from liability in case there is property damage.
It is important when you have an investment property to have multiple insurance policies so you get full coverage.
Navigating insurance can be tricky. If you work with a property management company, they can help you find the right insurance policies for your vacation rental.
Set Your Vacation Rental Rules and Guidelines
Ready to invest in rental real estate in Vail, Colorado? Once you have your vacation rental rules and guidelines in place, the sky is the limit.
PMI Vail is ready to help you with all of your property management needs. We can help you successfully navigate the world of vacation rentals in Colorado.
Reach out to us today by filling out this form or giving us a call.