Making your Hawaii home available as a vacation rental is a great way to generate extra income. If you are considering taking this step, here are five simple steps you should take to achieve this goal.
Step #1: Make Sure it is Viable
Before you go through the trouble of putting your property on the market as a vacation rental, you first need to ensure it is suitable for this market. If there are other vacation rental properties in your area, it is a good sign that you are in a good market for rentals. Of course, your property also needs to be well-maintained and feature the types of amenities that renters desire in your area, so do a bit of research into what is included with the other vacation rentals in your area.
Step #2: Check Into Regulations
Many laws and restrictions can have an impact on whether or not you can legally rent out a home or condo. These restrictions may fall under city and county codes or may be listed in the bylaws of a homeowner’s association. If you own the structure and the land, your mortgage may also include restrictions regarding renting. On the other hand, if you lease or rent any part of the property, there may be restrictions regarding rental. Be sure to look into all of these possibilities before putting your home up for rent.
Step #3: Prepare Your Property
Before you actually list your property for rent, you will want to make sure it is properly prepared to accommodate renters. This means ensuring all of the appliances work, the furniture is comfortable and everything is neat, clean and tidy. You will also need to ensure all safety equipment is in place and in working order, including carbon monoxide detectors, smoke detectors and fire extinguishers. You may also want to install a keyless entry system with a number pad in order to make it easier for guests to get in and out of the home. Lastly, remove all personal belongings that you do not want to risk being damaged.
Step #4: Market the Property
Proper marketing is key to obtaining a steady flow of renters. This means taking high-quality photographs of the property and creating an accurate written description. You will then need to list your property online so potential renters can find it and learn more about it. Thankfully, websites such as VRBO.com and AirBnB make this easier, but you may also want to consider creating your own website. Not only will this help you to reach more people, but it will also give your property an even greater professional appearance that will help it to stand out against the competition.
Step #5: Hire the Right Professionals
Sometimes, hiring professional help is the best step you can take toward successfully renting out a vacation property. For example, you may want to consider hiring a professional cleaning crew or landscape service to maintain the property so you don’t have to worry about doing it yourself. Or, you may want to consider hiring a property management company to handle maintenance as well as all of the advertising and paperwork involved with marketing your property. Of course, you will also need to work with an insurance agent to ensure you have all of the proper insurance in place to protect you and your property.