Owning a vacation rental is a smart way to earn money, but finding good tenants can be a challenge. According to recent data, the national vacation rental market is expected to see a compounded growth of 4.7% from 2023 to 2030.
When you're screening guests for vacation rentals in the Vail, CO area, it's vital to understand the essentials and best practices.
Read on for some helpful do's and don'ts so you're using the best guest screen policies and procedures possible.
Do: Provide a Short-Term Rental Agreement
Part of your guest screening policies should always include a short-term rental agreement. This legally binding document makes the responsibilities of your guests and yourself clear and easy to understand.
Getting a signed agreement also protects you and your property from both damage and liability. It's also a very smart way to "weed out" any unsavory guests when screening guests for vacation rentals.
Don't: Skip the Deposit When Screening Guests for Vacation Rentals
Asking guests for a deposit upfront is one of the best ways to protect your investment. If someone isn't willing to pay a deposit before they book, then they likely won't pay you in full later or could disappear entirely, leaving your property empty during peak season.
Never skip the part of asking guests for a non-refundable deposit in advance. It's a great way to protect yourself and ensure that you at least get something if they decide to cancel the date later.
Do: Perform a Guest Background Check
A quick and basic guest background check should always be part of verifying guests for a rental property. Remember, this is your property, so it's important that the people you allow to stay there are safe and reliable.
Not only does a background check keep you safer, but it also protects others who are staying there or nearby, too. A reliable vacation property management company can help you handle these tasks for an easy, streamlined process.
Don't: Forget to Have Rental Insurance
Just like you have comprehensive insurance coverage on your primary home, you should also carry insurance on your rental property. Not having this insurance can lead to serious hardships in the event of a catastrophe.
Not only does having rental insurance protect the property itself, but it also protects you from liability. Determine what your coverage limits and deductible should be, then look for a quality, reliable insurance carrier that covers rental properties for peace of mind.
Make Every Guest Count
Remember these do's and don'ts when screening guests for vacation rentals to ensure that everyone has a great experience. From running background checks to getting a deposit upfront, everything you do to be proactive will protect your investment in the long run.
PMI Vail is a full-service real estate asset management company providing professional, high-level, short-term property management services you can trust. If you'd like to learn more or want to schedule a consultation, be sure to get in touch with us today to find out how we can help you.
