Ways to Protect Your Vacation Rental Property from Damage
When you are renting out your property to your guests, you want to give them the benefit of the doubt. You want to believe that most people are good and that they have good intentions. You certainly do not want to think that they would damage your property on purpose or that they would steal from you. Most of the time, your trust is justified, as most people who are going to be renting a vacation property in the Outer Banks are looking for a great place to spend their vacation. They are not going to do anything to damage your property.
However, eventually, your luck will run out. There are always some people out there that do not think twice about causing damage or stealing. Others might have an accident on the property that is not their fault. Regardless of the situation, you need to make sure that you are properly protected.
The following are some simple tips that you can start using that will help to minimize the possibility of damage and theft at your rental property.
Proper Insurance
One of the first and most important things you need to do is make sure that you have the right insurance. Having homeowner’s insurance will not cut it here. You need to have insurance for commercial purposes or landlord insurance. You also need to make sure you know what that insurance covers and what it does not cover, as you might need to buy additional coverage. It is worth it.
Create a List of Rules
When you create your rental agreement for the vacation property, make a list of rules that the tenants are required to follow. For example, the list could contain items such as not sitting on the furniture with wet clothing, not running near the pool, and not diving into the pool.
While many of these things might seem like common sense rules, having them in writing that the renters must read can give you an added layer of protection in the event of a problem.
Get a Security Deposit
A security deposit is generally a good idea. It is there to cover you in the event of any type of damage to the property that you will then need to fix. However, many have also found that it is a good deterrent. People want to get their security deposit back, so they make sure to take good care of the property.
Another option would be to have the guests buy a property damage protection waiver when they rent your property.
Inspect the Property
You should make sure that you document the rental’s state before people come in and stay. Go through the unit and take photos to show what the rental was like before renting. You can do the same thing after the renters leave, to provide a before and after. This way, you will know if there is any damage right away.
Doing this after each renter has left the property means you will know who is responsible for the damage.
The Right Guests
Of course, one of the good ways to prevent damage in the first place is to make sure you have high quality guests staying at your rental. Screening the guests, even if it is just by phone, can provide more of a personal touch. If you are working with a property management company, you could also have them take care of some basic screenings for you. In fact, this brings us to the next suggestion on the list.
Use a Property Manager
You might not have the time and energy it takes to deal with all the little things regarding your vacation rental. Fortunately, you can do what many other owners are doing and start working with a property manager. They can make ownership of a vacation rental property much easier, especially for those who do not live in the area.
Even though it does cost to work with a property manager, most owners believe that the price of their service is well worth it. You just need to make sure you are working with a high-quality property management company.
Cleaning Tools
You want your guests to take good care of the property, so it makes sense to make sure they have the right tools on the property for them to keep it clean while they are there. Detergent, window cleaner, a broom, vacuum, and the basics that you would typically find in any home are a good idea to have around. It will encourage the renters to take better care of the property because they do not have to go out of their way to do it.
In addition, consider working with a cleaning company that can come into the property after the renters leave to give it a professional cleaning. This could be a part of the rental fee. It can relieve any potential issues where you think that perhaps the renters did not do a good job with the cleaning of the property.
Consider the Pets
Are you going to be a pet friendly vacation rental? This could be a good option for you, as it can make your property more attractive to a greater number of renters. However, you have to consider the potential damage that pets might do. You have to be very specific in your agreement when it comes to the pet policy, and you need to have an additional deposit that can cover additional cleaning or repair if needed. Many guests do not expect the pet deposit to be refundable, so you could use this to help with the cost of cleaning.
As you can see, with a little bit of due diligence on your part, it is possible to reduce the risk of damage, and to make sure you have coverage just in case there is a problem.
You want your vacation rental to be a great place to stay, but you do not want to be taken advantage of, so always make sure you have property protections in place.