As I had explained in my previous post for tip 7 for 9 Must-Have Tips for Running your Vacation Rental like a Business –
A vacation rental is both a fun place to stay and an investment opportunity. And a part of that responsibility is ensuring that you run your business smoothly. When you own a vacation rental, you want to have good cash flow, avoid tax penalties, stay organized, have a great presentation, minimize risk and ensure your customers are satisfied.
I want to continue to try and provide you with all the info you may need to help guide you through the jungle of beach vacation property rental pitfalls.
Use rental agreements
Your rental agreement is essential for setting expectations between you and your guests! It provides a sense of security for all parties involved, and clearly defines the rules and policies for the property prior to their stay.There are several items that can be included in these agreements but some of the most common are:
Ø Maximum Occupancy
Ø Cancellation Policies
Ø House Rules (very important to be specific here)
Ø Check In/Out procedures (once again, be specific)
Ø Damage Policy
The section for House Rules is where we choose to place the policies specific to our property. Things like where guests can smoke, where they can’t smoke, and the fine if they are caught smoking there! We also include rules and policies on pets, occupancy and type of use (no wild parties in our VR).