No matter the time of year, the Orange County short-term rental market is an active one. Anaheim, Laguna Beach and surrounding communities are in-demand locations for travelers, and a growing number of visitors are looking into staying in a vacation rental home instead of a hotel. Are you considering turning your home into a short-term vacation rental? If so, we’d like to offer a few things you’ll want to be sure you do first:
1. Make sure your home is welcoming. Nothing says “thank you for renting our home” quite like a guide to local amenities, a ‘thank you’ note from the landlord and/or a small gift. You’ll want to include material, brochures or a guide on all of the fun things there are to do and the great places you can enjoy a meal in Anaheim, Laguna Beach, Huntigton Beach, Newport Beach, Mission Viejo or Fullerton.
2. Notify your mortgage and insurance companies. Checking in with your mortgage company should be at the top of your priority list. Some loan programs (like FHA) require that the owner occupy all or part of the home for a specified period of time. You’ll also want to be sure you contact your insurance provider and inform them that you’ll be renting out part or all of your property on a short-term basis. Short-term rental activities may not be covered under your existing homeowners insurance policy. You’ll also want to make sure you’re following any local, state and/or federal rules and regulations required of landlords.
Also, you’ll want to make sure you’re following all tax-related rules that apply to landlords. If you rent out your house for more than 14 days, you’re a landlord in the eyes of the IRS and are required to report your rental income. But it also means you can deduct rental expenses. Good bookkeeping is a must.
3. Make sure it’s clean. No one wants to stay in a dirty home. If you don’t keep your rental property clean and well-maintained, your occupancy and ratings will suffer. Short-term vacation rentals must be thoroughly and professionally cleaned before the first visit and after each stay.
4. Spruce up the curb appeal. The overall look of a vacation rental property is critical. It can make all the difference in filling your rental space quickly and keeping it occupied over time. It’s a fact that hotels know well! Plus, it sets the tone for how you’d like your property treated while it’s occupied. That means keeping the outside, as well as the inside, clean and tidy. How does your property look when someone arrives for the first time? First impressions of things like the front door, pathways, flower beds and lawn/landscaping really do matter.
5. Check all safety features. You definitely don’t want to be responsible for hosting travelers without first making sure that the smoke and carbon monoxide detectors and other safety features, such as motion-activated outdoor lighting, are operating in the way that they should. Pay close attention to any tripping hazards or other possible safety issues.
6. Enlist the help of a (local) expert. With PMI Sunny OC, short-term rental property owners can rest assured knowing that we’re working hard to protect their investment and maximize their income. We know the area and pride ourselves on being hyper-local vacation rental experts. We specialize in the communities of:
- Anaheim
- Buena Park
- Huntington Beach
- Newport Beach
- Laguna Beach
- Mission Viejo
- Placentia
- Fullerton
- Costa Mesa
- San Clemente
- City of Orange
Managing your vacation rental shouldn’t be a second (full-time) job. PMI Sunny OC works with the finest vendors to bring you the most advanced services in the industry that can help you protect and maximize the investment in your Orange County rental property.
