Our first guests have stayed at our cottage. We’ve had three groups of guests stay at our rental so far, and the results are positive. We’ve received positive reviews and have learned a few things. Here is a brief report.
Things That We’ve Learned
One of the first things that you will want to do if you decide to do short-term rentals is to create house rules and have them easily accessible to your guests. Everything from rules about noise, to cleaning, to emergency contact information should be neatly written out and posted where everyone will see it.
Little things matter. This isn’t the same as a hotel stay. Treat renters as true guests and they will not only remember your place, but they will be likely to return. If they are bringing kids, then make up a basket for them to make smores by the campfire. If they are coming to go fishing, then make up some snacks that they can take with them. Have Wi-Fi and a smart TV for your guests should they want to go online or use their Netflix account.
Make sure to have information on local attractions. Gather up as many menus and pamphlets as you can for local restaurants and attractions and have them in a folder for your guests.
Outsource and many things as you can. If you have a rental that is far from home, and even if you don’t, then I’d still recommend outsourcing as many tasks as possible. Lawn maintenance, cleaning, and repairs should all be on your list of things to hire out to others. Owning a rental can become a part time job very quickly. That isn’t necessarily a bad thing if you don’t mind the work, but if you plan on scaling your rental business, then you can’t do everything yourself. Marketplace can be an excellent resource to find people who are advertising their services.
Have a lot of capital early on. Owning a rental cottage means that you will be spending money to get it up and running. You most likely won’t be buying turnkey for your first property, so expect to spend some money on repairs and updates. Remember that you will have to fully furnish your property and have it stocked full of things like dishes, kitchen utensils, and other amenities.
Future Plans
Things are going well, but we still need to put a new roof on the cottage and, we have to repaint the exterior. That will be the last of the major projects for a while. We will then focus on making small improvements, advertising the property, and paying down the mortgage.
If things continue to go well, we will be looking to add more properties to our portfolio. Only time will tell on this goal.
Closing Out
Our first guests have stayed at our cottage. Things are going well, and we are cash flow positive. We’re learning a lot and making improvements every day. If you are thinking about doing short-term rentals, then use some of the pointers above. It will make the process go much smoother for you.
Read Also:
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The Work on Our Rental Continues
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Based in the Pittsburgh, PA area, Brian holds full-time employment as a Warehouse Manager for an electronics firm. Brian enjoys wealth building, investing, gardening and the great outdoors. Brian holds a B.A. in Environmental Studies from the University of Pittsburgh and an MBA from Robert Morris University.
