There‘s nothing new about renting out your home to make a little extra cash. But, thanks to the popularity of Airbnb, more homeowners are opening their doors to travelers who prefer the flexibility of staying in a home over a traditional hotel or resort.
If you‘re considering renting your home on Airbnb, here are some tips to help reduce your risk and make the rental process as pleasant as possible.
Conduct Thorough Screenings: Airbnb makes it easy to look at the profiles for potential renters and to check their references. It is worth your time to read through their profile and reviews and message them directly with any questions or concerns you have to ensure you select a high-quality renter.
Post Clear House Rules & Guidelines: Make sure renters are clear on things like checkout times, areas or items that are off limits, and the guest Wi-Fi password.
Get a security deposit: This is commonplace when renting property. Add a security deposit to your listing to cover you for mishaps that may occur during a reservation.
Make Sure You Have the Right Insurance:
Depending on how long and how frequently you plan to rent out your home, you may need a landlord or rental dwelling policy. Talk to your insurance broker to make sure you have adequate coverage when renting out your home.
Prep Your Home for Renting: Treat your home like a rental property by removing all your personal effects, valuables and anything that you do not want your renters to use.