Secure Your Space & Belongings
Make sure that you are comfortable and the boundaries are clear regarding what your guest has access to and what they don’t. Your guests should NOT have access to anything of yours that has personal value. If something breaks, you don’t want to be heartbroken! Likewise, if you do not want a guest to have access to a certain area- lock it off!
Understand the Law
If you’re house is not zoned as a multiple family building, there is probably some gray area when it comes to renting out your extra unit. Understand your local laws, as well as the tax implications of making extra income. But – loosely speaking – Jennifer says that temporary rentals are more about reducing your expenses than making a huge profit. People have been doing this for a long time and as long as you don’t make more than your annual mortgage or rent, you should be a.o.k!
Respect Your Neighbors
Whether you live in a single family home or an apartment building- keep your neighbors happy! If you start to have too many random 
strangers lurking around or if someone does not behave, your neighbors will not make things easy. Be mindful and respectful and require the same of your guests!
The Typical Guest
Jennifer says, that the typical renter is one that is looking to stay in one place for 1-2 weeks. Although many guests are interested in long weekends, most people coming to town for just a night or two choose a hotel.
List Your Space!
You don’t have to rely on just the word of mouth of friends! List your rental on VRBO (Vacation Rental By Owner), AirBnB, Cloud Nine Rentals, and Craigslist. There are other sites to explore, but the managers we talked to, have had the most success on these sites. Note: some sites simply market your listing while others help you book, manage the property and process the payments for you. Figure out your needs and investigate!
Management Tips for Success!
*Create a Clear & Concise Rental Agreement- Talk to those you know with experience doing this. Some of the websites also have examples. Consult a lawyer if need be. All of your Rules & Regulations should be included in this agreement as well as terms & payment.
*Create an Easy & Accurate Booking System for Yourself. Make sure your calendar is in order – there’s nothing worse than double booking guests!
*Take an Upfront Deposit! The only way to know that a guest is serious about renting is if they are secure the space with the deposit. You have not booked the space until you have received the deposit. A deposit is also your only recourse if someone damages the property. Those who understand the purpose of the deposit tend to also respect the space!
*Set Up a Payment System. Create a Paypal account or use a vacation rental service to help you process credit card charges. You should only except legit credit card payments, bank wires, bank checks or cash. Unless you know someone personally, personal checks should not be accepted!
*Leave A Welcome Kit for Your Guests! Hospitality is key to your success. Leave your guests a welcome note, perhaps some a simple fruit basket (avoid leaving alcohol or any potential severve allergy foods like nuts) , the rules & regulations, as well as a map, local hot spots, restaurants, transportation options, local hospital, and — of course — your phone number!
So, ladies, if you’re looking for a way to supplement your income, you may need to look no further than your home sweet home! However, renting out part of your house should not be taken lightly — it involves a lot of work, oversight and diligence. For our friends Kelly and Jason, their upfront effort has already started to pay off! Congrats to our Fab & Fru friends…but just make sure the guest house is available when WE come to San Fran!
Pages: 1 2
