Only 3 months into this short-term rental gig and about a year of lake house renovations – I always get asked about how it’s going. How are the guests so far? Has anyone trashed the place? I hope to do it one day too, but I’m afraid.

Aren’t you afraid of this or that? Yes, girl! I am afraid! It can be anxiety-inducing, even!

But you learn and you get the hang of it. And I swear by these things to lessen the risks and to lessen the anxiety too!

Cottage at Conneaut Lake

Investing on a vacation property is always exciting, but also scary. What if I can’t pay for the mortgage? Just thinking about the doubled monthly expenses such as utilities and maintenance can make one’s head (and pockets) hurt!

Often times, the answer is simple – let the property pay for itself! Use it as a short-term rental property, so you can also use it when you want to. But of course, as with ANY business, there are risks! Here are some tips to help lessen those!

8 Tips to Help Lessen the Risks of Short-term Rental Properties

Here are some tips if you’re planning to go this route but need some help and guidance!

1. Start small! Choose a property that won’t take up a big chunk of your resources (ie. money/mortgage, time, effort/skills).

   Smaller property = lesser risk!

2. Use a short-term rental managing app (such as AirBnb, VRBO, etc.) rather than renting out directly on your own. Most of these companies include insurance from damages. Plus, you don’t have to manage all the booking/paper work/fee collection on your own, and your property can reach more potential guests.
3. Going with a booking app, you can specify who can book your place. For example: only guests with the following are able to book our place instantly: verified government ID, confirmed email, confirmed phone number, recommended by other hosts, sends me a message about their trip.

   Others need approval/screening!

4. Set a security deposit that’s enough for small damages or needed repairs. I set mine at $150 enough to cover replacing small appliances, furniture repair, linen replacement, repair jobs, etc. For bigger problems or issues, that’s when we’ll file for insurance claims!
5. K.I.S.S. – Keep it simple stupid! Even if you have to label everything and it seems absurd to you, do it anyway.

   The more you simplify things or make sure you have instructions for even the most basic coffee maker, the more you’ll be assured they know how to use your appliances, furniture, etc. Remember, everyone is different and used to different things, brands, way of life, and how they do things! One time, I was asked how to use the voice assistant-enabled speakers to turn on the smart backyard lights. So even if you thought it’s common these days, there are still a lot of people who are not used to them!

6. Avoid easily breakable things!

   This is the time you need to invest in a sturdy piece of furniture and NOT skimp and get a flimsy table or bed! This is the time to go for wood, basket or metal decorations rather than porcelain, glass or anything that can shatter. Just limit those if you have to or strategically place them on low trafic areas. Be smart with what you can save on and what you need to spend on.

7. Provide a lot of cleaning supplies such as sprays, spot cleaners, disinfectants, wipes, microfiber cloths, paper towels, vacuum, or mop that are all easily accessible.

   Accidents like spills, splashes and other messes happen all the time. If they can easily find something to clean it with, they are more likely to take care of it!

8. Believe in the law of reciprocity! I always leave a small gift for our guests such as a s’mores kit. Sometimes I even leave a local wine depending on the occasion or length of stay!

   When they are happy, they are more grateful to you as their host and tend to respect your property even more. So far, all of my guests have left the place clean and/or leave it the way they found it. Fingers crossed.

Bonus!!!

One thing to add, which isn’t really a tip, but more of a mindset for you when you decide to invest in a short-term rental property is to EXPECT the WORST! I’m not saying to be pessimistic.

Just prepare for the worst guests possible and you’ll begin to think proactively. You prepare ahead of time. You make decisions with that in mind – all from types of furniture, to decorations, all the way to the price you set (allotting some dollars to possible things that can get damaged or lost).

Hope these tips help when you decide to try short term rental yourself OR maybe you’re already doing it and need some help! If you have any questions, just leave them in the comments or message me!

I’m here to help!

To see more articles about the lake house, click here. To book our property or view our listing on AirBnb, click here.

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