Renting your property is always a good way to get a side income as long as it doesn’t involve you in unnecessary legal issues or other societal situations. Renting is generally done for a period of few years. However, there is no such proper rent solutions for people willing to find a place for rent for a fairly long time or small period of time such as for less than 3 months or 6 months. As a result there is a gap in the market for people to fulfil this requirement. It also has huge potential to grow and also it will be as profitable as any other industry. However, here are some tips one needs to keep in mind if you are interested in engaging interim renting.
Get Educated about the Local Law
When it comes to short term rental or any other type of renting for that matter, being educated about the state law is a one of the mandatory things to be done. Everything that you and I do needs to be within the legal framework of our country and therefore knowing the law of the country in the first place is very important. Generally the state law on renting property would talk about the taxes and levies that are involved in the process, ways and means to get permission from government departments for renting etc. could be there.
Set some non-negotiables
It makes both parties lives’ easy by setting a few ground rules when it comes to short term rental of property. The renting party of course needs to make their customers aware of these ground rules before they agree to your offer. Making them aware of these non-negotiables after they agree and start living there would be unfair by the other party since they need understand and consider these before agreeing upon your terms.
The Pricing Element
As always in any given thing, the pricing part is where everyone pays attention to including you and me too. There are many elements which needs to be considered when it comes to pricing. If you set it too high people will think you are being unfair. You set it too low people might think there is something wrong with your property and that’s why you price it so low. Apart from that there are other contributing factors such as the seasonal pricing, pricing which varies according to the location etc. Hence it is important to always consider all these things before setting your price.
Finally, it is clear that interim renting has huge potential to grow into and could be a billion dollar industry.