In North Carolina, the average vacation rental daily rate is $319 per night, which shows how much landlords can earn as passive income.
Renting out your house has various benefits, from enjoying tax benefits to boosting property value. But if you don't know how to take the first step, it may only be a pipe dream.
Sounds like you? Luckily, we can help you. Here's how to rent out your house in Wilmington, NC.
Research Local Landlord-Tenant Laws
Before renting out a vacation rental, familiarize yourself with North Carolina's landlord-tenant laws. For instance, the Fair Housing Act stops landlords from discriminating against guests based on gender, race, and religion. If you're unfamiliar with the latest laws, contact a local property manager because they understand the legalities inside out.
Choose a Competitive Price
The only way to capitalize on a short-term rental property is to be competitive with the price. Your chosen amount must appeal to tenants and reduce vacancy rates.
To ensure it's the right price, look at the current rental market, focusing on similar properties to get an idea. Note that this can feel overwhelming, so it's wise to contact a property management company, and they'll find the right price.
Create the Perfect Listing
A major part of property marketing is to create an appealing home listing.
In it, write a detailed description of the property, including the top amenities. You should be mindful of your target audience, so you know what to mention. For instance, as it's for vacation guests, mention that you have a laundry room and are close to the beach because it's convenient.
Screen Tenants
As with full-time tenants, work with a property manager to screen applicants.
These professionals will gather important information, such as the applicant's reason for visiting and the number of guests. It's also useful to set clear rental rules for your vacation property, such as no smoking.
Get Insurance
Before renting out your vacation property, get adequate home insurance to protect both your investment and your guests in a worst-case scenario. Landlords either get homeowners or landlord insurance policies as extra protection.
Another option is to get a personal umbrella policy. This is where you pay several hundred dollars more annually, but double-check that it covers vacation rentals.
Hire a Property Management Company
As a newbie, renting out your home is daunting and requires expertise. Because of this, landlords should hire a property management company to do the heavy lifting. From setting a competitive price to screening tenants, you will earn a steady income and needn't worry about vacancy rates.
Rent Out Your House Today
Now you know how to rent out your house, it's time to start the process.
At PMI Wilmington, we have a team of experts who have experience dealing with vacation rentals. We understand that landlords don't have time to manage their properties, which is where we will step in.
If you're ready to rent out your home, we'd love to chat. Contact us today to get started.
