Listing your property as a holiday rental can be a great way to increase your rental yield, as it may be possible, to charge the regular monthly rent for a one week holiday stay, depending on your location.

Leasing your property for say 12 weeks a year as a holiday rental, would generate the same return on investment, as a permanent tenant and additional weeks, will simply increase your return.

Here are some tips from RealRenta if you decide to rent your property as a holiday rental:

• Familiarise yourself with privacy guidelines with regards to screening prospective guests, asking questions and collecting personal information.
• Confirm the rental agreement in writing to your guests and include emergency and repair instructions and information on departure
• You can request a refundable damage deposit to protect you from damage and premature departure
• Do an inspection of the property before guests arrive and provide them with a copy of the report and advise them that they are responsible for negligent damage
• Check to see if your local council requires you to seek approval for short term leasing
• If you don’t have an ABN you will need to set one up
• Consider installing a keyless lock for easy access to your property
• Ensure you have enough furniture, beds, cutlery, crockery, a kettle and toaster.
• Provide linen and towels and pillows (you may want to charge for linen as an optional extra)
• Providing entertainment like Cable TV will help attract guests
• Take any of your personal valuables out of the property
• Take high quality photos of the exterior, kitchen, living room, main bedroom, additional bedrooms and the outlook
• Look at similar holiday rentals in your area to determine the right price
• Consider having a “peak” and “off peak rate” and whether or not you want a minimum night stay
• Determine what your deposit amount will be (generally 20%)
• Ensure that your guests are aware of your cancellation policy, general terms & conditions, check in and check- out times, total amount due, policies on pets and smoking.

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