Decide whether you want to list your vacation property through a property management company or if you want to list it yourself.
A third party is a good choice for those who do not want to handle the tenant screenings, paperwork and transaction. Keep in mind that a management company also can be hired to take care of maintenance and problems that may arise with renters. This is especially helpful if you do not have the time to rectify a tenant's problem on short notice or if you do not live close enough to the property to handle issues in a timely manner.
Be aware of any fees that are involved, such as the management company's commission for finding a renter, property management charges, cost to list your property on a vacation rental Web site or in a newspaper, and the personal time cost of handling transactions on your own.
Ask questions before renting the property and get answers in writing. Know the specifics about the area of the rental property so you are not surprised by its location. Do not judge the property on the photos alone. If possible, view the property before renting to ensure that it suits your needs and is not misrepresented in advertising.
Feel free to haggle before signing the vacation rental contract. A property owner has the authority to give discounts and may be able to offer a better deal than originally listed.
When you are in the property, be sure to be respectful of your surroundings. Clean up after yourself, treat the vacation rental as if it was your own, don't steal and report any items that need repair to the management company or owner.
Have all terms for the vacation home rental in writing. The contract needs to state the location of the property, dates of rental, total rental cost and rent payment schedule.
Any special policies such as policies relating to smoking, pets and occupancy limits also need to be in the contract. Include a damages clause, which specifies deposit rules and monetary repercussions regarding any damages done to the property.
The contract should also include a cancellation policy that will discourage a renter from backing out of the transaction.
If the property is in an area prone to natural disasters such as hurricanes, floods or earthquakes the contract should contain a good faith clause that will release the renter from the contract if a disaster happens before the rental and renders the property uninhabitable.
