So you’re thinking about renting your property as a short term rental? Great Idea! Nashville’s short term rental market is booming. Short term rentals are one of the best ways to make some quick cash and maximize the return on your property. Before you decide to place your property on a short term rental website, make sure you have accomplished these steps:
Obtain the proper permit
- Nashville requires that the property owner obtains a short term rental property permit (STRP). There are two types of these permits, and the one you obtain all depends on the status of your property. The first type is owner-occupied, this is for the people who are listing their residence. The second type is non-owner occupied, and this for the people who own the property as a vacation home, or as an investment. If you are applying for a non-owner permit, you must check and make sure your property is zoned correctly. If you are located outside of Nashville check with your local government for their requirements.
List the Property
- Now that you have obtained your permit it is time to post it to a short term rental website. Before you post it make sure you take photos of your property (for tips on photos, refer to this past blog). Now that you have photos uploaded, you have to classify the type of unit, and set a price. After all of this you are ready to publish the listing and begin to wait for someone to reach out.
Prepare the Property
- Congrats! You got your first tenant! Now it’s time to prepare the property for them. First things first, communicate with your tenant on your access policy, regulations, and house rules. Don’t forget to clean and set up the property before they arrive. In the preparation of the property, try to make the home feel as comfortable as possible.
Be on call
- You never know what could happen while the tenant is occupying your property. Be ready to help them with whatever goes on. Things could range from questions about the surrounding areas, things to do, as well as requests for maintenance. Overall, just be ready to help with whatever they need.
Clean Up the Property
- Now that your tenant has left, it’s time to deep clean. Most people hire a cleaning service, but if you want to spend a couple hours cleaning, go ahead. The goal here is to just clean the house and prepare it for the next tenant.
A good reminder!
- Save yourself the headache, and keep track of all of your finances from the property. This way you can give your accountant all the needed information for taxes.
Short term rentals are no easy task. No need to panic, just call Hinge Development & Realty!
- Hinge offers 100% full service short term rental management
- We will handle your property from start to finish.
- We will handle all of the start up processes. Obtain the correct licensing, take pictures, assess the market for pricing, and post the listing.
- We will also handle all things related to hosting the tenants. We will prepare the unit, communicate with tenants, offer 24/7 maintenance, be a concierge for the tenants, and provide cleaning when the tenants stay is over.
- We also handle, keep track of, and package your financial information so that you can pass it along to your accountant.
- If you want to sit back, and collect your money, call us at 615-794-1411