Ready to List Your Home as a Long-Term Rental?
What You Need to Know before You Get Started
Listing your home as a long-term rental property is a great way to generate a passive income—especially if you hire a property management company to help you. If you’re thinking about listing your home as a long-term property rental in Vancouver, Whistler or Seattle, HostGenius has the team, knowledge and experience to help you determine whether you and your home are good candidates for this type of business (yes, this can actually become a profitable business for you).
To help you get started, here is a list of things to consider before you decide to list your home.
Know the Rules and Regulations for Rentals in Your City
Every city and province has different regulations for property rentals. For example, in Vancouver, BC, you must have a long-term rental business licence to rent out the following types of properties, as stated on the City of Vancouver website:
- One-family dwelling
- Laneway house
- Secondary suite
- Apartment house
- Residential/commercial building
- Multiple conversion dwelling
- Rooming house
- If you have 1 or 2 tenants living with you in your house, such as exchange students, you don’t need a business licence
- If you have 3 or more tenants in your house, you need a general business licence
Or, you can hire a company that has a property management business licence to market and manage the unit on behalf of the long-term rental operator (you). HostGenius, has this licence, and therefore can legally help you market and manage your rental property, provided it meets all our requirements for short-term renting and hosting. To learn more about our requirements, click here.
Determine Whether Your Home Is Fit to Rent
Residents want to enjoy the space that they rent. This means the property must be safe, free of any liable hazards such as broken windows, leaky fixtures or loose nails. If you have some small areas to fix, but still have a great space to rent, we can refer you to the services of great contractors who will get your home in tip-top shape for renting.
The types of homes we rent for long-term residents run the gamut. Some are budget rentals catered to students or individuals looking for something simple, while others are luxury homes, condos and suites that are catered to tenants who want a beautiful place to live in for their foreseeable future. Either way, our seasoned team knows how to market and manage your type of rental, maximizing its potential with our full-time marketing strategies. So, for instance, your home will be listed on multiple rental sites, including Airbnb, TripAdvisor, HomeAway, CanadaStays and Bookings.com. They’ll also actively monitor its success and booking rate, with previously rented homes achieving an 80-150% increase in bookings.
We also have a dedicated communications team, to help you liaise with your tenants before, during or after their contract duration. This is extremely convenient if you are often busy or away to assist them with their needs.
Make Sure You Are Comfortable Renting Your Home
Offering your home to long-term renters can be a great experience if you have the help and expertise of teams who specialize in this. For example, HostGenius has a set of guidelines to help you get your home ready for rental, helping you prepare for viewings, the contract process and what to expect throughout the rental duration.
We also make sure the tenants who rent your place are vetted by our team to ensure your home’s safety. So, for instance, if you live in a quiet condo or apartment building, we let the renters know beforehand, having conversations with them about occupancy limits, quiet times and your set rules. As regulations for occupants during COVID-19 are changing, we are even more vigilant about our vetting process, ensuring that we abide by government regulations.
Cover Your Management Bases
Many property management companies simply help renters sign contracts and get the keys. If you are serious about renting your home consistently and successfully, you’ll need more than that. For example, to achieve success in the competitive long-term rental market, you’ll need advertising on multiple platforms, repair, maintenance and communications services for both you and your guests (yes, they need to be able to reach you at all hours of the day).
Have the Right Insurance Policies in Place
You will need rock-solid insurance and damage policies when listing your home as a long-term rental. Using a long-term residential property management company makes this entire process easy. We have a team of experts who have dealt with all types of rentals and rental situations (homes with stratas, basement suite rentals, COVID-19 protocols) and we understand the ins and outs of working with platforms like Airbnb.
If you are not experienced in all of these areas and you don’t know the rules and regulations well, you risk incurring heavy fines from the government or your strata. It’s important to have that expertise on your side, especially if you are busy, travelling or working another job.
Still have questions about whether your home is ready for long-term rental property management in Vancouver, Whistler or Seattle? Contact us and we’ll guide you through the process!