Learn how to start your own Short Term Rental Business
March 16, 2022, 9:57:34 PM
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Step 1. All legal documentation and licenses
The laws and regulations that govern short-term renting vary by state and city.
Step 2. A detailed business plan
A well-crafted business plan is the sail of your ship. It can help you identify the strengths, shortcomings, and risks of your business.
Step 3. Check local zoning laws
Some cities also limit how long a property can be rented. Depending on the location, short-term can mean anywhere between a maximum of 30 to 180 nights per year. Zoning laws also restrict how many guests can stay in a property at one time.
Step 4. Invest in good security
Protect your guests and your property with home security. Smart technology such as doorbell cameras and sensors, smart lighting, recording devices, and other deterrents can give you and your guests peace of mind.
Step 5. List your property
Airbnb and VRBO are good places to start. Guests can easily find properties based on their preferences and much of the back-office work is handled by each platform, including reservations, marketing, tax collection and remittance, and more.
Step 6. Follow tax rules
Just like a hotel, short-term rentals must register, collect, and remit sales and occupancy taxes (also known as lodging tax).