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PPG_Blog_Dec_image 4_renting your home as holiday rental

You’ve booked to go away on a long holiday and the thought crosses your mind: “"Why not rent out my property and use the rental to cover my mortgage/rent."
It might be a feasible approach, but rent-a-home.com.au – holiday rental and corporate accommodation specialists – recommend considering some important things well in advance:

1. Proper Authority
Do you have the proper authority? If you rent the property, most likely you will need written express permission from your Landlord or Property Manager. If you co-own the property you may also need permission from the other owner.  It’s imperative that you obtain property authority as you may breach listing terms and the booking may fall through, funds would be withheld and the landlord or owner may take action against you.
2.  Feasibility
Property managers will generally take on properties if there is at least 3 months availability to manage, or if the property is high value and the availability is over the peak period e.g. 4 weeks at Christmas.
Its probably not feasible for real estate agents to list a property for a short duration by the time they inspect and appraise, prepare documentation, post the online advert and then manage the booking, payment, arrival and departure as well as any maintenance issues during the stay.

3. Management – who will look after the property?
Managing a property involves significant responsibility.  It’s not something you can ask as a favour from a friend.  From tenant selection and emergency repairs to rent collection, these things are best handled by an expert.

4. Preparation
There are several things that need to be prepared such as storage of personal effects, cleaning, preparation of instruction manuals, auto utility, bill payment, mail forwarding. 
5. Lead Time
Most customers book properties well in advance. So you’ll need to consider your lead time.
For peak periods such as Christmas time you’ll find customers book from July onwards so listing during November will not achieve the best results.
Listing at least 3 months prior to your departure is ideal.

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