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Are you thinking of renting out your property as a vacation rental?
Before you do, it’s important that you use a proper vacation rental agreement. And not just any agreement; one that will actually protect your business.
Many of the best vacation rental websites offer decent protection within their respective online booking portals. But it might also be in your best interest to double down.
There are too many nightmare stories out there, of people getting their properties completely trashed by renters without any legal recourse.
You’ve worked hard for your property. And you’re going to work hard to get renters to book it. So the last thing you want is to let all of that hard work go to waste.
The problem is that most sample agreements you’ll find online are thin, and don’t offer much real protection. Which defeats the point of even having one in the first place.
The point of your vacation rental agreement is to prevent and protect your business from any misunderstandings or financial losses from popping up down the line. And when it comes to protecting your business, the more detailed the better.
And if you think a detailed agreement might scare your renters off? Fact of the matter is; it shouldn’t. And if it does, they aren’t the people you want renting from you anyway.
The solution is the perfect vacation rental agreement, which contains clearly outlined rental rules with strict and precise payment policies, schedules, and procedures. Most important of all, the agreement should be legally binding and enforceable.
An owner’s house or rental rules are detailed guidelines that the guest must abide by in order to respect the property. These rules are there to protect you and your business against any harm or damage done to your property and/or belongings.
Include as much as you feel necessary. And don’t be shy! It is your property after all.
Payment policies, schedules, and procedures
In order to protect you and your business from any potential revenue losses, you must establish a clear and concise outline of the financial aspect of the rental process.
At the very least, you should include all reservation and security deposit policies, payment methods, schedules, as well as refund and cancellation policies.
Legally binding and enforceable
Every state or country has its own laws when it comes to vacation rentals. Even so, it is imperative that your vacation rental agreement be legally binding and enforceable. Without that, it’s all for nothing.
The only way for you to make sure your agreement follows all the local laws, is to get legal counsel to review and revise it. Preferably from an attorney specialized in real estate law. That is unless you happen to be a lawyer…
The bottom line
The reason for your vacation rental agreement is to protect your revenue, your property, and your well being. It's the last thing you want to just brush off, or forget about.
A proper vacation rental agreement is your best insurance policy. And always remember that if a traveller is not willing to sign on the dotted line, then it's probably in your best interest to simply walk away.
Now for the good stuff!
Below, we’ve provided a detailed vacation rental agreement sample
that you can download absolutely free.
It’s a good start. But it's important to know that you’ll need to
customize it to fit your specific needs.