Definitely second checking the comparables and calendar.
Have two investment properties that rent as short term rentals. Some thoughts:
- Target market - which type of guests do you want to attract? Bachelor parties? Families? That will help you decorate and market the property and plan for a deposit to cover damages
- City legislation - are there any restrictions on short term rentals?
- Cleaning - assuming you are not cleaning it, plan for a primary cleaner, a backup and a backup to the backup. This may be the most important piece of advice.
- Maintenance - how many toilets do you want to unclog? How many walls do you want to touch-up? I believe everyone has a sweet spot for do it yourself vs pay someone else. Be honest about what you enjoy vs don't enjoy
- Availability - the short term rental services (AirBNB, VRBO, etc.) will rank your house higher if you respond quickly to guest inquiries. Some guests will also require a lot of hand-holding and help. Be ready for lots of communication. Guests will be confused by the door locks, the coffee maker, want advice on restaurants, directions to the house again
- Stocking the house - plan to buy more pillows, blankets, sheets, etc than you would ever consider reasonable.
- Quick fixes - Sometimes you have to go by the house to fix something quickly for a guest. Or drop off something. If you are close by and have flexibility, it's easy to do yourself. If not, consider making a deal with the cleaners or someone who is available for last minute errands
- Guest screening - Your life will be easier if you turn down some guests. There are guests that will trash the property, ruin furniture and carpets and deny everything. You'll start learning quickly to spot red flags
- Replacement - plan to replace stained towels, sheets and washclothes pretty frequently. We replace at least one towel every two weeks