Homeowners see conventions as money-making opportunitiesby Tim Manni
We’ve told you about the added financial opportunities that come along with being a live-in landlord, and we also discussed how some homeowners have rented their homes out over the short term.
Back in June, our article, “Caddyshack? Not when a PGA Tour pro is the renter,” revealed how some homeowners have made a few thousand dollars in just a week or so by renting out their homes to professional golfers who are in town for tournaments.
But the opportunity to rent your home out over the short term isn’t limited to those who live just a few miles from a golf course.
The election season is creating more opportunities for short-term rentals. Some homeowners in the host cities of both the Democratic and Republican National Conventions have realized the potential for their homes to make them some added cash.
However, these homeowners are making a few basics mistakes that could result in a lot of wasted opportunities.
Renting homes during national conventions
The Associated Press reported that homeowners in Charlotte and Tampa are considering renting their homes while the conventions are in town. If you could make some extra income, all while avoiding the traffic jams, tightened security and increased crowds, why not?
Even though government officials in Charlotte (host of the Democratic National Convention) and Tampa (host of the Republican National Convention) say they have enough hotels and motels to handle all those expected to attend, some homeowners still feel as though some attendees may be in the market to rent something other than “a cramped hotel room with no backyard.”
According to the AP, most homeowners are targeting “visitors who didn’t plan ahead and need a place to stay and also targeting big groups with deep pockets, such as lobbyists who want more space to entertain.”
Offers are few and far between
With the conventions just days away, both homeowners in Charlotte and Tampa are getting few serious offers.
Why? There are a few reasons.
First off, homeowners in the two cities are asking way too much—some weekly asking prices were as high as $20,000, according to the AP. Remember, these aren’t professional athletes you’re renting to. Someone in town to attend a convention is going to have a different budget and set of expectations than a professional athlete.
Second, know your renter. PGA Tour pros tend to travel with their families. They’re seeking to avoid traffic jams, a week’s worth of eating in restaurants and are looking for some extra space for their kids to play. Convention attendees on the other hand, tend to travel alone and simply want to be close to the convention center or at least close enough to public transportation if their rooms aren’t in walking distance.
It’s not too late
If you’re serious about renting your home out over the short term, in particular to someone attending one of the two upcoming conventions, it’s not too late. The first thing you need to do is price your rental accurately and fairly. Whether you’re looking to sell or rent your home, pricing it accurately should be your first concern. Many homeowners in Charlotte and Tampa thought rental prices would rise the closer they got to the convention, when in reality the opposite has happened. With few inquiries, many homeowners in these cities have been forced to lower their asking price.
Renting your home over the short term can be a quick and relatively easy way to capitalize on your biggest investment. But slapping an unrealistic rental price on your home will get you nowhere. For more information about how to turn your home into a short-term rental, read “Caddyshack? Not when a PGA Tour pro is the renter.”