Missouri's Lake of the Ozarks, the largest manufactured lake in the U.S., attracts 10 to 12 million visitors yearly, according to KRCGTV.com.
Wouldn't it be great if you could also benefit from such high tourism rates? Of course, it would be, and one way to do so is by renting your home to travelers.
Luckily, you've come to the right page. Join the PMI Lake of the Ozarks team as we share tips in this vacation rental property guide.
Understand Vacation Rental Laws
One of the most crucial pieces of hosting and vacation rental advice is to familiarize yourself with Lake Ozark's local ordinance Title IV, Chapter 405. In this chapter, you'll learn all about the city's laws surrounding vacation rentals. Understanding these regulations can help you rent your home to vacationers legally.
For example, Title IV, Chapter 405, Article II defines a residential vacation rental as the rental of a furnished residential single or two-family home for under 30 days. The people you rent out to must be tourists or transient guests looking for an alternative to commercial lodging (e.g., hotels or motels).
Don't forget to study Title IV, Chapter 405, Article IV, which governs district regulations. Depending on where your home is (e.g., in an R-1, R-2, or CR-3 district), you may have to meet other legal requirements before renting your home to travelers.
Create a Family-Friendly Home
Once you understand the legal side of successful home renting, the next step is to make your property family-friendly. Here are some family-friendly home rental tips and ideas:
- Boost security with cameras, intelligent door locks, and intruder alarms
- Invest in safety devices, including electrical outlet covers, gas alarms, and fences
- Welcome guests with baskets filled with goodies and treats from the city's local businesses
- Provide local guides with recommendations for sights to see and things to do for people of all ages
Even if you don't plan to rent out to families exclusively, many of the above can benefit you and other guests.
Maximize Rental Income With a Property Manager
With a professional property manager, you can sit back, relax, and wait for your vacation rental income. Your manager will handle most tasks you'd otherwise do if you self-manage your rental, such as:
- Making your home guest-ready
- Marketing your vacation rental
- Communicating with potential and paid guests
- Facilitating check-ins and check-outs
- Cleaning, maintaining, inspecting, and repairing your vacation home
In short, hiring a property manager is one of, if not the most passive way to generate income from your Lake of the Ozark vacation rental.
Make Renting Your Home to Travelers a Success
Renting your home to travelers in Lake of the Ozark is a great way to generate income instead of just letting your house sit empty. However, it requires quite a lot of work, so why not partner with PMI Lake of the Ozarks instead?
We're a full-service, short-term management firm serving hosts and their valued guests in Lake of the Ozarks, MO. Our CEO and founder, Regan Trittler, has lived in the area for over 40 years and has over 30 years of commercial and residential real estate marketing and management experience.
If you're ready to make renting your home to vacationers successful, speak with us today! We look forward to discussing how we can help give your guests a premier experience.
