| If you live in or around Washington DC, you may | | | | Once you create your vacation rental listing and |
| have heard stories about people turning their | | | | set your short-term rental rates, you'll need to be |
| home into a short-term rental for the upcoming | | | | prepared to handle the rest of the booking |
| 2009 inauguration. If you're considering renting out | | | | process. Here's a quick overview: |
| your home for the presidential inauguration, here's | | | | 1. Receive an inquiry from your vacation rental |
| how to get started. | | | | listing. |
| Advertise Your Home | | | | 2. Respond to the inquirer via phone or email. We |
| Even if you don't have a Washington DC vacation | | | | recommend calling all renters before accepting the |
| rental, you may be able to rent out your home in | | | | booking. |
| Georgetown, for example, or even Maryland. Just | | | | 3. Have the renters sign and fax back your |
| be sure to check your local short-term rental | | | | short-term rental agreement. This agreement |
| restrictions to make sure you are not breaking | | | | should also include a clause with rules and penalties |
| any laws by renting out your home. | | | | for holding parties on the premises and provisions |
| To attract renters for inauguration day, your best | | | | for collecting and returning the security deposit. |
| bet is to advertise online. You can choose to | | | | 4. Collect the security deposit. Your security |
| advertise on a free site, but you may not have | | | | deposit should be about 10% of the total rental |
| the same credibility as you would with a true | | | | rate. |
| vacation rental listing site. Plus, some sites offer | | | | 5. Require monies to be paid in full prior to |
| renters a guarantee that every property on their | | | | check-in for the 2009 inauguration. Ideally, this |
| site exists. This will lend to your professionalism, | | | | money should be collected at least 30 days in |
| especially if this is your first time renting out your | | | | advance. If you would like to accept credit card, |
| home. | | | | PayPal is your best bet. Otherwise, you can take |
| You are also likely to get more seasoned renters | | | | personal checks, but do not accept checks as |
| by advertising on a true portal site, and these | | | | long as you have at least 2 weeks for them to |
| renters will probably treat your home better too. | | | | clear before giving the renters access to your |
| Although these sites are typically not free, the | | | | property. |
| cost will easily be made up with the income you | | | | NOTE: If you are renting your home out for less |
| earn from a potential booking. | | | | than 15 days in a given year, you are not required |
| To make your home stand out, include a phrase | | | | to pay income tax on the money earned, nor can |
| in the headline of your vacation rental listing that | | | | you deduct any expenses associated with the |
| says you are available for the 2009 inauguration | | | | rental. See IRS Publication 527 for more |
| or offer specials to potential guests. | | | | information. However, you will most likely be |
| Pricing Your Short-Term Rental | | | | required to collect and remit sales tax. Contact |
| If you are new to short-term rentals, you | | | | your local governing body for more information. |
| probably have no idea how to price your home | | | | 6. If you are not going to be in the area during |
| for a night or two, let alone for inauguration day. | | | | the presidential inauguration, be sure to have |
| Your best bet is to check out other Washington | | | | someone nearby that is available for emergencies. |
| DC rentals and hotels to see how much they're | | | | You may also want to set up housekeeping to |
| charging. Just be sure you're looking at something | | | | clean before and after your guests' stay. |
| with comparable size, amenities, and distance to | | | | 7. Once the guests check out, return the security |
| inauguration day events to get a better idea of | | | | deposit, if there are no damages, by the date |
| what you should be charging. You also have the | | | | designated on your rental agreement. If there are |
| option of renting out just a room rather than | | | | damages, submit receipts for the cost of repairs. |
| your whole house if you'll be staying in town for | | | | Even if you don't have a Washington DC rental, |
| the presidential inauguration. If you choose to do | | | | you can still earn a little extra income by renting |
| this, you probably can't charge as much as a | | | | your home for the presidential inauguration. With a |
| Washington DC vacation rental that is renting the | | | | little effort, you can secure trustworthy renters, |
| entire house. | | | | learn the booking process and provide a |
| The Short-Term Rental Booking Process | | | | comfortable stay for some patriotic guests. |