Considering renting your place out for the Vancouver Olympic Games? Does it seem like more hassle that it’s worth? Are you thinking of listing you Vancouver Olympic property yourself and expecting a windfall for almost no effort? Planning to go with a vacation rental company? Why give money to someone else when you can do it yourself? Here are some things to think about…

Have you prepared a legal tenancy agreement? This legal document commits each party to following through on the agreed upon terms. Are you prepared to collect deposits and rent and will the renters be comfortable sending large sums of money to an individual without a legal agreement? What happens if something goes wrong with the property while the renter is there? It could be as simple as how to turn off the alarm and as complicated as what to do about the foot of water in the basement! How do they get the key? Where do they put the key when they leave? These are just a few considerations when considering renting out your property.

How long do you plan to rent your property? Most spectators are coming to the Vancouver Olympics for no more than a week at a time. How much can you expect to receive for a week Olympic property rental? It’s a little difficult to do a turnover for a second group moving in if you’re relaxing on a beach. To maximize this opportunity, there needs to be someone managing the switch so that your rental property can be rented for the whole period. Longer term rentals are mainly with groups coming in to work in some capacity. Most of these groups are going through rental companies to simplify the process for themselves.

If you want to go to the beach during this hectic period and make some money on your Vancover or Whistler property, what a great idea. Just make sure you’ve thought it through so your dream vacation isn’t interrupted by floods, alarms or missing hairdryers!