Maybe you’re thinking that renting out your four-bedroom split level during the Republican convention would be a great way to pad your bank account.
Be prepared to work for that windfall.
Hundreds of private homes in Northeast Ohio are being offered for rent during the convention at asking prices ranging from about $4,000 to more than $100,000 for a week. The owners are hoping to cash in on the demand for housing during the convention, scheduled for July 18 to 21 in downtown Cleveland.
But getting a house ready for temporary occupants is no simple task. It will require time, money and the inconvenience of getting yourself — and your stuff — out of the way.
“You treat it like a vacation home,” said Katy Brahler, a Realtor with Re/Max Real Estate Group in Rocky River, who is representing homeowners seeking to rent out their properties.
That means cleaning out personal belongings, leaving the house scrupulously clean and even replacing towels and bed linens with new ones.
Oh, and it also means finding a place to stay when the renters move in.
Realtor Kim Kramer of Howard Hanna’s Strongsville office tells her clients not to do anything to prepare their houses until they’ve signed a contract with a renter. After all, not every house will rent, she said.
But once the deal is done, it’s time to get busy.
Kramer said owners needs to remove all their personal belongings before the renters arrive. She advises them to clean out their closets, their dresser drawers, their night stands, their refrigerators — everything.
Even the pantry needs to be emptied, in case a renter has a food allergy, she said. Depending on the contract, the owner may need to restock the refrigerator or kitchen with items requested by the client.
The house needs to be readied as if it’s a hotel room — “super, super clean,” Kramer said. She advises her clients to provide new linens for the beds and new towels for the bathrooms.
And they need to make sure the house has a fire extinguisher, she said. In some communities, it’s required by law for rental properties.
It’s also important for homeowners to talk with their insurance agents to make sure their coverage is adequate, Brahler said. Most homeowners’ insurance policies provide coverage for short-term stays, she said, but some insurers require a property owner to purchase a rider to cover renters.
Of course, homeowners will also need to think about where they’ll stay while their homes are occupied.
Even hotels some distance from downtown Cleveland may command higher rates than usual during the convention week. Add on the cost of meals, and being out of the house for a week could put a serious dent in a rental profit.
Homeowners should also give some thought to what they’ll do if a maintenance issue arises, such as clogged plumbing or a dishwasher leak. Kramer said Howard Hanna is providing property management services for the homes it rents for the convention, but homeowners who rent on their own or through another realty company may not have that backup.
Mary Beth Breckenridge can be reached at 330-996-3756 or mbrecken@thebeaconjournal.com. You can also become a fan on Facebook at www.facebook.com/MBBreckABJ, follow her on Twitter @MBBreckABJ and read her blog at www.ohio.com/blogs/mary-beth.