6 Things You Should Consider Before Renting Out Your RV
Why let your RV sit in your driveway or on a storage lot when you can put it to work for you? Renting can be an excellent way to increase your income or supplement your payment while you are not traveling yourself. But, you may want to do some research before you take the plunge.
Here Are Six Things To Consider Before You Decide To Rent Out Your RV:
1. Determine when and how often you want to rent your RV. Do you want to rent out your RV only a few times a year, or do you want to fill the calendar year with reservations? You should be proactive and create a calendar that includes the times when you can rent out your RV and when you are traveling yourself.
2. Review your current RV policy with your insurance agent and discuss your plans to rent for additional income. Your agent will advise you on the types of insurance you may need such as Commercial RV Rental Insurance and RV Binder policy.
3. Talk with your accountant to learn about tax implications for the rental income you will receive. Your accountant can help you determine whether you should consider the renting of your RV as a small business, depending on various factors like the quantity of rentals and the income you anticipate each year. A visit to www.IRS.gov and the Small Business Association website will provide you with answers to your questions and guidelines to help you make the right decisions.
4. Prepare a rental checklist to review with clients. Your checklist should include items such as current mileage on the odometer, gas level, and supplies included in your rental, such as linens, bedding, kitchen accessories, etc. The checklist should include review of vehicle operations, towing procedures, insurance policies, emergency information, etc.
5. Prepare a detailed rental agreement to provide you with the best liability protection. Your rental agreement should include information on rental indemnity and warranties, uses and hazards, responsibilities of damage or loss, rental fees and security deposit, insurance and waivers. Other items addressed in your rental agreement may include pet policies, cleaning, waste tank evacuation and prohibited uses. Remember to have your renters sign the agreement.
6. Another consideration is how to market your RV rental. Do you have the knowledge necessary and the time available to manage the marketing and promotion of your rental? Or, would you rather rely on the expertise of a third party RV rental company like Rentzio where your rental is marketed worldwide?
Renting out your RV or starting your own RV rental business can be a daunting task. But, if you consider your options, plan ahead, and talk to the business professionals who can help you, you are bound to have a successful rental.
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