The Republican National Convention is coming to Milwaukee in 2024. What does this mean for you as a homeowner? Powers Realty Group Inc is proud to announce they will be serving the luxury leasing market for the RNC. Tens of thousands of convention delegates, volunteers and members of the media will travel to Milwaukee for the convention from around the world. The convention is being held July 15th -18th, however many guests will choose to come early and stay late to experience everything Milwaukee has to offer. What better way to experience Milwaukee than to lease a home in the heart of the community.
Per-night rental rates in the Milwaukee area currently range from $150 per night to as high as $2,000 per night (and rising) based on several factors including proximity to downtown, number of beds, size of the home, condition of the home, and amenities offered. This event and others that will follow provide an opportunity for homeowners to make a considerable amount of money, which can finance a mortgage for a few months (or more!), serve as a source of funding for a remodel or other investment, or help reduce debt.
However, it can be a tough decision for those who have never rented their home (or even for those who have, if it’s been a while) due to three time-consuming challenges:
Powers Realty Group Inc is now offering services to help clients rent their homes for short-term rentals by serving as Co-Host, so more homeowners who would like to take advantage of the renting opportunity during the RNC can minimize their time spent while maximizing their rental revenue.
How do we do this? Katie Knighton of Powers Realty Group Inc, has been an executive leasing agent for nearly a decade serving Milwaukee's finest clients. You can connect with Katie on Powersrealty.com at https://www.powersrealty.com/a... or reach out directly at 414-828-0653.
Specifically, we’re helping homeowners understand what specific home prep is required and providing guidance on how to handle it; set a price and understand rental fees; create and market the listing and by serving as primary guest relations support so our clients can enjoy time away and/or focus on other life priorities while their home is being rented to guests.
For those struggling with the decision to rent or not to rent, here’s some basic information on the major challenges to help decide.
For most homeowners, preparing a home for strangers to be guests for the first time can be daunting. There are two stages of prep: removing personal items and stocking for guests.
1. Removing Personal Items
Among the requirements, homeowners must empty all clothes closets, leaving only hangers and organizers; clear kitchen cupboards and the refrigerator of most pantry items (leaving coffee, sugar, condiments, spices, etc.); remove or lock up all personal paperwork (e.g., financial papers and other sensitive documents); etc. We also recommend removing personal photographs and anything of significant monetary or sentimental value including jewelry, inheritance items like Grandma’s China, valuable collections, personal computers, photography equipment, etc. These items can be stored in a locked room such as in an attic or basement area.
If children will be allowed to stay in the home, it will be important to ensure your home meets basic child safety requirements and consider providing a crib and/or pack-and-plays.
2. Stocking Your Home for Guests
Stocking for guests before they arrive is the second stage of prepping your home. Each room, including the kitchen, bathroom, bedroom(s), living room, etc. must contain the essentials for travel including fresh linens, hair dryers, coffee makers, pots and pans, toiletries, Wi-Fi access, etc. And, of course, the home must be thoroughly cleaned prior to the guests’ arrival. The top rental platforms have complete lists of all these items (as do we).
Marketing Your Listing
You want all the work you are putting into renting your home to pay off so it’s important to be thoughtful about how and where you create your listing. This stage is critically important as you won’t have any ratings or reviews.
Professional photography makes a significant difference in showing off your home in its best light – and knowing what to photograph is critical, too. Your home’s overview, the amenities listed, location description, host information, security deposit, cancellation policy, etc. all work together to help prospective renters understand what value your home has to offer. You’ll also set House Rules as part of your listing process.
Once you’ve listed your home, a one-on-one relationship with guests begins. You’ll start receiving questions from prospective guests which need to be answered very quickly to both help people make a decision but also to demonstrate you’re a responsive host. Then, once you rent your home, you have a responsibility to meet your guests’ needs prior to arrival and during their stay. This will help create a successful stay for both parties and help set the stage for a strong rating and review, which will be critical for marketing your home for your next listing.
We’d love to help you make your home short-term rental dreams come true. Katie Knighton is our Milwaukee area real estate agent and has extensive experience in property management. While working with the Mandel Group, Katie managed over 140 apartments and was responsible for tenant relationships, maintenance work, and marketing strategies. In preparation for the 2020 DNC Katie consulted with homeowners to set up a successful rental, prepares homes for photo shoots, and marketed the home to the appropriate audiences. Katie would be happy to meet with anyone considering renting to discuss requirements and more details about Powers Realty Group’s home rental services.
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