Last-minute cabin opening? Look close to home for renters

While rent-by-owner agencies say it’s a snap to find renters for your family cabin on the Internet, the best way to ensure your sanity – and your second home’s safety – is to first consider renting only to family, friends and neighbors.

It’s simply human nature. In most cases, consumers choose familiarity over the unknown almost every time. For example, borrowers historically have selected fixed-rate loans instead of adjustable-rate mortgages because they are predictable and not as risky.

When you consider family and friends first you usually get the renter that you know and hopefully trust, who will give you less hassle and who is most likely to leave your getaway in the condition they found it.

The best potential pool of renters is from families with cabins close to yours. However, never overlook the business associates, teammates and casual acquaintances you see all the time. These two separate and independent groups can produce more than enough folks to fill your last-minute rental calendar.

How many weeks do you realistically have available? Wouldn’t you want to fill your available weeks with somebody you know? Why rent to a stranger who has contacted you off the Internet when the Fitzgeralds from your church would die to have the week you can’t use before Labor Day?

It’s a huge advantage to have personally witnessed how potential renters keep their own home. You’ll rest easier knowing they probably will keep your place in much the same condition they keep their own home. Casual friends and acquaintances often know the going rate and usually expect to pay, so charge them. If your place clearly is on a resort’s 50-yard line, has the best dock, crab pot and feather beds, your friends and neighbors will be prepared to pay top dollar for your top spot.

Rental agencies have found that the best locations and expensive abodes typically receive the most attention. Given a choice, the average person will splurge and select elegant over ordinary for a short time. It’s especially true when you are on vacation or a corporation is picking up the tab.

If the getaway is in the middle of nowhere with no obvious amenities (besides serenity) and you have never rented it out, at least consider covering your utility and cleaning costs, even if nobody would be using it during that time anyway.

If you are renting to someone you already know, the chances are you probably won’t sign a rental agreement. One of the most important things to do is set some ground rules before they arrive. Discuss any issues that could arise while they occupy your place. Preparation always helps prevent awkward situations.

Remember that you can receive tax-free income for renting your place up to 14 days. Take a few moments to think if there is a popular segment before the end of the year that would bring the biggest bucks. Is there a popular water-ski tournament that lures the best performers in the region to your lake? Given the economy, is it a good year to pass on the traditional winter carnival, thereby freeing up your slope-side cabin to a family very willing to pay top dollar for ski-in, ski-out accommodations?

What is your remaining prime rental time this year? First consider the number of possible conflicts – family reunions, weddings, can’t-miss business trips – on your calendar. If these events, coupled with the economic downturn, keep you from taking your traditional vacation weeks, get the word out now.