Be aware of the enforcement and compliance issues of managing your property.
Complying with Tax Authorities
You must comply with the relevant IRS requirements (or your national tax authority) and take responsibility for tax collection. Be sure to provide clear tax instructions to your guests and understand any fees associated with your platform of choice. Lake handles tax collection for certain jurisdictions, making it easier for hosts like you. But in other cases, you need to take charge of tax reporting, so be proactive in understanding your requirements.
Meeting the Local Fire Code
Fire safety and accessibility measures should not be overlooked. Complying with local fire codes and providing safety equipment like fire extinguishers, smoke detectors, and emergency exit plans are essential. Moreover, consider the accessibility needs of guests with disabilities and strive to accommodate them whenever possible.
Register with the Local Municipality
Local licenses and permits might be necessary, depending on your location. You should research your area’s regulations, such as zoning laws, to determine if you need special licenses or permits for renting your property.
Adhering to Trust and Safety Guidelines
Trust and safety guidelines are crucial for you and your guests. Ensure your property photos accurately represent the space and follow platform guidelines. Lake, for instance, has trust and safety policies that cover areas like excessive noise, unauthorized guests, parking, and smoking. Familiarize yourself with these protocols to create a secure and comfortable environment for your guests.
Clear communication with guests is essential. Inform them about house rules, such as quiet hours or overnight guest policies. Managing expectations is key to avoiding potential conflicts or claims, and it helps maintain a balance between providing a comfortable stay and upholding your property’s standards.
Remain aware of the various enforcement and compliance issues tied to hosting on an online vacation rental platform. By staying informed and proactive, you can ensure a smooth and enjoyable experience for you and your guests. Remember always to prioritize safety, trust, and proper communication.