If you have an RV that’s sitting in your driveway collecting dust, why not use it to generate passive income by renting it out to other travelers?
If it’s something that you’re at least considering, there are a few things that you will need to know that go far beyond simply renting it out to the first people who are interested.
Here are five strategies that you can use to rent out your RV to travelers in Minneapolis:
Strategy #1 – Go Traditional With Your Advertising
Honestly, if you’re renting an RV for the first time, it wouldn’t hurt to gain attention by simply setting up fliers around town or to list it on rental sites to gain attention. So long as you don’t have a large social media following to advertise right off the bat, these are the best marketing paths to take, at least initially.
Strategy #2 – Take Photos
Except don’t just take photos. Take at least twenty high quality photos of the inside and out of your RV: the wheels, the front and back and sides, the steering wheel, the driver’s seat, the living space, the kitchen, the table, the bathrooms, the bedroom, the storage areas, you name it. The more photos you take, and the higher quality those photos are, the more willing people will be to rent from you.
Strategy #3 – Price Competitively
According to Outdoorsy, the average price for an RV rental in the Minneapolis area is $156 a night. You’ll want to price your RV at least a little below that so there’s some incentive for people to rent from you and not from a dealer. It’s no secret that everyone likes to save money when tehy can.
Strategy #4 – Clean and Maintain
Your RV should absolutely be well maintained (purely for safety reasons), and it should be as clean as you can possibly make it. Would you want to rent an RV that’s in poor shape or that has any funny smells in it? Assuming you wouldn’t, don’t rent out an RV that does.
Strategy #5 – Have A Legal Contract Prepared
The legal terms of the rental need to be carefully prepared in a contract, including the number of days of the rental, the price per days, the security deposit (if you require it), and so on. You and the renter must both sign this contract before they are allowed to drive the RV off your property.
Renting Out Your RV To Travelers
In short, you need to put yourself in the shoes of the renters themselves. If you were renting an RV, you would want it to be cleaned, well maintained, fairly priced, and have the legal terms of renting it clearly defined, right?
If so, then that’s what you need to provide to the renters themselves so you can generate more income on the side