SXSW  is coming up, when Austin is transformed for 2 weeks into a big city, people everywhere, fun stuff non stop. One of the questions as a Realtor that I get asked a lot in the time leading up to it is if I know of the perfect, close to downtown, sleeps 12, super cheap pad to rent.

You might be thinking right now, that renting out your place for SXSW attendees (or ACL, or anytime) would be a lucrative way to make a little cash. It may be! But it may also be trickier than you think.

The short term rental business has taken off like crazy lately, but before you dive in and become a temporary landlord there are some risks (and some pluses) you should consider.

Ashley Halligan, an analyst for a local software company, wrote this article on the Risks and Rewards of Short-Term Rentals.

In the article she outlines 4 Rewards: Income, Preservation, Tax Break & Community Reweards, as well as 4 Risks: Hidden Costs, Competition, Restrictions & Community Risks.

Everyone in Austin is aware of Home Away, which is the leading short term rental company, I have not looked into the costs of listing with them or any of the procedures but I know it’s super successful

AirBNB is another popular way to find a place to stay. I get facebook ads about it all the time especially around SXSW and ACL, I beleive it’s more casual and “grassrootsy” than Home Away.

And then there’s is cragslist – free, easy, accessable. But definitely use at your own risk and be aware and safe!

Realtors do sometimes handle this kind of thing, it could be beneficial for a client that has a listing languishing, but ultimately it’s who you know and word of mouth.

Please share any short term rental/vacation rental experiences!

*this post was written by Nanette Labastida, REALTOR with Austin Fine Properties