Greater Phoenix has amazing weather during the winter. We have premier college football games like the Fiesta Bowl and the College Football National Championship, and even an occasional NFL Pro Bowl and Super Bowl. All year long we have annual events that attract people from far and wide, like classic and collector car auctions, the Waste Management Phoenix Open and NASCAR.

The Better Business Bureau of Central, Northern & Western Arizona (BBB) provides important guidelines you should be following when you consider renting your home to visitors and tourists.

Some homeowners will use a home rental service or property management company, while others will handle transactions on their own. The BBB provides these important tips to make sure that the transaction is handled properly, providing a win-win for both you and the renter. 

Before offering your home for rent, BBB has these suggestions:

Handling the Rental Process on Your Own

1. Require renters fill out an application allowing you to conduct a background and credit check.
2. Use a rental agreement. Generic rental-agreement templates can be found online. Make sure that you include the rent amount, due date, security deposit, length of lease, and full contact information.
3. Collect a security deposit. The security deposit should be at least one-and-a-half times the rental amount or request tenants get damage-protection insurance.
4. Check your homeowner’s insurance policy. Not all policies cover damages by a renter, so make sure your coverage is sufficient, or obtain a special policy to cover the short-term rental.

1. Conduct a walk-through of the property before renting and remove all valuables such as jewelry, money and electronics. Conduct a final walk-through before the tenants leave.
2. Change front door locks (or the combinations, if digital) before and after the rental of the property.

Hiring a Management Company

1. Check out the company’s BBB Business Review, before signing a contract or paying a fee to see how long it has been in business and what rating has been assigned.
2. Search the Arizona Department of Real Estate database to make sure the company is licensed to conduct real estate transactions in Arizona.
3. Listing services charge fees for their services. Read the fine print to understand what they will do for you and what it will cost. Are they asking for up-front fees? Be suspicious!
4. Get everything in writing. Document all fees involved and services to be provided. Some renters may expect extra services, such as maid service. Does the rental company arrange for the extra services? Is there an extra charge?  Is it the homeowner’s responsibility?  Who is responsible for advertising the property? Who provides the key and entry, and who is responsible for collecting the key and conducting a walk-through before the guests depart?

A final word of caution. Remember that often groups who rent homes are here to party. It is important to consider the consequences of having strangers in your home, especially if it is your primary residence and not a regular rental property. While you might get a big, fat rental fee, you also might end up with problems that cost more than you collected from the renter. What? You say you can take them to court? That's never a win-win.