Having a rental property or vacation home is a fantastic way to generate passive income and supplement your other income streams. While the prospect of this investment opportunity is undoubtedly exciting, it comes with its own set of challenges that you may not have anticipated.

One of the biggest barriers between you and a successful rental property is understanding the necessary steps to transform your property into a thriving rental. This involves not only preparing the property for guests but also setting up efficient management systems, handling maintenance, and ensuring compliance with regulations. The key is to approach this transformation systematically—identify potential issues, implement effective solutions, and continuously refine your processes. By addressing these challenges proactively and leveraging the right tools and strategies, you can turn your property into a lucrative asset while minimizing stress and maximizing your returns.

The need to know

When converting your property, there are several things you must consider before making the switch.  When renting, many guests and visitors will be flowing through your house which means more money for you but also more risk.  No one wants their rental to go up in flames, but one way of protecting yourself and your guest is to let your insurance provider know your intentions for your property, and update your policy as recommended. If you are curious about what insurance to choose, one we recommend is Duuo. Duuo is a Canadian based “personalized insurance company” who specializes in Airbnb rentals. With flexible plans, you won’t have to stress about traditional insurance companies not covering everything you need. Updating your policy will ensure the future safety of your property.

On top of this, you must consider safety hazards that may produce a future problem for you and your guests.  Are there any faulty outlets, maybe some exposed wires, perhaps? It is best that these issues are taken care of before rentals occur, so injuries don’t. In order to certify a safe and pleasant rental experience, schedule a contractor and an electrician to come in to make sure everything is up to code, this way you remove any guesswork about the safety of your rental property.

So you’ve updated your policy, and have made sure your property is safe and are now looking to rent. The next piece of the puzzle is to check with current local laws, and find out what conditions must be met in order to rent out your property. Do you have to apply for a rental license? Are you eligible for a rental license? These are all questions you will need to ask yourself in order to have a legal rental property.  If you don’t know where to start, try asking around to other people that have short term rentals. If you’re unable, try looking for an online forum. BiggerPockets has a short term and vacation rental forum where you can ask questions about your property to others. The last thing you want is to go through the whole process of ensuring your rental is guest ready, and finding out you’ve missed a step. Making sure your property is up to code is a key part of your rental process as it protects you, your property, and your guest!

What’s next? Well, when you are ready to rent your property, you must think of the rules your guest must abide by. Do you care if they smoke or have pets? Or, how many guests they bring?  You must detail these things in your rental description before renting, so the condition of your rental is left in the same condition as it was before the rental.  Sometimes mistakes happen, but at the end of the day it is your property, make sure proper fines are in place in case your guest doesn’t listen.

Things to think about when transforming your property

If (only) life was perfect, you wouldn’t have to worry about damage to property or anything insidious.  But as that’s not the case, you as a property owner have to be aware of the possible things that can go wrong when renting.  A broken piece of furniture, some scrapes or scratches on a wall are the least of your worries.  Many Airbnb rentals have been subject to quite drastic damage when renting to those that host parties. A rental in Calgary, AB Canada was faced with upwards of $50,000 worth of damage! Let’s make sure that doesn’t happen to you. Certain smart services such as NoiseAware and Minut can alert you and your guests if they are being too loud, and this could be the warning that saves your rental.

Another issue you may encounter is the cleanliness of your property.  No property owner appreciates a guest that has recently rented their property and left it in total disarray. Considering it’s now your responsibility to clean up the rental property for your next guest, it can become a hassle. During these uncertain times with COVID-19, cleanliness has only become more paramount. To counteract this issue, hiring a cleaning service ensures that your property is clean and ready to go for the next guest.

You may notice your life get busier and a little more chaotic when you are renting out your property.  Choosing the right property management service can help you ease your mind and save you time! If you want to learn more about choosing a PMS, click this link to head to one of our previous articles discussing how to choose the right one for you. Renting a property doesn’t have to be hard, and at Enso Connect we are here to help.

Enso Connect and a calm home

We’ve all heard that age-old expression “your home is your castle.” And it’s true. This is where you keep your valued possessions, rest your head, and hopefully find a calm space to breathe. But owning a home or a property is a lot of work, and if you choose to use it as a rental space, then that sense of complication increases exponentially. You’ve got to manage a number of things you may not be used to: the utilities, allowing access, make sure you get paid, and promote your property in the right places. Even for the most seasoned of hosts and landlords, it’s a juggling act. That’s where Enso Connect comes in.

As with some of the best stories out there, the genesis of Enso Connect starts with a road trip with unexpected results. Back in February of 2019, I took a weekend ski-trip with some friends to Mont-Tremblant. We had booked an Airbnb, and upon arrival, we’d discovered that the key was frozen under the doormat. So, we did what anybody who uses Airbnb would do; we messaged the host. No answer. The only way to get access was to use lighters to melt the ice to free the only way into the house. Once inside, we found that the house was freezing and the heating system too complicated to figure out. Again, a message to the host was sent but went unanswered. Eventually, we figured it out and enjoyed the weekend.

 

When it came time to leave, we checked the app for check out instructions, only to find none. Again, we reached out to the host, only to be met with radio silence. It was only after a 6-hour drive back to Toronto, that we heard back from the host. By then, it was obviously too late to follow the stated instructions, but we left the house as we found it. Days later, we received a disgruntled message, claiming that we had left the heating off, and possibly a window open, leading to damages due to frozen pipes. Between their conspicuous silence regarding our messages during our stay and the fact that a) there was no way to prove that we had or had not done anything wrong and b) the length of time between our check out and his report, Airbnb sided against the host and we were off the hook. But, I was left with a bad feeling. Not because we potentially had been responsible for damages (we weren’t), but knowing that this situation could have been avoided with smart home devices and appropriate software to manage the property.

Upon my return to the Department of Computer Science Innovation Lab (DCSIL) at University of Toronto (UofT), I decided to tackle a prototype solution to this problem with a smart lock and a simple door. Over the duration of this class, I realized that the problem was much bigger than making a home smarter and managing remote access. There also needs to be a way to automate some of the more tedious tasks of being a short term rental host, with software, smart home tech, and AI communications. A renter will inevitably have questions about the wifi and local attractions, and a host won’t have all the time in the world to answer every question, or even the same question every weekend. And I felt like I was on the verge of an answer.

After graduating from the University of Toronto and moving on to pursue a part-time Master’s in Entrepreneurship at the University of Cambridge, I began working on a real-world solution that would eventually lay the groundwork for our company. Recognizing the need for a technical counterpart, I brought on Peter as a co-founder and CTO. With his expertise, we were able to develop the first functional iteration of our software, setting the stage for transforming how homes operate.

This initial version marked a pivotal moment, as it allowed us to start refining our vision and making tangible impacts in the industry. Together, we combined our skills and passion to create a platform that not only met the evolving needs of homeowners and property managers but also pushed the boundaries of innovation in home automation and management.

 

 

For us, a home should work for you and not the other way around. There is no shortage of available smart technology that can offer remote access, automate thermostats, monitor noise levels, and answer the most common questions. The short term rental industry is the perfect place to start.

Now, Enso Connect is a home management software that leverages smart home devices and AI communication to provide peace of mind to homeowners and property managers, while offering a seamless experience to a guest in the short term rental industry. Hosts can remotely open their front doors, rather than rely on systems that can jam or freeze, and virtually monitor, maintain and monetize their property from an all-in-one dashboard. Our AI chatbot can handle all the most common questions, and if there’s something it doesn’t know, only then, will it let the host know that there’s an outstanding request. We’ve made the day-to-day running of a short term, the least stressful part of your day.

And the name? An Enso is a Japanese symbol that represents enlightenment and calm. That’s what we offer to homeowners, property managers and guests. A sense of calm.

Welcome to our home,

Francois