2013 US Open: How To Rent Out Your Home

So, you want to rent out your home for the 2013 US Open?

With the golf tournament less than a year away, on the Open's trip to Merion Golf Club.

Patch spoke with two local realtors who are marketing houses for clients who want to rent out their digs the week of the tournament next June. Mia Bloomfield is a realtor with Long and Foster in Haverford, and Sara Moyher is a realtor with Prudential Fox & Roach in Wayne.

Below are their responses to some questions hopeful homeowners (or curious residents) might have regarding home rentals.

Who is renting their home and why?

Bloomfield: Not everyone wants strangers staying in their house, so not everyone is going to [rent their home]. It’s amazing the interest that’s out there, though. I have a friend who’s going to repaint her whole house. I think people are really thinking it’s kind of a fun way to get out of town and have someone else pay for the vacation basically.

Who will stay in the homes for the week?

Bloomfield: From what I understand, some golfers have found private homes they want to rent and many have already done that whether they had a realtor or not. There are still many more golfers that are coming and don’t know if they’ll be in [the tournament] yet. Some of the big estates close by in Haverford have been spoken for through corporate people and sponsorships.

Moyher: Corporations, individual golfers and their families. [Rentals by] corporations should start getting busier in fall; [rentals by] players will get busier in fall too.

How much can you expect your home to rent for?

Bloomfield: It depends on the size of the house, its [proximity] to the golf course and what you’re willing to chip in. ... For 4,000 square feet, I'm thinking $5,000 to $8,000 for the week. But it really does depend on the level of luxury of the house. It's fair to assume you can rent the house for the price you might normally rent it for per month.

Moyher: There's a lot of speculation out there that homes will go for tens of thousands of dollars, which is probably not going to happen. [The only homes that may fetch that price] are in very close proximity to the course, and mansions across from the club. 

The research I’ve done is based on a model I got from other agents in other areas of the country for other US Opens and numbers from companies that manage hospitality tents. From what they told me, a reasonable expectation for what corporations will pay to house employees with employees' guests ranges from a low of $250/head up to $1000/head per night—depending on the property, where it is, and the caliber of home it is.

Most homes fall at low of about $5,000 for the week to about maybe $12,000, and most listings are within walking distance.

With my clients, I’d rather them make some money rather than price themselves so high they get no money. I’ve walked away from people that were disappointed their three-bedroom twin won’t make them $25,000 for the week.

What are renters looking for in a home?

Bloomfield: Some people have swimming pools and huge yards where people can throw parties and are marketing it that way. Some people are offering auxiliary people—someone to throw a dinner or cocktail party or drive you around. The people coming in are from out of town, so providing those services [is a plus].

Do you have advice for people looking to rent their home?

Bloomfield: It's better to have a professional handle the transaction, because the lease has to be drawn up like a regular rental. And if you can have amenities lined up, I think it becomes very appealing for someone to just walk in and have the instant comforts of home. I think that’s what people should be thinking about … it’s a whole party atmosphere that [potential renters] are searching for, and people are coming from all over the world to see this event.

Moyher: I'm actually creating a checklist for my clients of things to do when they find a renter. Of course, there's no brainer stuff, like get the house clean, put on new linens, clean out the medicine cabinet—no prescriptions—put away anything that's irreplaceable either financially or sentimentally. 

Plus, for a minimal amount of money, it’s less of hassle to do it through an agent. Higher end houses [marketing on their own] should hire an attorney [to draw up the lease]— but probably, you'll end up paying them more money than you're paying me.