10 Tips for Landlords Renting Properties for Events

Renting out for property does not have to be for commercial or residential purposes. There is a whole host of ways you can earn an income through various properties, one of which is utilizing it as a venue for events. 

Event venues are drastically changing as the years go by, as event planners are looking to create unique experiences for their clients. Nowadays, we see weddings, parties, and meetings leaving halls and banquets, and being set up in restaurants, parks, hotels, cafes, and beaches just to name a few. 

If you have a property that is large enough to lease out for intimate or large events, then read on for 10 tips on how you can go about utilizing your property as an events venue. 

Benefits of Renting Out Property to Events

There are numerous positives to allowing your property to be used as a venue for events, it will provide you extra income, you will have control of who uses your property, it showcases the property – which will be useful if you intend on selling it in the future, and it will help you network and build a presence in the community you belong to. 

Renting out Your Property for Events

By taking inspiration from the ranches, villas, and halls from places like Orange County, you will find a lot of inspiration on how your property can look and feel when used as an event venue. 

By taking this inspiration, you can transform your available space into the hottest place to be in your town, but the territory that comes with being a venue is being efficient and capable of hosting events without a hitch. This is how you can achieve your goal. 

1. Assess your Available Space

It doesn’t matter if you have a penthouse with a rooftop view overlooking the city, or a countryside estate with a large backyard like Swanner House, you can transform it for hosting events. 

The first aspect you need to look at is how many people will be able to fit comfortably in the space you are letting out. Thereafter you can decide on the types of events that can take place, such as cocktail parties, weddings, birthday parties, product launches, etc. 

2. Staffing and Operations

When your property is being used for events, you need to make sure that it is capable of holding safe parking accommodations for the guests in attendance, has access to electricity and space for the vendors, and will have access to all the necessary amenities – like restrooms, a greenroom, and a space for preparations. In addition to this, if you’re supplying food and entertainment options for the venue, then you will need to ensure that you hire staff to take on the leg work for the required days. 

3. Maintenance 

Once you start hosting events at your property, you need to conduct regular maintenance checks to make sure that everything is in perfect working order. Maintenance checks should be done routinely before and after every event, and as often in between as necessary. 

4. Permits

As the landlord of an event venue, there are certain bylaws that you need to comply with. These laws pertain to aspects like noise restrictions, traffic control, the type of entertainment that will be held, fireworks usage, etc. In addition to this, there will be certain permits you will need to obtain surrounding alcohol consumption, a building permit for tents, an event permit, and several others that are a necessity to operate your business. 

5. Build Partnerships

In order to help this venture grow, it will be helpful to network and build partnerships with other vendors. This will open you to referrals and if you join hands and offer a unified service in the form of packages, you will be able to create seamless event experiences for your clients.  

6. Pricing and Packaging

The price that you are offering needs to be fair to the customers. Some of the considerations that you need to make when creating the rate, are the time you and your team will be putting into the organization of the event, the size of your team, electricity, and water usage. 

You can charge a flat rate, per hour, or an all-inclusive package rate, which will consist of input from some of the vendors you have built partnerships. 

7. Promoting Your Business

Having a venue, and relying on word of mouth and referrals will not be enough to gain traffic for your business. You will have to actively market your venue. This can be done by listing your business on online directories and creating a website and pages on social media. You can generate interest by posting useful content and information about the venue and its offerings.  

8. Draw Up a Contract Template for Clients

A contract surrounding the terms and conditions for hiring out your property is crucial. This way you can ensure that both parties hold up their end of the agreement, and it will also cover insurance queries if any incident had to occur on your property. Contracts are designed to protect you and the client from unethical behavior.

9. Be Engaging and Develop Customer Service Ethics 

In order for any venture to be successful, you need to have excellent customer service ethics. This is crucial to the growth of the business. Be helpful to potential clients, and aim to make their realistic suggestions and options possible for them. It will also help you and your property gain a good reputation.

10. Encourage Feedback

Feedback can be both good and bad. Good feedback on services provided serves as a testimonial from clients that you are a trustworthy and helpful person to work with. Bad feedback can help highlight areas where you can improve as a service provider. The good needs to be taken with the bad in order for you to grow positively as an event host. 

Final Thoughts

If you have a large and beautiful property on hand, it can be used as an event venue for a number of occasions. However, before you start letting out your property to be used in this manner, you need to take into consideration several factors such as drawing up contracts, determining pricing for the space, and making note of what you can offer – all the while making sure you abide by city bylaws. By making the right partnerships, your business as an events venue can grow to new heights.