Although it has been highly impacted by the coronavirus pandemic, rental event venues still command at least a four-figure sum for an hour or two of rent. While the income is not steady, a rental venue is one of the most profitable rental properties as it requires the least bit of maintenance compared to rental residential properties. Don’t fret if you do not have a big commercial space for an event venue. You can turn your residential property (yes, the same one where you are living) into an event place. You just have to be crafty and resourceful.
Play to Your Strengths
Where is your home located? If it’s in the woody part of Virginia, you can market it as a venue for those who want a countryside feel. Are you living on a farm? Then, it’s the perfect backdrop for those who want an uber-chic but rustic wedding. If you’re in the Hamptons, you are marketing to elegant events that need a classic upper-class feel. You have to understand the identity of your property. That’s going to help you renovate and redesign it.
Checking Zoning Permits, Licenses, Taxes, Etc.
You cannot simply rent your lawn or your house without asking permission from the local government. If there’s a homeowners’ association in your neighborhood, it’s best to check this with them, too. Many will balk at the idea of a party on a neighbor’s lawn. You would, too, if you have to wake up at 2 AM because there’s still a ruckus next door. Even if it’s a small and intimate party, it’s bound to create a bit of noise.
At the same time, you should make sure that you have the right licenses and permits to do some construction. Some contractors for event venue building can help you apply for these documents. You should also check with your accountant about the tax implications of turning your residential property into a rental venue. If you are going to run it as a business, you’ll have to pay business tax.
Go Big or Small
How do you want your market to know you? Do you want to be known for your fair prices or do you want to market your venue to the more affluent classes? Since you are turning a residential property into a rental venue, you will be better off marketing it to the average person who wants a nice place to hold a venue. The affluent classes will go with big hotel ballrooms and museums.
It’s the same with pricing, too. Consult with a wedding planner about the price range for your event venue. They are going to tell you the portion of their budget that your clients are willing to pay for a rental place. You should also compare it with other offers in your area. Make sure you are somewhere within the same range.
Offer the Right Amenities
If your property has enough space, you should build amenities such as a swimming pool, greenhouse or conservatory, a great garden, gazebo, mini bar, and a state-of-the-art kitchen. You can get more if you offer more. And what about your house? What can you do with it? You can turn your home into an Airbnb, or you can rent it out as part of the venue, so that’s where the guests can stay.
If you are also living in the property, you might want to build a granny flat far from where the thick of the action will be. This way, you can take care of it properly. You also don’t need to buy or rent another accommodation for yourself. Of course, this will be possible under two circumstances: first, you are single; and second, it’s a large property that you can build a large house for your family, too.
How to Adjust to the Pandemic
The pandemic may be forcing you to rethink the idea of turning your residential property into a venue rental. You can readjust the parameters of this business idea, of course. For example, you can offer smaller areas for more intimate gatherings. You should also follow the health protocols of the federal and local government. Making sure that your guests follow the protocols—social distancing and wearing of masks—is also part of your responsibilities.
With Covid-19 looming on economies perhaps for the next couple of years, it’s time to rethink the ways you can earn. Whether you own a small or large property, there are always big opportunities to make revenue. As long as you follow the laws that cover your particular industry, you can transform your property into a money-making venture.