Make cash for renting your home during Final Four

March 3, 2011 4:22:37 PM PST
The rodeo is in full swing but in just a few weeks, another major event will take center stage -- we're talking about the Final Four. The NCAA men's basketball championship will bring with it thousands of fans spending plenty of cash. The question now is can you grab some of the those basketball dollars by leasing out your home to fans?

The Final Four championship is a lot like the Super Bowl. Back in 2004, companies were looking for Houstonians willing to lease out their homes, and the same opportunities are starting to crop up.

Renting homes for the Super Bowl sounded like a good idea, but leasing agents say the expected demand did not materialize.

"We did not get anyone who wanted to, at least I did not get a call and Delilah did not either, on just doing short-term rental in the city for Super Bowl," said Jackie Hurst of McKenna Real Estate,

Hurst leases and sells homes in Houston. She tells us originally several home owners were interested in leasing property for the Super Bowl, but ultimately many backed out.

"You've got people coming in from another city, another state and you've got liability issues, insurance issues, damage issues," Hurst said.

Now that the Final Four is just weeks away from hitting town, some companies are again looking for people willing to lease their home for the weekend of the tournament. But before you sign up, experts say find out how much it costs to register your home and whether you will also have to pay a percentage of the lease to the listing company.

The companies say there will be demand for homes as hotels fill up; however those who have been working to bring the Final Four to Houston say the area has plenty of hotel available rooms.

"We would not have been able to book this convention had we not had the necessary hotel rooms in the city," said Sara McPhillips with the Convention and Visitors Bureau.

McPhillips says the nature of the Final Four tournament also may make it tough to lease homes for the games.

"People will come in for a semifinal game and if their team does not win, then they are gone and those rooms become available," said McPhillips.

Leasing agents say if you do plan to offer your home to lease during for the Final Four make sure you have a contract that your attorney has looked over before anyone rents your house and be sure you know the potential liability as well.