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Renting out extra stalls in your VersaTube barn could be a perfect extra revenue stream. As with all businesses, there are pros and cons. We have a few considerations that might help you decide if renting your stalls is a worthwhile idea for your circumstances.  

Decide what type of services you will provide

There are a couple of main types of services lessors tend to offer when they start boarding horses. You can provide just basic stall rental, where lessees are completely responsible for caring for their animals. Or, you can provide full-service to your renters, completely taking over day-to-day care of their horses. Based on your circumstances, your service could even be something in between the two.

Before finalizing what kind of service you will offer, calculate all the expenses that will be involved with that service option to confirm your desired monthly income is possible. Don’t forget to include expenses like increased electricity costs, maintenance, insurance, and manure management.

Talk with the experts

You can feel confident you won’t run into unexpected expenses by talking to experts before you start your new endeavor. Consult with your accountant or tax attorney. They can advise if you should set up your business as an independent corporation, etc, as well as help you plan for your future tax expenses. Your insurance professional can help you pick the right insurance plan. Also, don’t forget to seek out any experienced boarder in your area that might give you invaluable tips about what to include in your contract, what to expect as a lessor, and more.

Settle on a contract

After speaking to other people who are renting out their barn stalls, you’ll probably have a good idea what to include in your contract. The best advice we can give is to have your contract drawn up by a professional and to be specific. Spell out exactly what type of service you are providing. Include details like manure removal, maintenance, equipment upkeep, and damages.

Pick your renters

This may be the toughest step on the list. A responsible renter who abides by the rules and pays his rent promptly will be a joy while the most difficult renter can turn a profitable business idea into a drain on your finances and be a terrible stress. The best thing you can do is to ask for references and diligently check each one. Ask the prospective renter to include any place they have previously rented, as well as their vet. Ask detailed questions like, “How many times was he or she late on stall rent?” and, “How does he or she care for their horse?” and also, “Would you welcome him or her back as a renter?”

Also, don’t forget Google and social media! Most people include tons of details on their social media accounts that will give you a clue about whether they’ll be a responsible renter.

Think outside the box

When you think of renting out the extra stalls in your VersaTube barn, boarding horses is probably the first thing that comes to mind, but there are other options you can consider. How about renting out your space to another busy barn for hay storage? Or, renting out your stalls for RV or equipment storage might be another profitable option.

There are so many things to consider as you decide whether renting out your stalls is a good idea. It may seem overwhelming, but if you carefully research and nail down the details before you start renting, the process will go smoothly when you accept your first renter. As you dive into renting out your stalls, you may even find that you need more space. With VersaTube, that’s an easy problem to solve. You can expand your barn, add an extension, or a loafing shed at any time, even years down the road!