Investing in a vacation property is one of the most significant real estate investments you can make in your lifetime. People are always looking forward to their rest days, and you can give them a good deal by offering your place, especially when it’s close to the top destination in your area.
In most cases, rental properties are located in neighborhood complexes within walking or touring distance from the beach, a historical site, or a waterway dock. If you are lucky to have one of these places, then make the most of it and earn back your investment by renting it out to weary vacationers. The rate is typically based on the season and the location, but you will see a wide range of prices if you check the listings in the area. If you want to maximize your rental’s earning potential, here are some suggestions we have for you.
Advertise Your Rental Property
You can list your property in a rental management company, but don’t rely on them to advertise your property. Sign up for property sites, such as FlipKey, VRBO, and HomeAway. These will promote your site to local and international travelers. Building a website is also a must if you are not using a property management firm. Use the power of word of mouth as well. Ask your friends and family to share details about your property on social media to gather wider audiences.
Renovate for A Luxurious Feel
Some guests looking for a “resort” or “luxurious” stay will want something with upgraded and updated rental properties. Get your yard some buffing from professional landscapers or renovate your kitchen with granite counters. Some other guests want flat-panel televisions or themed bedrooms, so consider making these upgrades. These will get you more bookings and increase your revenue.
Ideally, your vacation rental property is something that you want to stay in when you yourself take vacations. It probably has that laid-back tropical island vibe that so many vacationers would love. Thus, whether your property is a condo or a house, make sure to pick up pieces that make your guests feel like they are on vacation. Have a unified color and theme for the whole house. You may ask for some professional opinion so that you can tastefully set up the ambiance right within your budget.
Use Professional Photos
When potential renters seek out property rentals online, the first thing they look into is the photos of the place. Amazing images make a big difference in the booking that you get. It’s the photos that people initially consider. Only then do they read about your offers.
Furnish Your Kitchen
Besides keeping the rental property updated, making sure that the kitchen is fully furnished is another factor that vacationers look into. These days, travelers, especially families, tend to eat in instead of constantly dining out. They would love to use a kitchen that allows them to prepare, cook, and eat meals together. Provide small cooking appliances, cooking items, and utensils so that your guests can fully enjoy the rental property as if it is their home.
Write An Interesting Description
The rental property listing should not just be about the location, size, and amenities on offer. Be sure to highlight your place’s unique and special qualities to encourage readers to consider staying on your property. Describing it in a full spectrum of colors will make it a perfect accommodation option for a couple, family, or solo traveler. Accentuate the beauty of the sunset at the nearby beach, the available kids’ programs, and restaurants within walking or driving distance from the place.
Get Repeat Clients
Focus efforts on customer satisfaction. These days, vacationers would like to feel at home even though they are away from home. More travelers are looking for that personalized service and feel. You can connect with them and thank them for their stay. That way, you can get positive guest reviews. You may also send them postcards to remind them of their wonderful time on your property. Doing so can convince them to consider staying with you on their next trip. Being an exceptional host of a well-run property will get you more bookings from up to 75% of repeat guests.
Get “Off-Season” Rentals
Summer season in your property’s location gets you the highest number of bookings. Likewise, the rental rates are significantly higher. However, don’t forget about getting “off-season” occupants by offering long-stay deals during the cooler months. These bookings also provide a considerable part of potential income from your rental property.
Renting out your property gives you plenty of opportunities to earn back your expenses. Having your property close to beautiful destinations doubles your chances to maximize your revenue. If you enjoy staying in your vacation home, other people will also love it. Share with them the experience and prepare the property to welcome guests locally and internationally. Keep these tips in mind to make your property feel like your guests’ home away from home.