Did you know that in 2018, 30% of vacation property owners and 32% of investment property owners planned to rent their homes as short-term rentals?
Demand for vacation rentals is high and as such property owners have great opportunities to reap the benefits and earn money from their second or vacation homes. Breaking into the rental business isn’t as easy as it sounds though. So, if you’re looking for a way to maximize your profits and the time your property is rented, you need to implement these tips.
1. Think About the Location
Those who are planning on buying a rental property to use as a vacation business need to think about the location carefully before buying. Conduct research into the most popular destinations in your area, or in other states. Look at data that shows where people choose to go on vacation and familiarize yourself with what is available there and the cost of rentals.
However, if you already have a vacation property then you can’t just decide to move it. What you can do is thorough research into the local area and utilize your rental property to attract the types of people that visit the area. For example, if there’s a local fishing pond in the area then you might want to decorate and market your rental to people who like fishing.
2. Don’t Forget Amenities
Luxury short-term rentals need to come with comforts and a variety of finishing touches that pleasantly surprise your guests. That’s why when you are decorating the property, you need to pay attention to detail and provide little things (that don’t cost you too much, but that’ll make your customer smile). For example, if you’re in a mountainous area, you might offer bike storage, bicycles, walking boots, walking poles, and maps of the local area for no additional cost.
Luxurious touches show your guests that your place is worth staying in and worth talking about (which will get you more customers). In the kitchen, why not provide some basic food or a hamper with some wine and cheese? Meanwhile, in the bedrooms, you could finish the look off by supplying silk pillowcases.
3. Make Your Property Pet-Friendly
Americans love their pets and many want to take them on vacation. This helps pet owners save money and ensures they know that their pet is happy. That’s why you should make your property pet-friendly.
Luxury rental properties sometimes avoid allowing pets in the home because of cleaning costs, but making your property pet-friendly could open a large market for you. If you’re concerned about guest bringing pets, you could create a policy which they must agree to. For example, you could set a limit on the number of pets allowed, or ask guests to send you a picture of their pet before they stay.
Remember to think about whether this decision is right for you. Pet-friendly properties make sense for the countryside or coastal areas, however, they might not be right for inner cities. Pet-friendly properties might also work better for family rental vacations, as opposed to romantic couple getaways.
4. Update Your Tech
Another way to maximize your profits and appeal to more vacationers is by updating your tech. Introduce smart-home technology in your property to help protect your rental, keep your guests safe, and make the rental process easier.
There are plenty of devices when it comes to making your rental property smarter. A common option is adding smart locks, which means your guests don’t need to worry about losing the keys. You might also choose to install smart lights, smart alarm systems, and smart heating.
You can even get smart noise monitoring sensors that allow you to keep an eye on your property without intruding on your guests’ privacy.
5. Make the Most of Your Outdoor Space
One of the main things people want when they go on vacation is to unwind and relax. That’s why many people choose a vacation property with an outdoor space. If you have an outdoor space with the property you need to market it and maybe update it.
Even if you only have a small backyard, adding some chairs and plants can make the space more peaceful and welcoming. Opt for high-quality furniture and low maintenance plants, you might even decide to throw in a barbecue area for the sizzling summer months.
Those with more outdoor space can do plenty to make it welcoming and warm for guests. For example, you could install a swimming pool or a hot tub. If you choose to install a pool or a hot tub, you might also want to include towels in the property.
Another option is to landscape the garden and add plenty of greenery and flowers. You could even throw in a vegetable garden where guests can use the produce you grow and get their own fingers green. If you add a vegetable garden, you might want to include some gardening tools and gloves, in case your guests want to have a try.
6. Offer WiFi
Most people expect to have WiFi these days, so make sure your rental property offers it. The only time when a rental property might not need WiFi is if your experience is one that invites your guests to get closer to nature (such as glamping). WiFi allows your guests to stay connected with their friends and family while they’re away.
Earn More Money From Your Rental Business
Having a rental business is a great way to earn money and provide a top-quality service for people who want to relax. However, it’s not always easy sailing, which is why if you want to maximize your profits, you should implement our tips.
Discover more of Biz Beginnings blogs for the latest business tips, tricks, and news.
