Buying a vacation rental property can be a great way to earn some extra income, but it is also a large investment. The upfront costs can mean it takes a while before you start making a profit from your investment, so you want to maximize your income as soon as you can to recoup those costs. Here’s how to do it.
Use these tips to make the most of your vacation rental income property and earn a good profit.
Advertise The Property Yourself
Don’t rely on a management company to do everything for you, as this adds an extra cost. You can advertise your property on all kinds of vacation sites, that will showcase your property nationally and internationally. It could be a good idea to build your own website, especially if you don’t have a management company. Remember word of mouth for advertising too. Share your property on social media, tells your friends about it, and do whatever you can to spread the word yourself.
Renovate To Near-Luxury Status
Guests want a relaxing, luxury experience. Vacation rentals that have been upgraded can generate a lot more revenue than ones that haven’t. Think about renovating key areas like the kitchen or bathroom, or adding luxuries like a flat-panel TV or a king-size bed to tempt more people into booking.
Get A Decorator
Remember this is not your home, so you should decorate in a way that will suit a lot of tastes. A professional decorator can help you do this. The decor should make your guests feel as though they’re on vacation. Avoid wild colors and tacky decor. A unified theme looks chic. Think about professional help to get the style right and make the most of your budget.
Get Professional Photos
Photos are the first impression for people searching for a vacation let online. Great photos make a big difference to the number of bookings you can secure. Nobody will consider your property if you have dark, out-of-focus pictures.
Write Good Copy
Don’t just recite facts about the property. Write interesting descriptions. What makes your property special? Is it close to great local restaurants? Does it have unique period features? Is it in a resort with lots of amenities and kids’ entertainment?
Equip The Kitchen
A lot of people on vacation like to eat in to save money, so they will really appreciate a kitchen that is stocked with the basic utensils, pots, pans, and dishware to allow them to do that.
Get Repeat Business
Make your customers happy. People who stay there should feel at home. After their stay, follow up and thank them. Send out a postcard to remind them of your property for when they book next year’s family vacation. A great property can secure a lot of returning guests.
Occupy Your Property In The Off-Seasons
The off-season is usually the winter. Rental rates are usually lower, but if you can keep the property occupied, you can still earn enough income to see you through until the vacation season starts again.