Renting out a property as a vacation home can be a great way to make money. When you’re not renting it out to guests, you may even be able to use it for you own leisure, making it an investment that you yourself can enjoy. Here are just a few success tips to consider when renting out a property to guests on vacation.
Choose the right location
Your property needs to be in a good location – ideally somewhere that people are going to want to visit on vacation all year round. Think Atlantic City real estate or Beaver Creek properties. This will make it easier to get a steady stream of guests. It’s possible to still run a profitable property rental in a non-touristy area, but you may have to do a lot more marketing or reach out to other types of clientele such as people travelling on business.
Splash out on some luxury improvements
Unless you’re able to nab yourself a property that’s already fitted with luxury mod cons, you may want to make a few improvements such as remodelling the bathroom or upgrading the HVAC to make it feel more like a vacation home. You’ll need to also furnish the property – this could involve investing in comfortable beds and spacious wardrobes for your guests. You could even splash out on a hot tub. Avoid cluttering it with too many personal items so that guests can make it their own space.
Consider hiring a property manager
If you don’t live near the property, you’ll need to hire somebody nearby to hand over and collect keys from each guest. They may also be needed to keep the property clean and well maintained – whilst you may be able to visit occasionally, you won’t be able to visit after each guest if you’re based on the other side of the country.
Screen your guests
There may be certain guests that you don’t want staying at your property. Some property owners may be a little reluctant to rent out to groups of teens – especially if the property is in a quiet neighbourhood. You may also want to enforce rules on smoking and pets. The likes of AirBnB can be useful for both marketing your property and screening guests.
Market your property creatively
Platforms like AirBnB are reliable ways to attract guests at your vacation home, however you may want to branch out and try other marketing methods too. Social media advertising could be an effective way to attract guests to your property. Meanwhile, there may be vacation guides that you can get yourself featured in. You may also be able to partner up with other companies and form a cross-promotion strategy that allows you to both gain business off one another. You could even offer a stay at your property as a prize at a local competition from which you may be able to get some of the ticket revenue.