5 Steps to Create a Successful Vacation Rental
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Owning a vacation rental is a dream that many of us have at some point in our lives. There's no denying that transforming a property is a painstaking process, but it can be worthwhile. With proper planning, you can turn your rental into a flourishing business.
You're closer than you think to starting your rental property revenue stream. First and foremost you need to establish a legal business entity — ideally a Florida LLC which is flexible and protects your personal assets. Secondly, you'll need a business bank account. This not only keeps your personal and business finances separate but leads to the final step. Funding your first rental property acquisition. Your future's calling you — get started today!
Stage the Property
A well-staged home makes an immediate impression both in person and through photographs; after all, many of your bookings will be made online, which means you need to hook would-be renters immediately. To start, organize each room to ensure they are free of clutter. Give your bedrooms a luxurious vibe by embellishing beds with matching sets, including throw cushions and comforters. Apply this touch throughout the home to give it a cohesive look. Of course, even the best-staged rooms benefit from quality pictures. A professional photographer will know exactly how to capture your property and showcase the things that will maximize appeal. Costs usually vary between $110 and $300, but engaging photographs can reward you with increased bookings.
Invest in Features
Vacationers have varied needs, but amenities can be the clincher. After all, the absence of free WiFi could prove a deterrence for many renters. Automation may appeal to some people, as well as give you peace of mind. Worried about missing keys or not being able to meet a renter? A smart lock could be the perfect answer. It’s a stylish upgrade, and all you need to provide is a key code that expires after the renters check out.
Don’t forget to focus on the basics, however, such as cable television, washers, and Blu-ray/DVD player. Don't overlook the little things, either, as they could potentially attract repeat customers. So, make sure there are plenty of cleaning supplies, as well as personal hygiene products. Clients will feel valued, and you can make a strong first impression in the process.
If you haven’t already, find a house-cleaning service to handle the dirty details of cleaning your rental between guests. While definitely an added expense, it’s a worthwhile investment. You might be able to get a better deal if you negotiate for regular service.
You may prefer to clean the property yourself before and after bookings if you live nearby. This has the added advantage of ensuring your property stays in pristine condition. Have a ready supply of cleaning products, as well as Magic Erasers and extra bedding. Remember, a clean home not only serves your clients but is an asset to your business, too.
Use Durable Materials
Using the right materials can give your rental extra protection and keep your home fresher for longer. Walls, for example, are prone to scuffs. Using semi-gloss or satin paint won't prevent marks, but you may find these types make it easier to eliminate them. Unfortunately, carpets and wood flooring are just as susceptible to damage, but you can avoid the hassle by choosing a more forgiving tiling, like vinyl. By improving the durability of your property, you can save yourself money in the long run while adding to your rental’s overall appeal.
Encourage Broad Appeal
A wider clientele offers greater opportunities, as opposed to simply relying on a specific demographic. Yet, you need to adapt your home’s features to make this happen. For instance, families will have nuanced needs depending on the age of their children. Parents with toddlers, for instance, will look for a safe environment. They will want pools to be secured and may need accessories such as booster chairs and gates. Conversely, if they have older children, they will look for entertaining options, so have games, books, and DVDs/Blu-rays ready to set up. Older vacationers may place greater emphasis on accessibility, experiences, and safety. They may be less interested in gimmicky technology and more focused on homeliness and comfort. With astute marketing, you can tailor your property to different clients simultaneously.
Purchasing and renting out a vacation property is a long-term investment that can turn a tidy profit with wise preparations. Be proactive with cleaning, have attractive features, and know your market. Your vacation rental can bring you the success you desire.