Running a vacation rental business is one of the best ways to earn passive income and boost your financial health. If you have a second house or a long-term rental property that you rarely use, you can turn it into a private vacation rental for short-term travelers. Some travelers prefer to rent vacation houses over hotels as they offer more privacy and more complete amenities and facilities (e.g., private kitchen, better security, access to local culture).
But as more homeowners realize the advantage of starting a vacation rental, initiating your own vacation rental has also become increasingly challenging.
With the overwhelming number of competitors within the vacation rental industry, many travelers are growing more confused and conscious of their choice of vacation houses, considering that their chosen vacation house can significantly affect the quality of their vacation and traveling experience.
Thankfully, there are some strategies you can try and implement to help take your vacation rental to the next level and ensure your property stays memorable and commendable for the tourists. For your guide, here are nine tips for running a successful vacation rental that will keep revenue rolling your way.
1. Keep Your Vacation Rental Website Up-To-Date
When running a vacation rental, a business website is a must. Keep in mind that most travelers do advance research first about their prospective accommodation to see if it’s within their standards or their budget.
Thus, ensure you keep your vacation rental website up-to-date with the latest information about your rooms, amenities, availability, and details in the surrounding area, which may influence their booking decision.
Preferably, it’s also recommended that you include tourist reviews or feedback on your website so that your incoming travelers/renters will have a clearer idea about your rental home’s quality and satisfactory rate.
For instance, if your vacation rental is up on TripAdvisor and you’re frequently getting great reviews, you can include them on your website to improve your vacation rental’s credibility and social proof.
Meanwhile, if you’re only new to the vacation rental industry and are unsure if you can compete with the big guns, you may opt to buy TripAdvisor reviews. This will help increase your website’s online visibility, entice more travelers, and eventually earn more sales.
2. Hire Professional Photographers To Create Images For Your Property
Many people often underestimate the power of internet images. Putting high-quality photos of your vacation rental house can significantly affect your potential client’s booking decision. Thus, hire a professional photographer to take high-quality images of your property.
Besides the photos of the rooms or facilities, you can also take pictures of the outdoor surroundings to give the tourists an idea of what it’s like to live in your vacation home.
For instance, have a picture of the window view from the bedroom featuring the sunrise or the mountain views. Not only will this amplify your professional image, but this will give the travelers something to look forward to once they book your home.
3. Invest In A Rental Property Software
The key to successfully running a vacation rental business is staying organized. It’s true, especially if you manage more than one vacation house.
One way to keep you organized and easily keep track of your properties and renters is utilizing rental property software. This way, you can efficiently monitor everything from one channel and keep everything running smoothly without delay.
4. Make Your Guests Feel Welcome And Special
Most rental property owners commit a mistake by treating their vacation rental business as a sideline. While you can earn passive income without doing much work, make sure you still have some strategies planned to help your guests feel welcome and special and make their stay similar to a hotel experience.
Remember, a vacation rental business is still in the hospitality industry. Otherwise, if your travelers don’t feel anything exciting or interesting in your vacation home, other than the available facilities, there’s a higher risk that they won’t be coming back in the future or leave you a small rating.
So, think of ways to make your guests feel welcome and valued during their stay in your vacation house. You can either give them a welcome gift basket filled with chocolates, sweet pastries, or a bottle of wine.
You can also send them a personalized welcome message at least a day before their arrival to show how you’re looking forward to their arrival.
You can also give them a detailed travel guide filled with recommendations about the best places to eat or visit. Regardless of how small your heartwarming gesture is, it can make a massive difference to their vacation experience and likely give you a five-star review.
5. Invest In Smart Home Technologies
If you’re considering boosting your vacation rental property’s value and overall appeal, consider investing in smart home technologies. Innovative technologies like digital locks, surveillance cameras, and noise monitoring sensors won’t only provide tighter security for your guests but it can also make managing your property a lot easier.
For example, suppose you’re able to detect any suspicious movement from the property’s surveillance camera or loud noises from your noise monitor. In that case, you can notify your guests immediately and remotely without interfering with their privacy. They’ll surely appreciate your efforts in keeping their stay safe and secure.
6. Keep Up With The Property’s Maintenance
Part of your responsibility in running a vacation rental property is keeping up with its repair, cleaning, and maintenance. Thus, make it a habit to thoroughly check the house for any required repairs, cleaning, or maintenance after every tenant.
Suppose your rental property is located in another state, and you can’t personally check it yourself. In that case, you can hire a professional team of cleaners or handypersons to help you keep your rental property running efficiently and smoothly.
7. Regularly Provide Clean Towels
This may sound like a random tip or a tip you’ll probably think is intended for a hotel owner. But again, you must treat your vacation rental property as a hotel. Everyone knows how white, clean towels are a daily necessity.
Unfortunately, many people also struggle with the problem of white towels quickly turning brown, especially after being used for several days. So, if you can, make it a habit to regularly provide clean towels for your guests at least every week.
8. Consider Allowing Pets In Your Property
Although many vacation properties provide comfortable rooms with amazing outdoor views, their no-pet policy can be a big turn-off for most guests planning to bring their furry friends. To help you stand out among the rest, consider making your vacation rental property a pet-friendly place.
For instance, if you’re buying furniture pieces, ensure they’re suitable for pet use. Although allowing pets on your property might mean more maintenance work for you, think about all the additional bookings you’ll get because of this advantage.
If you’re worried about some guests bringing a pack of animals, you can limit the number of pets allowed or ask them to send a picture of their pets before their stay to have an idea of the pets they’re bringing to your property.
9. Include Luxury Items In Your Property Listing
You may already have the best description for your vacation home. But another tip you can do to help your property stand out is adding the list of luxury items available in your property listing.
For example, if you have coffee machines, stainless steel dishwashers, or microwaves, you can list them along with the property description. Not only will this entice more bookers, but it will also enhance your guests’ vacation experience.
To sell property, it is important to understand the legal implications and potential pitfalls involved. Hiring a real estate attorney to assist in the sale process can help ensure that all of the necessary paperwork is properly completed and filed with the relevant authorities.
The first step is to identify the marketability of your property. Understanding local trends, such as average sale prices and rent prices, will help you determine an appropriate asking price and attract buyers. It is also important to consider the condition of your property, including architecture, amenities, and landscaping. If necessary, upgrades can help increase its appeal.
Next, you need to prepare your paperwork and legal documents. This includes any title deeds or transfer papers that prove ownership of the property. You will also want to gather any necessary permits, such as building inspections or zoning regulations. All of this must be in order to prevent potential issues during the sale process.
Once everything is ready, you can start marketing your property. This could include online advertisements, open houses, and direct contact with real estate agents. It is important to create an appealing listing that accurately portrays your property. You may also want to consider staging the property if necessary.
Finally, you need to negotiate with potential buyers and close the deal. This involves reviewing offers and negotiating terms such as price and closing date. Be sure to work with a real estate attorney or an experienced agent who can help guide you through the process.
Running a vacation rental property won’t be a walk in the park. Thankfully, these tips will help improve your rental business, attract more prospective bookers, and enhance their vacation experience.