Hiring a Rental Property Management Company
- January 14, 2020
Do you have a secondary home you are hoping to earn some additional income from? If you haven’t… Read More
Many people interested in running a vacation home business often ask the burning question: Do vacation rentals make money? The answer is an overwhelming yes! With all the information out there, you can learn how to start a vacation rental business and become successful at it. In fact, increasingly more people are investing in second homes for this very purpose. Seasoned vacation homeowners who have mastered the business of renting a vacation home find that the financial rewards can be quite substantial. Once you have learned the ropes on how to run a vacation rental, you too can be on your way to making some extra money.
A vacation rental, also known as a short-term vacation rental (STR) is a fully furnished property that is rented out temporarily to tourists and serves as an alternative to a hotel. The property can be a house, apartment or condo. Cabin rental businesses also thrive in many regions with many vacationers opting to spend some quality time in the country.
This includes Collingwood, Niagara-on-the-Lake, Muskoka, Barrie, and many other locations across Ontario.
More vacationers are opting to stay in vacation rentals primarily for comfort and convenience. Vacation by owner rentals offer more living space than hotel rooms and allows renters to prepare their own meals and perform other activities they typically do in their own homes. This provides the perfect home away from home.
To be successful at managing and renting out a vacation property, there are a number of things to consider like the location.
You could own a luxurious property, but if it is not in an area vacationers find ideal, it will be hard to get any takers. If you are considering purchasing a rental property and want to know how to start a Vrbo business (vacation rental by owner) we’ve listed some tips for renting your vacation property to help you get started.
The popularity of the internet has made information far more accessible than ever before. So in many ways, those considering vacation properties can find out what it takes to be successful more readily. This is much different than 15 to 20 years ago when there wasn’t much available online.
The first thing you want to do before investing in a second rental property is to familiarize yourself with everything about owning a rental vacation home. Managing a short-term rental property comes with a lot of responsibility, so it’s important that you know what you are getting yourself into before deciding to go all-in.
There are many things that need to be considered when renting out your vacation property.
Before you rent your home out, you will need to make sure potential renters are properly vetted, maintenance and security are prioritized, and that bookings go smoothly. This is best left to a professional rental management company. Since they specialize in property management, they can give you expert advice on trends and other various aspects of renting a vacation home.
There ways that you can make your rental home more inviting and welcoming to guests. Sometimes it’s the little things that people pay the most attention to.
Think about your choice in furniture, the colours in the home, the features and the appliances you choose to install and incorporate into your vacation property. These should collectively make the home more comfortable for your guests. Remember that when people are on vacation, comfort is of utmost importance. So find ways to make your home as comfortable as possible.
The last thing people want to have to deal with on vacation is some maintenance issue that creates an inconvenience.
While you can’t always control when things breakdown in your rental, making sure you have a reliable maintenance team that can address problems as they come up can make all the difference. Vacation by owner rentals tend to typically have a down period during the year.
This is a good time to do thorough maintenance and any necessary renovations to keep your property in good condition and minimize the occurrence of a mishap during the vacation period. But if a maintenance issue comes up, you need to be able to address it quickly to cause minimal inconvenience to your guests.
Two appetizers, he will need to hire a professional photographer to capture the best pictures of your rental property. The last thing potential renters want to see is pictures taken from a cell phone. Invest in photography to help you market your property in the best light.
Make your property is visible to potential renters by making it easy to find. Remember, people planning a vacation are looking for the best way to rent a vacation home. They don’t want to have to search endlessly to find your property. So advertising in the right place is key to a successful vacation rental investment.
Another good way to find out how your vacation home business is doing to asking for feedback from past guests. This will give you a good indication of how well they enjoyed their stay, and if they would recommend it to friends or family members.
Many vacation property owners overlook this step thinking that the fact that people are continuing to book their property means they are doing a good job. However, finding out ways to improve your home is essential, and by asking people about their experience, you get to know how to run a vacation rental business more competitively. This feedback also gives you info on what areas you are excelling in so you can keep doing those things.