Most property investors look for single family homes or apartment complexes for good opportunities neglecting the opportunity that vacation rentals can provide. Investing in vacation rentals is a far different thing from a regular rental, business is seasonal and marketing can make or break you. If you wondering how to invest in vacation rentals or how to make money from them then let us show you how.
Become a Marketing Expert
Marketing a vacation rental is nothing like trying to rent out one of your apartments. You need to create some great listings with professional photos, your iPhone won’t cut it. You need to make sure that you’re listed everywhere and that you’re getting enough exposure. Your place needs to be THE place to stay when in town. Remember you’re competing against other rentals and hotels as well. Hotels have big marketing budgets.
Maintenance needs to be Done
Maintaining a vacation rental is not like an apartment building. You cannot successfully profit from a rundown vacation home. You will not only need to keep it clean but it has to be functionally pristine as well. Apartment dwellers will overlook a running tap but vacation renters have much higher standards.
Offer Great Service
Being an attentive landlord is not the same as being an innkeeper. You will need to answer all inquiries immediately both good and bad. Add some personal touches to your vacation rental so that your guests not only remember you but are pleased by the service.
Know Your Market
Whoever rents from you has looked at the competition, you need to do the same. Vacation rentals are a highly competitive industry and you need to understand the market. Raising prices because your business is seasonal is something you need to do cautiously. You need to focus on offering value and an expert level of service. Competitive pricing is only one part of your business, focus on occupancy more.
When it comes to vacation rentals you’re not just selling a place to stay but an experience. It needs to be spotless every time someone new checks in, they need to be comfortable. This is effectively their home away from home so make your guests feel like they are at home. Yours needs to be the home they wish they had.
Vacation rentals can be incredibly lucrative if they are well managed and properly marketed. Sites like VRBO and Airbnb have changed the landscape and offered plenty of opportunity to make some significant cash.