Buying a second home to rent out to vacationers can be a very lucrative investment if you do it right. The first step is finding the perfect vacation location to attract visitors. Then, you’ll need to buy your second property with the needs and desires of those travelers in mind. Once you’ve found and acquired a prime spot, it’s time to set to work on establishing your rental business.
Here are a few do’s and don’ts to keep in mind to help you become a successful vacation rental owner!
DO list your rental with professional photos.
In the search for the right vacation accommodations, most travelers do judge the book by its cover. That’s why it’s important to have a professional, who will know how to set the scene a vacationer is looking for, photograph your property. You’ll show your home at its best and make your listing stand out.
DON’T price at a flat rate year-round.
Many first-time vacation home landlords make the mistake of setting one flat price for rental all year—and soon find themselves struggling after peak season ends. Before pricing your rental, you should do research into local market data, seasonal travel trends, the rates of nearby competition, and which luxuries people will and will not be willing to pay extra for.
DO create rental agreements.
A signed rental agreement is a direct (and legal) way to set expectations for renters and establish rules for both parties, so everyone can feel secure. Each contract should be set for the specific dates of rental and include items like price, cancellation procedures, damage policy, and any specific house rules that must be followed.
DON’T forget to be a good host.
Ultimately, customer satisfaction is the key to your long-term success as a vacation property owner. Make sure your home offers a clean, welcoming environment with comfortable, high-quality furniture and inviting décor. As a host, you should be polite, professional, and welcoming too. Try to answer inquiries quickly and with a personalized response. Renters should also have your contact info, so any questions, concerns, or issues that may come up during their stay can be addressed promptly.
Keeping your rental property secure, clean, and well-maintained during or in between guest stays is a full-time job. With Dreamweaver Concierge’s house sitting and cleaning services, you can ensure that job gets done—and gets done well—so you have one less thing to worry about.
To learn more about our white-glove concierge services, contact a team member today!