This is a guest post by Erin Reynolds. Erin is a single mom who taught herself how to do home improvement projects and repairs to save money. Her website is DIY Mama. She put together this wonderful, informational post about turning your home into a successful vacation rental. Please make her feel welcome and leave some comments!
How to turn your home into a successful vacation rental.
With so many people turning to vacation homes these days rather than hotels, it’s no wonder that more and more homeowners are considering renting out their property when it’s in a prime location. While there are several things to think about when you open up your home to renters, it can be a success and a very lucrative business if you’re willing to put in the work. Turning your house into a rental requires some changes, so it’s important to make sure you do some research and give yourself plenty of time to make decisions, so you’re not faced with any nasty surprises down the road.
It’s also important to keep in mind that you may need help with maintaining your property, especially if you plan on having a permanent residence in another city or state. Hiring a property manager and/or caretaker can alleviate some of your burdens and will help you keep the home safe and secure when you can’t be there.
Some things to consider when turning your home into a vacation rental include:
Hiring a property manager
A property manager can help you maintain your home and stay organized at the same time. With 24/7 support, the right management team will allow you to stay on top of the business end of things while making sure the property is in good hands. If your year-round home is in a different city or state, you’ll benefit from having support from a professional group that will keep an eye on things when you can’t be there.
Attracting renters
Finding the right clientele is important when you’re renting out your home, so you’ll want to learn how to market your property and which upgrades you can make to ensure that their stay is comfortable. It largely depends on the area your home is located in, but common upgrades might include adding a pool or hot tub, updating the kitchen, putting in more beds, and including amenities like a gas grill or game room. Do some recon in the neighborhood to find out what other rental properties offer, so you’ll understand your competition a bit better; this will help you with pricing.
Choosing the right furnishings
While it can be tempting to go all out with the furnishings and decor in your home, it’s better in the long run if you choose cost-effective items that will last a long time. If you’re planning on renting the property out year-round, you’ll want to keep in mind that having that many renters in the space can really wear down furniture. Even well-meaning guests can leave behind damage, such as moisture-rings on wood tables. Go with the sturdiest items and ones that provide extra storage and sleeping space, in order to get the most return on your investment.
Providing excellent customer service
It’s crucial to provide great service to your renters since they are an excellent source of business. One bad review online or to a friend can cause trouble for any business, so you’ll want to ensure that all of your guests have a wonderful experience. Keep communication open by using a variety of channels including text messaging. Take a hands-on approach to any issues, and make sure you’re available when it comes to their needs. Think about what you would want as a renter on vacation, including safety and security, and look for the most budget-friendly ways to make those things a reality for your own guests.
Turning your home into a successful vacation rental takes a little time and effort, but it will be well worth it once you realize how much income you can make in a given year. With a little careful thought and planning, you can make your property a charming vacation stopover for any family.
…Thank you, Erin!