People have been treating themselves to longer and more luxurious vacations, and that's great news for anyone who owns a vacation rental property. If your property has luxury vibes, you may find yourself popular in the upcoming vacation season.
But as a new real estate investor, you may not know how to run a fantastic vacation rental. We've got you covered. Read on to learn all of the basic dos and don'ts when it comes to your property.
Do: Price It Right
When you're trying to figure out how much you should charge for your vacation property, make sure you do some local research. Check out other local vacation rentals, as well as nearby hotels, to see the average cost of vacationing in the area.
Remember that those other vacation properties and hotels are your competition. You need to give potential guests a reason to stay with you instead.
Make sure to check out what amenities the other vacation options offer. If you offer more or better amenities (like a pool, for example), you can increase your price over other local options that don't have those amenities.
Don't: Neglect Security
With many news stories coming out about security risks in vacation rentals, it's more important than ever to give your potential guests peace of mind. Never neglect security.
Put cameras outdoors (though never in private spaces) and watch out for unusual happenings. Make sure to provide any pertinent emergency information somewhere within the rental (such as information about local emergency services).
Do routine inspections to check for safety problems.
Do: Provide Amenities
What do you offer your guests? Sure, you can just host your guests in an empty vacation rental, but you can seriously benefit from going above and beyond.
Consider providing basic toiletries like hotels do. Make sure you have enough bath towels and never expect your guests to bring linens. If you have a full kitchen, make sure to provide cooking equipment.
This will lead to better reviews and potential return guests.
Don't: Expect Guests to Clean
Too many vacation rental hosts rely on their guests to clean. Would you want to clean on vacation? Of course not!
Including a brief list of general tidying tasks is okay, but you should either expect to clean on your own or you should spend money on a cleaner. Remember, part of investing in real estate is putting more money into your investment.
Do: Consider Investing in Property Management
Does all of this sound tough? A property manager can help.
There are many different types of property management, including short-term property management for vacation rentals. A good property manager will handle inspections, cleaning, marketing, and more.
If you value your time, have someone else manage your property.
Good Luck With Your Vacation Rental Property
Keep these vacation rental property dos and don'ts in mind! Running a vacation rental is all about providing an amazing space for your guests.
Not sure how to do that? Let PMI Marathon help you run your Greensboro, NC property. We fully customize our services to suit each of our clients.
Schedule your free consultation with us today.
