Are you thinking of making some more money by turning your property into a vacation rental?
Let’s say you bought or inherited a beach or lake house or even have an extra apartment or room that you don’t use as much as you would like. Or that your kids’ room that is sitting empty and not being used while they are away at school. That is a perfect vacation rental. Any property that is used only a couple times a year, and rent out for the remainder of the time, can be categorized as a vacation rental.
What type of properties qualifies as a vacation rental?
Several property types qualify to be used as vacation rental. Like the popular beach front properties, Creek houses, Lake front properties, properties in the city centers and other places of interest e.g. The Maras, the coastal cities and historical locations.
Vacation rental can be of any style and size. A studio, Apartment, Town House, Condo, Cottage, Villas etc. There are no rules whatsoever as long as you own or control the property or you have all legal permissions, it can be a vacation rental.
Must I have an agent list the property and get it rented for me?
No. Agents can be helpful and can be useless. It all depends but you can do it yourself. The agent or realtor can be helpful with some details but they are also going to keep a percentage of your gross rent. If you can’t afford to part with a few bucks from your rent, just do it yourself.
Is vacation rental only for the rich or people who as paid off the property?
No. Most people are like you and me. They have bills to pay, and there is vacant time available at the property and the owner sees the potential to make a little rental income while enabling a family or some travelers to get some enjoyment out of the property.
What if renters trash the property? They don’t care about the property.
Mostly renters don’t trash the property but can be partly true that they don’t care. You need to be careful of people you rent your property to. If they look suspicious, you can charge a security deposit refundable upon check out.
Why rent your property?
The simple plain truth is for the money.
What properties make the best vacation rentals?
Your style or size of property doesn’t really matter over all. One style of property is not favored over another in order to have more success in getting bookings.
Important notes for a successful vacation rental business
The most important thing in order to have a good vacation rental is to have a good quality sellable property in an area that people like to visit. Make your property appeal to most of the market because that is where the money is.
A studio may be too small for most vacationing families and a 6-10 bedroom house as too much financial risk and demands a much higher weekly rental rate. A property that has between 2 and 5 bedrooms is usually the easiest to rent and has the best chance of high bookings.
Maintain the property. Keep every furniture and appliance in good condition.
You don’t have to spend a fortune hiring an interior decorator to hand select your property look and feel. You may need to match the cleanliness, basic decor and the feel of a good quality hotel. If you go above that, excellent, but it is not required. When people stay they should say to themselves, “Nice! This owner really does a good job with this property”
Put yourself in mind of 90% of your renters; understand what they want and what will make a memorable vacation for them. If you can do this, then you are well on your way to having a successful rental property.
Do these, sit back and relax; and enjoy your successful vacation rental business.