Vacation rental property is a popular choice for many property owners. One reason is that they don’t come with some of the stringent expectations of a regular rental property. This provides an opportunity for property owners to cash in on this trend. A property management firm can help with this. For example, Rent360 Property Management is a company that has a simple, all-inclusive fee system. Along with their staff, they provide rental property management services in Loganholme. If you have rental property there, they can help you turn it into a lucrative vacation rental.
Converting Your Investment Property Into a Vacation Rental
Your regular rental property is an investment. It serves two purposes; to bring in income in the form of monthly rent or appreciation in value. In the latter case, you can sell it for a significant profit later on.
However, you can make more money by turning your regular rental property into a vacation rental. This is because you can be more relaxed with your rent policy while charging higher rates. In most cities, a person can’t lease a rental property for less than six months, at least at the outset. This makes it nearly impossible for tourists and those staying in town for a week or two to access these places. Vacation rentals, on the other hand, are rented out by the day or week. This makes them ideal for those spending a limited time in a particular place. The lax rent policies of vacation rentals also mean they’re more expensive compared to regular rental property.
To turn your regular rental property into a vacation one, do the following things:
1)Bring in High-End Amenities
Guests on vacation expect to enjoy themselves. If they’re going to pay above-average rates for your vacation rental, they’ll expect a certain level of service and amenities. As the property owner, you should always be thinking of how you can make renters have a more pleasant and luxurious experience. If that means stocking the rental property with high-end toiletries or bringing in brand-name items like deodorant, do it. This will instantly elevate the status of your rental property in the eyes of your guest. They’ll feel they’re getting their money’s worth.
2) Provide a Welcome Kit
When it comes to marketing your rental property as a vacation rental, the little things can make a huge difference. A luxurious welcome kit can be one of several things that will give your guests the unique feeling of being pampered. Something as simple as a good-quality bottle of wine can do wonders. Other items you can offer as part of a welcoming package can include:
ii) High-end shampoo
iii) Carbonated water
iv) Fresh cheese or bread from a local producer
Such things can offer a crucial touchpoint that will have your renters raving positively about their experience at your vacation rental.
3) Hire a Professional Interior Designer
You want your vacation rental to have that wow factor that makes renters want to come back. One of the best ways of achieving this is to hire a professional designer to make some light but crucial updates to your rental property’s interior as you prepare to turn it into a vacation rental. A vacation rental should feel more like a hotel suite instead of a dreary bedroom. A professional interior designer can suggest the necessary improvements to give your vacation rental the right feel.
5) Invest in Magnificent Photography
A key part of promoting your rental property as a vacation rental is good photography. If you have a site where you display pictures of the property, potential renters are unlikely to book a stay if the photos on display are not appealing. Here, you also need to hire professionals to spruce up the vacation rental. After an interior designer has done their part, bring in a professional photographer to take photogenic pictures that highlight the best aspects of your vacation rental. Before posting any such photos on your business website, ask yourself whether you’d be impressed by them if you were a potential renter. This will help you get the best shots to showcase your vacation rental’s best features.
6) Hire a Professional Cleaning Crew
Maintaining a pristine environment inside your vacation rental should always be a priority. This means the floors and bathroom should always be sparkling. The bedding should be clean at all times. For that, a professional cleaning crew can help. While it’ll cost some money, it will be a worthwhile investment. If guests are staying longer than five days, consider including an additional cleaning service.
In a nutshell, you should do everything in your power to make your rental property attractive enough when turning it into a vacation rental.