If you’re just getting into the rental market, you might not have considered a vacation rental yet, but turning your property into a rental can be extremely profitable. Guesty warns that if you decide to rent out properties with long-term tenants, you might find yourself stuck in a bad situation. Short-term rentals can be inspected regularly. And not only do vacation rentals give you more control, but they also generate more income than long-term rental properties.
With this in mind, there are a few things you should know before you break into the vacation rental market. You’ll need to know how to find the best rental property and how to provide your guests with a satisfactory experience. When it comes to finding the perfect property, Naples real estate expert Michelle Thomas is here to help. When it comes to everything else, check out the following tips to learn how to take the leap into the vacation rental business.
Location, Location
When choosing a vacation rental property, location is vital. People planning a vacation typically look for a place where they can have fun and escape from their daily lives. With this in mind, look for an area that offers a lot to visitors. For example, in Naples, there are tons of attractions
that draw guests like the Naples Botanical Garden, a luscious 170-acre garden filled with beautiful plants and scenery. Pelican Bay is a popular beach with glistening white sand and turquoise water. Lowdermilk Park is also a beachfront area that draws packs of tourists. Consider also looking for a place that’s close to dining and shopping, and maybe even consider a property with a pool too. Real estate agent Michelle Thomas will be able to help you choose the perfect property in an area that is popular for vacationers.
Maintenance
If you decide to take on the task of renting out a vacation property, you’ll need to maintain the property regularly. Vacationers will expect several essentials to be provided. For the best reviews, make sure your kitchen has things like a coffee maker, a toaster, pots and pans, and other cooking utensils. You’ll also need to provide clean bedding, towels, and other linens.
The property should be ready to live in as this will act as a home away from home for guests. If one of your guests accidentally melts your spatula or spills coffee all over your white sheets, you’ll need to replace them. When choosing products for your rental, look for quality over quantity. Also, essentials like shampoo, dish soap, laundry detergent, and toilet paper will need to be stocked regularly.
Every time a guest leaves, the property will need to be cleaned thoroughly. While you could try to take this on yourself, the best way to make sure it looks magazine-cover ready is to hire a professional cleaning service. Lodgify notes that there are several cleaning apps for vacation rentals that will make things much easier for you.
Pricing
When pricing your vacation rental, you’ll need to choose a price that will keep you in business year-round, but keep in mind that if you price your rental too high, you’ll find that you end up with fewer bookings. The key to being successful is to choose a competitive price. This will cover all your expenses and keep you in business. Pricing can get confusing, but you should be able to find out how much travelers are willing to pay by using the filters on listing sites. Make sure you look at properties that are actually comparable to yours too. For example, if your property has a pool, this will boost the price. Travelers are willing to pay more for properties with better amenities.
Renting out a vacation property can line your pockets, but you should do your research before jumping into it. Make sure that you find a property in a popular area with several attractions. Once you purchase the property, stock it with quality items to please your guests. You should also take some time to review how similar properties are priced, so your rental will always be booked.
If you’re planning to invest in a vacation rental property, Michelle Thomas can help you find the perfect one! You can contact her at (239) 860 – 7176 with any questions, or start browsing her website today.
Written by Brittany Fisher