Tips for Turning Your Investment Property into a Profitable Vacation Rental
Thinking of renting out your investment property as a vacation home? This can be a great way to pay off the mortgage on your second home or at least earn some extra income on the side. However, the market for vacation rentals is very competitive, so you will have to invest some time and money into your rental to transform it into an inviting place to stay. Here are some of the best ways to make your property more attractive and welcoming to short-term renters.
Invest in Security
When your property is sitting vacant between guests, it can be a target for thieves and vandals. Fortunately, you can keep an eye on your rental with the help of a reliable home security system. When searching for the right security system, you’ll come across all kinds of features, from basic alarms to cameras that you can access remotely from your smartphone. Take the time to find something that meets your needs. Not only will a good security system help to protect your valuable investment, but it will also help your guests feel safe.
You may also want to install a keyless entry system to eliminate check-in hassles and reduce the risk of intruders in your rental. For example, you can set up a smart lock that integrates with your online booking service to generate a new entry code for every rental guest. A smart lock will also let you know when people come and go, so you can monitor the activity at your rental and ensure your guests make it inside successfully.
Know When to Splurge and When to Save
Furnishing and decorating your rental can get expensive pretty quickly. Find ways to save wherever possible so you can splurge on the key items that will make your rental more appealing to guests. For example, it’s always smart to invest in a high-quality mattress and bedding to ensure your guests can enjoy a comfortable sleep. According to Lodging Media, quality of sleep is one of the most important elements of the guest experience at hotels, and the same goes for your vacation rental.
For the rest of the home, try to create a feeling of luxury without the extravagant price tag. One way to do this is to embrace minimalism with just a few statement pieces. Crate and Barrel has several excellent items that can work as decorative focal points in your rental. Since their prices can be a little on the steep side, look for an online Crate and Barrel promo code before shopping. You can also get creative with different textures, mirrors, and lighting to create a welcoming and elegant atmosphere without purchasing a lot of expensive decor.
Make Practical Design Decisions
As you decorate your rental, try not to sacrifice function for appearance. Make sure your guests have a comfortable place to relax at the end of the day, a functional kitchen for cooking quick meals, and somewhere to store luggage during their stay. You could even purchase a sleeper sofa to add two extra guests to your accommodation capacity. Keep upkeep and maintenance in mind as you make these decor decisions. For example, consider replacing carpet with more durable floors or choosing stain-proof furniture that is easier to keep clean.
Keep it Sparkling Clean
The number one vacation rental guest complaint has to do with cleanliness, according to Evolve. Since cleaning a vacation home requires a high degree of detail, consider hiring a professional housekeeping service to give everything a deep cleaning between guests. A good housekeeper will also monitor the home for damage and potential maintenance problems that should be tackled sooner rather than later. Your guests expect a sparkling clean experience every time, so come up with a solid plan for keeping everything spotless. Running a vacation rental can be a great way to get your feet wet in the world of real estate investing. It’s important to put time and care into your property to ensure your investment is a profitable success. As you set up your rental, keep these tips in mind to design a safe and comfortable rental that will keep guests coming back time and time again.