Looking for a way to make use of a vacant property, or considering dipping your toes in real estate investment? If so, turning your property into a vacation rental is a great move. Vacation rental properties allow you to take advantage of your property’s best features without some of the more complicated elements of the long-term rental relationship.
If you’re interested in getting started on this journey, Kevin Bartlett is here to help. Start with this guide for how to prep (or find) a home, market it effectively, and get into the swing of rental management:
What Makes a Good Vacation Rental?
Whether you’re evaluating a property you already own for its vacation rental potential, or scouting out potential options on the market, you need to start with a sense for what makes a property a good candidate for a vacation rental. The first thing you need is a great location. A house out in the middle of nowhere, far from any tourist attractions, isn’t likely to grab anyone’s eye.
However, a home in an attractive tourist town such as Cape Coral is a lot more likely to get vacationers’ attention. You’re in good luck if you have or find a place like this where tourists can easily hit the beach, kayak with manatees, or visit water parks and other attractions. These kinds of locations are, far and away, the more likely pick for most vacationers.
In addition to a great location, you need a home with plenty of charm and, ideally, great amenities. Boost charm by giving your property a fresh coat of paint or improving your landscaping. You want it to have curb appeal because, like selling a home, that first look of your property can make or break your listing. Follow up that initial good impression with plenty of amenities such as a hot tub or game room, and you’re sure to grab peoples’ eye.
You should also take some steps to make the work of owning a vacation rental a little easier on yourself. Install a coded key lockbox so you don’t have to interact with guests directly unless necessary. Having a home security system installed can make your guests feel more secure, as well as keep your property safe between visitors.
You should also take measures to make cleaning up as easy on your guests as possible. Keep provided items to a minimum. Most guests will expect a kitchen with some basic cooking supplies, but don’t go above and beyond.
Use a simple organizational scheme to encourage guests to put things away properly. You should also provide dish soap and instructions to use the dishwasher, if applicable. After all, most guests want to leave a property in good condition, but many will need some help to achieve it. Make it as easy as possible on your guests, and you’ll have less to deal with, too.
Before you dive full-tilt into becoming a landlord, it’s important to recognize the cons, as well as the pros. If your area is saturated with vacation rentals, you may not have the location edge you could have otherwise. Moreover, many vacation rental owners have to deal with their properties getting damaged, and often have little recourse — winding up having to pay for the damage themselves. This is a great investment for someone with the time and energy to make it work, but it’s important to consider the challenges before you commit.
We hope this article has helped you figure out how to get started in running a vacation rental property. It’s a great way to make good use of your existing property, or to dip your toe into buying an investment rental. For the right owner, this is the perfect way to make some extra income — not to mention, have a vacation home you can use whenever you’d like!
Looking for a guide to buy the perfect investment rental property? Contact Kevin Bartlett today! 239-826-1891
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