How to Successfully Convert Your Home Into a Vacation Rental

Travel has been revolutionized by the introduction of short-term vacation rentals and the use of the internet for marketing. Vacationers like the uniqueness of each home, privacy, the ability to choose the perfect location, the ease that comes with checking in and out and being able to select a property that meets all their needs.

Whether you’re looking to enter into the short-term vacation rental market or are seasoned in renting, this article is for you. You will find tips on how to prep your home to become a stellar vacation spot and make upgrades that are certain to attract the most visitors.

 Do Your Business Due Diligence

Setting up the proper business structure is an important part of this process. You'll first need to choose the best-fitting business structure. For many in the industry, a limited liability corporation (LLC) works best. An LLC is more flexible and protective than a traditional corporation, plus it can be used for property purchases and debt will belong solely to the business entity. You can work with a company to quickly set up your LLC so that you can focus on booking your first guests!

 Target Guests

The location, size, and style of your home will reveal your target guests. If you have a multi-room home near family-friendly locations, families and groups may be your target. Families and groups enjoy using short-term rentals because they give the family more space to spread out and they have the flexibility with kitchens, washers, and dryers. If you have a studio, one-bedroom, or two-bedroom, your guests may be couples or singles looking to have a romantic getaway or relaxing holiday.

Based on your target, you’ll want to ensure you have amenities to accommodate your guests:

?       Champagne for the romantic getaway guests

?       Wine for the adults

?       Waters for all

?       Snacks for families

?       A portable crib for families with babies

?       Local treats

?       Travel guide with top restaurants, sites, coffee, and shopping

?       Luxurious towels and linens

Rate

A common mistake that owners of short-term rentals make is determining the rental rate. The price should be set by:

?       The comparisons within your geographic area

?       Upgrades you make to the home (kitchen, bedrooms, technology, etc.)

?       Proximity to attractions (natural or manmade)

?       Amenities you provide

Use online resources, local real estate agents, and travel experts to help you determine the right rate. If you notice that you’re booked solid, you can increase; but begin with a reasonable rate.

Technology

Technology not only enhances your house, but it’s also a resource that can be used to simplify your guests’ experience, entertain your guests, and maintain a secure home. Allow your guests to come as they desire and feel at home with automated check-in and check-out through a mobile concierge. Treat your guests to fast high-speed WiFi and entertainment through cable and/or streaming devices. Install outdoor security cameras to keep an eye on your property, noise monitors to ensure your neighbors aren’t disturbed, and wireless thermostats.

Marketing

In order to get the most out of your short-term rental, you will need to think like an entrepreneur and make your property stand out amongst the others. Beyond what you offer your guests in amenities, you should use all the resources available to you in order to get the word out about your humble abode. Develop a hashtag for social networks and ask your guests to post their photos using the hashtag (free publicity!). Advertise on sites like Google, paying per keyword to link searchers to your property. Get professional photos that show your home in its best light.

If you have determined that your home would make a great rental, it’s time to get to work. Think like a general manager and concierge of your own small hotel. Do research on the best rate, install upgrades, purchase technology, and ask yourself how you can make this a great experience for your guests. When your house is ready, market it as the prime spot in your area.

When you’re ready to pick out a home to use as a vacation rental, make sure you work with a trusted real estate agent. Fred Amendola can help you find the perfect property in Erie County! Stop by the website today or call 814-882-4100.

Photo Credit: Pexels

Natalie Jones

Homeownerbliss.info

natalie_jones@homeownerbliss.info