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Turn Your Property Into A Successful Vacation Rental
Dated: March 20 2023
Turn Your Property Into A Successful Vacation Rental
The vacation rental market has never been easier to join than it is today. Of course, the first step is finding the right town home, condo, or single-family home for purchase with the help of your favorite Scottsdale realtors at Dwellings Realty Group. Once you’ve closed on your perfect property, there are many sites available to use as a direct way to advertise and get clients. Yet, that doesn’t mean we can simply list our property and immediately see a profit. Instead, before anything, you need to read up and do plenty of research to make sure you’re as successful as possible.
Remember, It's a Vacation Rental BUSINESS...
And that means you have a few "housekeeping" items required to get things up and running.First and foremost, you need to establish your business as a legal entity in your state, which can be done by creating an Arizona LLC. LLCs make for a very flexible entity and provide you with some basic legal and financial protections. With an LLC secured, you can move on to establishing your business bank account. This gives you an official place for your funds to go in and out as the business grows. Then, you need the financing to purchase the rental property itself.
Know Your Market
Very different groups are interested in vacation rentals, and marketing for each one is important to draw in clients. To get the most out of your location and your property, look at what is popular in your area. For example, go onto Airbnb and compare what listings around you look like, and how much their rates are. Does it seem like they target young professionals, families, or singles exploring the local culture? Once you have a general idea about the market, you can test the waters and decide how you should put your own property forward.
Improve Your Bathrooms
People are typically looking for two things when they stay in a vacation rental: luxury and comfort. When people think of a luxury restroom, they often think of spas or spa-like environments. It doesn’t have to take an overhaul of the whole room, but there are a few small changes that may give you good ROI. Have high-quality toiletries, heated towels, and a scentdiffuser to freshen up the home. A stylish shower head can also go a long way to impressing renters, and lights with a dimmer switch can help them set a calming mood. Most importantly, keep the safety of your guests in mind by ensuring there are no health or safety hazards, like broken fixtures or faulty electrical.
Make the Bedroom a Sanctuary
At the end of the day, guests are booking a place to sleep on their vacations or business trips.Given this, make the bedroom so peaceful that they leave reviews exclaiming how well they slept in such a restful environment. Color can hugely impact how we feel, so keep the scheme relaxing with gentle hues, such as blues, grays, or greens. Heavy curtains can keep the morning light from waking your guests prematurely, and use soft, comfortable bedding to make it hard for them to want to leave. If your rental is in a city, providing a white noise machine can be an excellent way to combat unpleasant sounds at night. These upgrades aren’t expensive, and they can offer decent ROI and make your clients come back for more.
Embellish Your Kitchen
Like the bathroom and bedroom, you want your renters to be impressed with your kitchen. The basics will suffice, but you should do more than that. Your rental needs to stand out and offer anunforgettable experience, which will inspire guests to become repeat customers. This goes beyond the cutlery and machines you provide and comes down to how the kitchen looks.Adding a unique tile backsplash can make your property stand out, as can adhering to themes, such as matching the handles of cabinets to the steel fridge. You should also avoid darkness in the cooking area, so add as much lighting as necessary to keep things bright and visible.
If you don’t have a top-notch home security system installed in your home, now’s the time to think about getting one. Not only will this system protect your property when it’s empty, but it will also give your guests a sense of comfort and peace of mind during their stay. After all, everyone likes to feel safe and secure — more so when they’re away from home — and a security system will provide that feeling.
Remember Little Extras
This is a vibrant market, so do what you can to distinguish yourself from competitors. Even with a fabulous property, if your renters don’t have a stellar vacation, that may reflect on the review they leave. Include a travel brochure with local things to do, best places to eat, and affordable ways they can pass the time to ensure a quality break. In the same vein, leave a welcome basket in the kitchen full of little goodies for them to snack on when they arrive after a long day of travel. Be communicative and prompt if something goes awry. Sometimes, accidents happen, and how we deal with them can leave a lasting impression upon our guests.
Owning a vacation rental can be a lucrative endeavor, but it works best when you’re properly prepared. Do research on your area, implement some easy home improvements, and provide the best experience possible to encourage return guests. By doing so, you can set yourself above the competition with a unique and restful stay.
Interested in purchasing your first investment property? Give us a call 480-629-8136
The Dwellings Team is comprised of the four owners of Dwellings Realty Group, all family members, and all graduates of The Ohio State University. We want you to know that we haven't forgotten the val....
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