This post is featured on behalf of Stacey White.
A holiday home can be a great money-making investment. On top of getting your own personal use out of it, you can rent it out to other vacationers when you’re not there and make a return! For a vacation rental to be a success, you need to ensure that certain criteria are met. Here are some tips for owning a profitable holiday home.
1. Choose the right location.
Location is the first important factor to consider. It needs to be somewhere that attracts visitors year round. Whether it is professionals, casual travelers, or vacationers, you’ll want to pick a location that stays busy. Don’t choose anywhere too remote. Lots of local services and attractions will help to entice people to stay at your holiday home and ensure that you’re constantly booked up.
2. Choose the right type of property.
Your property needs to be well suited to its guests and needs to have a certain degree of luxury. You could consider buying a property and doing it up, repairing any damage, and adding in fresh features like a new bathroom. New homes are likely to require less renovating and maintenance, but could also be more expensive. Also consider features like parking, which may be necessary to attract guests.
3. Hire a property manager.
Chances are, you won’t live nearby to your holiday home. Hiring a property manager that lives locally could save you having to make constant trips to your holiday home every time guests are staying there. A property manager can be left in charge of handing over keys, cleaning the property and fixing faults promptly. This should be someone you trust or hired through a reliable service as you won’t be able to monitor them.
4. Use an online booking service.
Online booking services can help to advertise your property, screen guests, take bookings and accept payment transactions. It’s worth getting involved in these sites as they are now the most popular means of attracting guests. Some booking services will take a slice of each payment, so you may want to adjust your pricing accordingly. It’s worth also creating a website that people can directly book through. It’s even possible to create a Facebook page that guests can book through.
5. Market your property effectively.
Using booking listing sites, having a website and utilizing social media are all effective ways of marketing your holiday home, but you can come up with other creative marketing strategies to ensure that your holiday home is occupied all year round.
You could consider getting your property featured in travel brochures and guidebooks. This may involve paying the brochure some commission, but could help to attract more guests. You could also come up with cross promotion strategies that could involve getting a local restaurant or car hire company to promote you in exchange for promoting in return. You could even consider offering your property as a prize in a competition. This will help to get news of your property out there. Make sure that you’re marketing constantly to ensure a steady stream of guests.
Renting out a vacation home may be the perfect way to help you make some extra income and have the perfect place to just get away!