A lot of people buy homes in holiday destinations and turn them into vacation rentals. The money they make from the rent helps them pay the mortgage. If they play their cards right, they can even turn a decent profit. In other words, the rents help pay for their new home and allow homeowners to earn a bit extra.
However, turning your home into a vacation rental is not as straightforward as it seems. Your home is currently tuned to your comfort and is not ready to welcome guests. You not only need to guest-proof your property but also work closely with a property management company to take care of the maintenance and paperwork.
The success of a vacation rental depends a lot on location. People are much like to rent properties that are likely to offer them an unspoilt view of the natural landscape. That’s why vacation rentals near lakes and beaches in Oregon and other popular tourist destinations are always on demand.
Are Vacation Homes Profitable?
According to an estimate by SmartAsset, average vacation homes with two bedrooms can generate a yearly profit of around $20,619. However, this is the national average. Most vacation homes in tourist areas tend to earn a lot more.
8 Tips on Turning Your Home into a Vacation Rental
Get Rental Insurance
Rental home sites like Airbnb do cover the cost of damages caused by the guests. However, it’s best you get supplementary insurance to keep your investment secure. Speak to an insurance expert to know the types of policies that are relevant for you.
Call a Local Property Management Service Provider
Unless you want to manage your listing yourself, it’s best to contact a local property management service. Therefore, if your property is on the Oregon coast, find a reputable Oregon Coast property management company. A good property management company specializing in vacation rentals will turn your property into a fancy hotel for the guests. They will not only handle guest communication but also take care of cleaning, maintenance, and listing your property on multiple vacation rental platforms.
Partnering up with an experienced property management company also gives you a jump start because they already get a steady flow of guest enquiries.
Hire an Experienced Photographer
Photographs can easily decide the fate of a vacation home. Professional photos can make the property look attractive on Airbnb and other vacation home rental sites.
Considering this is a one-time investment, there is no reason why you shouldn’t hire the best photographer you can afford.
Set Ground Rules
You need to lay down the rules clearly on all the listings, so your guests know what to expect before booking. Rules should typically include the total number of allowed guests, whether your property is smoking or non-smoking, and others. You should also clearly state if your property allows pets or not. Considering the craze for pet-friendly accommodations, being pet-friendly can certainly boost enquiries.
Create a Detailed Description of the Property
Make sure to write a detailed description of the property for all your listings. If you are not good with words, hire a content writer for the job. Make sure to create a bullet point list of all the amenities. It’s also a good idea to list the attractions and restaurants nearby.
Declutter Your Home
Homes are meant to be a bit cluttered and they often have too many furniture and are allowed to be a bit untidy at times. Clean up your vacation rental so it feels like a comfortable space. This means removing family photos or any clothes or personal items. Make sure the closets are clean and empty for the guests. The livable space for the guests should be as clean and functional as a hotel room.
Don’t Forget to Add Toiletries
Even though it’s not a hotel, guests expect basic toiletries in the bathroom. Make sure to include the following. Not all of them are toiletries, but they are certainly bathroom essentials.
- Toothbrush and Toothpaste
- Body Wash and Bath Bombs
- Extra Rolls of Toilet Paper
- Shaving Kit for Men
- Hair Dryer
- Sewing Kit
- Hand Towels and Bath Towels
If you truly want to look professional, get mini custom tubes and containers for all the toiletries.
Check Out the Competition
Checking the local competition will give you a good idea about the local listing price of similar properties. It will also shed a light on the amenities, discounts, and offers your competition is offering to get more rental enquiries.