How to prepare your vacation home for renters and make money should be your primary concern once you have decided to rent out your apartment.
This would be somewhat different from furnishing your home for personal use, but the process is quite simple.
Before setting out to prepare your vacation home for renters, some background checks should be carried out. These checks will help you have a strong footing in the peer to peer accommodation business.
Several people are traveling as a family and therefore require more space during vacation. So, this is quite rewarding and profitable.
Firstly, let us consider the legality of the vacation home rental service in your neighborhood. Most of the entire home put up are in residential zones and as such are listed as a single-family house.
Some neighborhood has laws which say you cannot rent for less than 30days while some communities do not have. So, check well for what is obtainable in your area before converting your home.
Secondly, carrying out thorough market research will help your business profitable. Look into other rental services in your area (competitors).
Check out their nightly rates and what their calendar looks like (to see how booked up they are).
Also, doing a rough profit against cost research won’t be a bad idea. A local booking agent can be used to research the profit profile of your competitors, especially their gross income.
The gross income is the money accrued to you as the owner. Besides, you need to deduct your bills from the gross amount accrued to you.
The bills will include; internet facilities, utilities, cleaning services, etc. will the income generated can cater for the bills of the home rental service?
You might want to ask yourself the question, what is my selling point? Your selling point is your sweet spot, and this is what gives your guests the ‘wow experience’ your nearness to the subway, are you in the vicinity of a mall or a restaurant? These will attract traffic to your apartment.
The ‘wow’ experience can also originate from the space that is available to your guests. The number of people your apartment can sleep is a vital factor in how much revenue you can make.
In summary, the selling point of your property is the amenities, the beds, the space, and closeness to a strategic point like the train station, restaurant, mall, etc
Giving your property a face-lift is crucial to prepare your vacation home for renters. This face-lift can be a form of renovations and furnishings in other to give the guests a homely experience.
Good furniture, nice wall decorations, towels, pots, pans, and some other essentials will make your guests feel at home.
Listing your apartment on peer to peer accommodation platform is also part of what you need to do to prepare your vacation home for renters. Consider listing your property in both AirBnB and Booking (5 commission free reservation as welcome bonus at this link Booking dot com ) in order to maximize your possibilities of attracting customers. Start today or as soon as you have decent photos of your property as this procedure may require some time.
If you consider the mathematical arithmetic of how profitable your apartment is, then furnishing and renovating is quite important.
Renovation and furnishings in other to prepare your vacation home for renters will impact star ratings which will have a long term effect on your business profile.
The visitor will have a lasting memory of your apartment, therefore, making them want to come again, and in so doing building a formidable brand. In the long run, vacationers will reference your home to others and thereby boosting your revenue.
Every platform offers a unique service and different clientele. Look for the best platform that best suits what you are offering.
Some platform offers the initial listing free of charge, and they charge when a booking is confirmed while others charge a yearly subscription fee.
Also, note that the listing fee is taxable. Besides, it is also possible to get listed on more than one platform. This may be expensive in terms of the subscription fee and time, but this will boost your publicity.
Hiring the services of a rental agent or property management firm is also a great step in the right direction. Besides, It will take several stresses off you as the host, though parting away with as much as 20-50% commission from your profit.
Consequently, proper vetting of a potential property manager is advised. Get reviews from friends or online, and make a lot of inquiries before making a final decision.
How to Prepare Your #vacationrentals (or #vacationrental if you have one) for #welcome guest and #makemoney by offering a great #experience
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Conclusion
Finally, to prepare your vacation home for renters, check out for legality, research on competitors, have a well-crafted selling point, your face-lift, hiring a property manager, and the remittance of all taxes to the appropriate authorities.
You can use my personal version of the income calculator in order to predict how much you can earn at a glance and understand the proper way to proceed in order to handle the costs.
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Short Term Rental Income Experiment - Making the best of your home or vacation property
