Having a second home to stay at is lovely and all, especially if you can make it a rental place that creates extra income. The fast-growing vacation rental industry is very timely after the new normal has been implemented post-pandemic. In this article, we will talk about how you can earn with your vacation rentals and what things you can do to improve your listing.
How To Start Earning From Your Vacation Home
It all starts with buying or having the right vacation home. You can make a place for rent without anything to offer. Here are the important things to keep in mind:
- Location – Homes with quick access to many attractions such as the beach, theme park, shopping centers, and restaurants are the perfect place to invest your rental business.
- Size of the house – The more rooms like bedrooms, bathrooms, and a big living room, the better. You can make the rates more favorable to you if you also have a bigger space.
How To Describe Your Space
In describing your rental space, you need to optimize your listing. Make detailed information about all the things that you offer. It should be attention-grabbing yet concise.
Write An Honest And Creative Description
The description helps the guests decide if the rental place you have is what they are looking for. Your description must highlight the strong assets of your listing but also be honest in indicating the things you can’t offer. This will avoid any confusion and misunderstanding right off the bat.
Invest In A Professional Photographer
Great photos will always be a good investment for your business. It is one of the first things your potential guests will look at and base their decision on. It can make or break your listing, so make sure to post the most captivating photos of your place with all your listings.
Create A Short Video Tour
Also, make a short video showcasing your rental place. Show the best spots and pretty details that can entice the guests.
How To Upgrade Your Interior Design
For you to upgrade your interior design ideas, you need to have a goal first. You should identify your target guest, so you will know what vibe you need to aim for. Focus on your guests. Think of what they need or want. You must know what generation or type of guest your target market is. Before you buy the types of furniture and design, you will put them inside your rental place. Here are the most common types of guests on that you can base your interior design for:
- Generation Z
- Wellness Seekers
- Boomer Travelers
- Affluent Travelers
- Travelers with pets
- Business Travelers
Create Themed Short-Term Vacation Rentals
A place with a theme can never go wrong. Having a well-thought theme will make your rental place stand out and easily remembered. It can also attract more guests and also will make the place more picture-worthy. Moreover, the theme of your rental place must be relevant to the place where it is located. If it’s near the forest, having a rustic theme will suit the vibe of the entire place, making it a total package.
How To Attract 5-Star Reviews To Your Vacation Rentals
Airbnb reviews are important. Having a pleasant-looking rental place is not all it takes to make a good impact on your guests. It would be best if you also were accommodating, thoughtful, and reliable. This includes being approachable at all times. Especially nowadays, most conversations happen through texts, chats, and calls.
Send A Check-In Message
Sending a check-in message is important and a good start of communication between you, the Airbnb host, and your guests. Make sure to message them before their accommodation date to remind them. You can also use the chat feature on the Airbnb App to send messages to guests. Include important instructions on how to check in and let them know they can message or call you if they have questions or need help. Building a good first impression of your guest is very important.
Send a welcome message once they arrive and are settled. Tell them to contact you if they need anything else. Ask as well if they are comfortable or need anything to fix. Doing the check-up message is also very important to avoid getting bad reviews for small issues. Make them feel that they can approach you anytime.
Finally, The Check-Out Message
This is the communication you will have with the guests and the last chance to make the best impression with them before they do a review once they leave. Ask them how their stay was, if they are satisfied and happy, and if not, what you can do to make up for it. You should know the problem immediately rather than read the bad reviews they might give you if the issue is left unsaid. Also, ask for any suggestions that they might like to add. This will make them feel that you care about what they are thinking and want to hear their opinion.
What Are The Pros And Cons Of Owning A Vacation Rentals / Vacation Rental Property?
Having a second home where you can stay with your family and friends anytime is nice and all. How much more if you can earn from it? But making your rental place, a home/business property has its pros and cons. Here is the list of the things you should consider:
PRO: The Extra Income
This is surely one of the main reasons why you want to make your second home a rental place. Because why not? Since you already invest in a nice place, why not make it a source of extra income as well? Especially now that things are going back to the new normal after Covid-19. Many people have started to travel again, and the surge of the demand for rental places is finally peaking.
CON: Overall Expenses
Your rental place is just like your permanent home. It needs to be maintained and has bills that you should pay. If anything breaks, you need to fix it right away, or you’ll be doomed to have a bad review due to burst pipes or a leaking roof. That is why if you want to make it your business, you should be prepared for unexpected expenses that might occur. Might as well save the money just in case something happened.
PRO: You Have A Vacation Home To Stay In Whenever You Want
Having a rental place will give you the freedom to have somewhere to go whenever you feel like it. You can take your family and friends without worrying about paying for accommodation place. It is indeed a great investment for you and your family. Once you retire, you can even stay in your rental place as long as you like. You can also pass it on to your children or family in the future.
CON: The Upkeep And Safety While You’re Gone Is A Tedious And Expensive Job
Keeping the house clean and doing the overall maintenance is a big task you must consistently do. It is also expensive to pay someone to clean the place weekly and pay a housekeeper to take care of the place while no one is occupying it. Another thing to keep in mind is that your place must be safe from burglars. You need to install safety gadgets like a home security system that you can monitor while you are away.
PRO: Some Properties Might Increase Their Value Over Time
When buying any property, we always hope that its value will appreciate after a couple of years. If you bought the home in a well-known place that is near many activity centers, hospitals, and parks, there is a bigger chance that the value of your rental place will increase. This means more money for you whether you sell it or not in the future. You can line up the rates of your rental place depending on how much is the rates of other rental properties near you. If you want to sell it after some years, its value will surely go up over time, so it’s a win-win situation for you as the owner.
CON: The Amount To Buy The House And The Home Insurance Are More Expensive
Remember, the more in-demand a place is, the higher the value or the amount of the land and house as well. Also, the amount you need to pay for the down payment required by a rental property is more expensive than your permanent home. Buying a primary residence can allow you to get a loan for about a 3-5% down payment. While buying a rental place, you need to make a 20-30% down payment. One more thing is the rental insurance. You must ensure your rental place is covered enough if something happens. For example, when guests break your window or door. Instead of paying for everything your guests might damage, having insurance to back you up is better.
Want To Become An Airbnb Host?
There is a lot in this article that I haven’t touched on. Maybe you want to know some of the things that I have left out. Maybe you want to know how to choose the right place. Or maybe you are more interested in finding out how much money you could make each year with vacation rentals? If you want to know more and learn more, CoCal Design Company’s Airbnb Host Guide has the resources you need.