If you have a second home, we have news for you. You have a bright opportunity to add an extra stream of income. A second home or holiday home that you use only once or twice a year can be converted into a vacation rental.
Owing to the rising demand for vacation rentals during the pandemic, investing in making your property a vacation rental, especially if it is at a popular tourist destination, is a very lucrative prospect. Moreover, as the travel industry is slowly picking up, travelers will prefer staying at vacation rentals over hotels.
But before you start turning your property into a rental home, deciding between a short-term rental and a long-term rental is a must. Reflect on factors like the demand in your area, types of amenities you are willing to proffer, and how frequently you stay at the property.
Here is how to convert your home into a rental property.
Prepare your property
When travelers select a holiday rental over a hotel, they expect the property to offer the same amount of comfort and luxury.
Furnish your home to at least basic standards and provide amenities that are essential for your guests. Bring durable furniture and items like mattresses, comforters, bed and bath linen, smart TV, etc. Make your rental home aesthetically pleasing. Decorate the space with local handicrafts and other artifacts, place aromatic candles, vases, and fresh flowers.
Provide all the necessary utensils and kitchen appliances and stock up your kitchen. Also, make sure you remove all your personal belongings before converting your home into a rental property.
Furthermore, provide adequate parking space to your guests.
Market your property well
Just like yours, there are hundreds of other rental properties everywhere. So, if you fail to put your property out in the open, you will lose the chance to others. Also, as travelers explore the property online before visiting there, advertising your property online is not an option but a necessity.
Click high-quality photographs of your property and create videos. Post them across your social media channels and multiple websites to get a better online presence. Also, offer incentives to the guests who book with you directly.
Refrain from giving a false impression. Post things that are true. Do not mislead your guests by promising something that you can’t offer. It will damage your image.
Pay attention to management
Managing a short-term rental is way more difficult than managing a long-term rental because short-term rentals have a high guest turnover. Hire a good management company to look after your property.
Make sure your property has high cleanliness and hygiene standards, as it can make or break your image. Create a cleaning checklist and order your management team to abide by it.
Give your guests a warm welcome
A welcome pack is a known concept for hotels, but rental properties often give it the cold shoulder. However, it is a potent way to magnetize travelers.
With a warm welcome, you manage to create a good impression, and the guests feel more at home. Welcome your guests with local delights, such as wine, champagne, cookies, chocolates, fruits, etc., or offer them a discount at a local restaurant or café. For instance, if you have a villa in Dallas, you can offer discount tickets to any cultural event like opera or concert, and people having apartments in San Diego, CA can serve excellent local wine to their guests.
A simple gesture like offering a welcome pack goes a long way in fostering customer loyalty and getting you good reviews.
The bottom line
Transforming your property into a vacation rental home is easier said than done. Hence, adopt the right strategy to make it work for you.
Use these tips to convert your holiday home into a rental property and generate extra income.