Since traveling became a trendy activity, booking hotels have been made more convenient and faster. You no longer need to make calls to reserve rooms, because nowadays, it only takes a few clicks and you’re done. What’s more, using booking apps and websites lets you view the rates of different hotels and vacation homes, saving you time from viewing their dedicated websites and inquiring.
That said, if you own a vacation rental property, you must know how competitive the industry can get, especially during peak seasons. If you’re trying to tap the affluent market, simply relying on booking app posts may not be enough. Tourists put a lot of importance on services, so aside from giving them something pretty to look at, you must offer exceptional services that will entice them to rent your property.
Marketing a Vacation Home Online
The appearance of a vacation home plays a huge role in raising bookings. If your target market is the affluent crowd, then you need to make your property at par with luxurious hotels. This means spending money on renovation or remodeling if your property is old because outdated design and decor will put them off.
The exteriors also have to be alluring and fresh-looking, so getting professional landscape design in Park City or other places will definitely pay off.
Once your vacation home is ready for presentation, have a professional photographer and videographer take lovely photos and videos of it. Give your potential customers a visual tour of the place so they can imagine what it’s like to stay there. Drone videos will also impress more customers. For the photos, post ones of the house’s best angles — make sure the pictures are enhanced to further highlight its appeal.
Make sure that everything in the house is in proper working order. All electronic devices and appliances should function without problems. It would also help to have user manuals for gadgets that can be tricky to work with so your guests can use them with ease. Make sure to also check all appliances, electronics, and gadgets before and after guests have checked in.
A luxurious vacation home should also have an efficient service team. This includes housekeeping, maintenance personnel, and concierge. Efficient service is key to give your guests an outstanding experience.
Guests will also appreciate it if you give them a guide on nearby restaurants and other leisurely areas. Give them tips as well on how to make the best of their stay. These simple gestures will earn your vacation home positive reviews, attracting more customers in turn.
What Makes Vacation Rentals Profitable
Despite the rise of booking apps and online travel agencies, it still turns out that vacation rental owners earn higher revenues and occupancy rates. Data shows that well-maintained and operated vacation homes earn over 20% cash returns. This is relatively higher compared to the returns of single-family home rentals, which only play around 9%.
That said, if you’re looking to invest in a vacation rental property, you can expect 7-14% returns before taxes. Add that to the tax benefits of depreciation and your earnings will increase even more. If you’re a passive investor, your actual returns will depend on whether you prefer to receive regular earnings or seasonal earnings only, which means you’d only participate in profit-sharing at intervals, including seasonal swings.
Considering everything stated, buying a vacation home and turning it into a rental property is a profitable venture, as long as you maintain it well and provide excellent customer service. Treat your vacation home like you would treat your own home or a home that you’re selling. Enhance it, invest in high-quality upgrades, and present it creatively.
