A Beginner’s Guide to Running a Vacation Rental Business

Running a vacation rental business can be a fun way to bring in extra income, but it’s important to go into this venture equipped with basic knowledge of the industry. Jumping in unprepared can lead to income loss or even the failure of your business. But if you do it well, it can be extremely lucrative. If renting out vacation properties is a new field to you, here are some basic tips and guidelines to help you make the most of your business, presented by Mary Ellen Vanaken Team.

Decide which kind of property you want to get involved with.

Vacationers have many different alternatives when it comes to property rental these days, so look at the options out there and see which might interest you.

● Beach houses are extremely popular for vacationers, and a lot of fun to rent out – and though the cost of upkeep and insurance can sometimes be steep, renters often report high profits.

● Vacation condos are a more affordable option for some vacationers, and less expensive to maintain, but if you purchase one you need to be sure you can rent it, and there are no restrictions from the homeowner's association.

● Townhouses and town apartments that you rent out for a short term are a good choice for vacation rental business owners who like to be in the thick of things.

● Mountain cabins and lodges are great for both renters and owners who enjoy peace and tranquility out in nature.

How to select and prepare a property as a vacation rental.

If you want your business to be profitable, much depends on the property itself.

● Location is important – consider things like access to attractions, proximity to services, and any nuisance factors that could detract from a renter’s experience.

● Invest in whatever repairs, renovations, or design updates are necessary to make the property attractive both in the listing and in person.

● Make sure the property is well equipped with all the amenities a vacationer could want, both for convenience and for comfort, and try to throw in a few extras so your place will really stand out.

How to make a vacation rental business a success.

Here’s what you need to know about managing a vacation rental to everyone’s satisfaction.

● Educate yourself on the basics of real estate investment in general.

● The process of selecting and renting, as well as checking in and out, should be easy to navigate, with clear communication about check-in, rental rules, and refund policies are crucial.

● Make safety and security a priority by equipping your property with all the most up-to-date security systems and doing background checks before renting.

● You may benefit from hiring a property manager if you don’t have the time to handle this yourself or live too far away from your rental home.

● Be aware of the rules and tax legalities around renting vacation properties.

● Invest in an easy to use accounting system to make record-keeping a breeze.

● Last but definitely not least, spread the word about your vacation rental. Work with digital marketing agencies to help build a campaign that’s perfect for your business.

You want to create a rental business that is rewarding for you and satisfying for your guests, so they’ll give you great reviews and keep on coming back. Knowing the ropes of the vacation rental business makes everything easier and more rewarding for both you and your renters.

With a background in accounting and finance, the Mary Ellen Vanaken Team  will be able to help you find the best value your money can buy. Buying a home is probably the largest investment you will ever make, whether you are buying your first home or are upgrading to a larger home. Her backyard has everything available from starter homes, to condominiums, to investment properties, to large estates. To get started, schedule a call today!

Image via Pinterest. article via Karie Conroy with AdviceMine.com.