Understanding the best vacation rental tips for owners can help you make the most out of an income property. Whether you hope to earn some side cash by renting out your vacation home or develop a business around a second home, you need to stay organized, minimize risk and maximize cash flow.
Set Up A Separate Checking Account
Even if you own only one investment property, you should create a separate business bank account for it. You should also use a separate credit card for all expenses that have to do with your passive income property. Not only does this keep your organized, but it also simplifies your accounting at tax time.
Market It With Professional Photos
No matter how good the pictures look on your smartphone camera, don’t be enticed to snap photos of your property yourself. Professional photographers who work with real estate know how to capture the atmosphere in a way that sells. They can also help you stage your vacation rental to amplify its appeal to potential tenants.
Speaking of the property’s appearance, make sure that you maintain its curb appeal. A well-tended interior and exterior will translate well in photos and in person.
Add Value With Popular Amenities
USA Today reports that certain amenities can make or break a renter’s experience. Making sure that you can provide everything that your clients are looking for can prevent devastating complaints and secure you more business in the future.
Providing the following amenities will delight your renters:
- Fast, free Wi-Fi
- Air conditioning
- Soap, shampoo, lotion and conditioner
- Laundry services and detergent
- Dishwashing detergent and sponge
- Comfortable bed linens and fluffy pillows
- Two towels per person
- Beach towels if swimming is available
- Baby gates
- First aid kit
If you don’t offer these amenities, don’t assume that your tenants will know just because you specified it in the listing. Many people overlook the details, and they may end up frustrated if they expect something to be available only to find out that it’s not when they arrive. If that happens, they’re likely to complain, which will cost you.
Vacation Rental Tips For Security
You need to safeguard your property and your profits when you have a rental home. Make sure that you carry enough liability insurance. You can also minimize risk to your personal assets by setting up your business as an LLC.
When your home is vacant, make it look lived in. Mow the lawn regularly and trim the hedges. Set the lights on a timer, and install motion sensor lights outside. Investing in an alarm and security system isn’t the worst idea.
Help your guests feel secure in your home too. Leave a detailed manual with information about the locks or alarm system. You might want to instruct visitors to lock all windows and doors whenever they leave the property. Provide them with contact information in case of an emergency.
Don’t Set It And Forget It
Once you have set up your vacation rental listings, don’t just let them die a slow internet death. Check them at least once a month to make sure that everything is still up to date. This will also help you catch any errors that you might have missed the first time. Hosty makes this process easier by allowing you to manage your listings through one convenient dashboard.
You must maintain a certain level of attentiveness if you want your income property to flourish. However, keeping up with a second home doesn’t have to take a lot of time or cause you headaches. Following these vacation rental tips for owners can prevent your dream of earning passive income from becoming a hassle.