Making a steady stream of passive income is the dream for wannabe real-estate agents and those looking to capitalize on soaring real estate markets.
The idea of accruing an imperious portfolio of properties that may be rented out at any time, earning one the ability to relax and watch the fruit of their labors (i.e., lots and lots of money) flow in, is as close to the American dream as the real estate market can provide.
Vacation rentals have, in the past, been a great way for landlords to scratch that passive income itch, renting out high-value properties to eager tourists in highly trafficked locations.
Unfortunately, it’s been a bit of a tumultuous time for those looking to rent their property out to vacationers; after the initial wave of COVID struck, vacations were canceled en masse as popular tourist destinations closed their doors for the indeterminate future.
The good news is that the real estate market boomed as city-dwellers migrated to more rural areas with more space in the meantime, making the early onset of the pandemic the perfect time for well-off agents to invest in new properties.
Now, with things beginning to reopen amidst the development of several COVID variants, vaccinated folks are beginning to step outside once more, going on vacation for the first time in almost a year and a half.
The tourist trade is once again becoming a vibrant industry, perhaps more vibrant than ever, as people who have been cooped up for more than a year exercise their right to party and party hard.
If you’ve invested in property that can be converted into a vacation rental, you might want to do everything you can to prepare that property now to get it ready to be listed on a popular vacation rental site before the vacation season comes upon us.
It might be your best chance to capitalize on a massive wave of freshly-made, readily spent income.
Still, you’ll have to do everything in your power to make your vacation rental as appealing as possible to people who are looking to vacation in your area.
With the proliferation of vacation rental sites as people try to turn their property into a source of passive income, as well as the existence of the hotel industry taking a certain number of vacationers in each year, you’ll want to do everything you can to make your property as appealing as possible to would-be tourists.
That’s easier said than done, however: luckily, if you’re looking to make your vacation rental more appealing to tourists, and you have no idea how or where to start, you’re in the right place.
Read on for a few things you can do to make your vacation rental more appealing to the vacationing crowd, as well as some things you should do when investing in vacation rental property to make sure you give yourself the best chance.
Station Your Rental Near Activities and Cultural Centers
At the very top of the list, we have made sure your vacation rental is situated in the right place.
This is more something you should do before you invest in property than anything you can do after the fact, but it still bears mentioning, especially for those who are in the investing stage.
Choosing to invest in property near highly-trafficked areas will give you the best possible chance to make the most money possible when vacation season starts, as you’ll be able to advertise that your rental is near high-profile activities in the area.
You might even be able to charge more per night if your rental is within walking distance of theme parks, national landmarks, or other tourist destinations in the area.
Repaint and Remodel
Sometimes, all that’s needed to make a rental property market-ready is some minor cosmetic renovation, like fixing broken windows, repainting the façade, and clearing away any webs or hornets nests on the property.
You’ll want to have your rental property inspected; however, before you rent it out to your first tenant, take care to take note of and fix any major issues with the property.
Once minor and major issues with the property have been fixed and it’s a functional unit ready for rent, you may want to consider adding additional features that will catch the customer’s eyes.
Remodeling the bathroom or kitchen might be a great place to start, as adding things like islands or walk-in showers to those areas can add quite a bit of value to your property.
You might want to consider a guide such as this one to see the many different kinds of renovations you can add to your property.
Keep Prices Competitive
Charging as much as you can for the area without compromising the number of customers likely to take a look at your place is a tough balance to walk, and there’s no guarantee you’ll get it right without some trial and error.
Taking a look at what other rentals are charging in your area may prove helpful, so you can get a realistic ballpark price for your day-to-day rates.
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Keep your prices low, selectively invest in upgrades, and make sure your vacation rental is close to a large variety of tourist-trapping activities, and you’ll find you’re able to more than break even on your vacation rental.