If you own a vacation home then there is a good chance you rent it out when its not being used by your family in an effort to lower ownership costs and pull in rental income. With services like Airbnb and Vrbo, it makes it easy to list and rent out a vacation property.
Now, what if there were some simple things that you could do that would allow you to charge more money for your rental on a daily, weekly, and monthly basis, with some even helping to increase the value of your property – would you be interested?
My family has a few properties that we use as vacation homes and rent out when they aren’t in use. It covers the cost of ownership and allows us to continue to build the real estate portfolio. As you will see it’s not as hard as you might think.
Hire a Professional Photographer
There is a lot of competition on the big rental sites like Airbnb and Vrbo. One of the easiest way to draw more attention to your listing (and charge more money) is by using professional photographs.
Someone is going to be willing to pay a little extra for a property that they feel is superior. They aren’t going to risk renting one with poor quality pictures just to save a few dollars.
Offer Extra Perks
This is so simple. Including little extra perks in your listing such as “Fully stocked with snacks, drinks and supplies” can help you book more and at a premium price.
The cost? It’s very minimal. You can buy all the items in bulk at discount and wholesale clubs. Would you be willing to spend $10 a day on this is you netted $50 extra per day? Over the course of a month that’s an extra $1,200+ in rental income.
Upgrade the Kitchen
A kitchen upgrade is one of the most effective ways to increase the value of your home. It will also help you rent your property for a premium, as kitchens as well as bathrooms (more on that below) are the first thing people look at when evaluating properties to rent.
Someone is going to be more inclined to rent a home with upgraded stainless steel appliances over one with a kitchen that features appliances that look like they are straight out of the 1970’s.
Remodel the Master Bathroom
The bathroom is also a big selling point. You don’t have to upgrade them all at the same time either. The master bath is the one that will sway decisions.
You want it done right, so consider hiring a licensed plumbing professional to get the work done. Together with a general contractor they will be able to turn your vision into a reality.
There are a lot of things you can do to make it feel like an expensive bathroom without breaking the bank. Remember, it’s a rental property as well, so you don’t want to go all high end.
Create a Dedicated Website for the House
If you really want to set your listing apart, create a dedicated website that has video tours, detailed pictures, local area information, reviews, etc.
The more detailed the better. This is something that just makes your listing more appealing. If you include something that says, “Check out (website) for more information and pictures as well as a video tour” you are going to generate more interest.
Make Sure to Ask for Reviews
You need to make sure you are always asking guests to leave a review. They are very important, as future renters will always look for reviews. You could do everything else I suggested but if you have no reviews it will hurt you.
Simply follow up with each guest and ask them to leave a review. Most will happily do it.