How You Can Turn a Property Into a Flourishing Vacation Rental
Design for Success
If the interior of your rental isn’t all it could be, you could end up deterring guests or receiving poor reviews. To prevent this from happening, focus on the basics, such as choosing a color scheme for your home. After all, hues can influence our moods and energy levels, so you need to know what effects each shade can have. Keep cool tones, like lavender and blues, for relaxing areas, such as the bedroom, and use warm tones, such as reds and oranges, to fill other places with energy. Similarly, you want your property to appear neutral but sophisticated, so remove anything that doesn’t have a purpose. This way, you can offer guests an open space while giving them the features they need. Lastly, use natural light where you can, and add dimmers to lighting fixtures to allow people to set whatever mood they want.
Appeal to Your Demographic
To understand what areas of your home need improvement, you must look at your potential demographic and who your location will appeal to. What is your property adjacent to? Are there big tourist draws nearby? If you’re close to a convention center, you’re going to attract very different clients than if you’re next to an amusement park. For instance, a professional may look for luxuries and a vibrant nightlife, whereas a family may seek something kid-friendly. Your research should continue as you begin renting out your property, so check reviews and see what people are searching for online to know what could be improved.
Go Smart
When it comes to advertising, having the basics like a washer, dryer, and a dishwasher can offer a solid start, but you need to go beyond these. If you’re pushing for longer-term rentals, then adding home security is a must. However, for higher turnovers, you should explore different amenities, like adding to your property’s entertainment options. This is a good way to see a decent return on your investment; individual tech or games aren’t pricey, but they can be a large draw. Likewise, a smart lock can provide you and your renter freedom and leave you feeling secure, knowing the key to the front door hasn’t been copied.
Remodel Specific Features
A few key changes in traffic-heavy areas like the kitchen or bathroom can offer excellent returns without breaking the bank. As a start, you could paint or stain the cabinets to make a space appear fresher. You might already have a hue in mind, but white is a good color as it reflects light and looks clean, but even varnish can give wood an elegant transformation. To further add sophistication, you could use some eye-catching vintage pieces, like turning a dresser from a thrift store into a bathroom vanity. This may sound expensive, but you can improve your property at a fraction of the cost if you’re willing to do the work yourself.
Advertise Well
Of course, many listing sites are free or inexpensive to use, but it’s not a matter of just advertising. A listing should have an informative and catchy title, and social media is another valuable platform to utilize. That could mean running a Facebook page or hiring a blogger to write about your rental. Wherever you advertise, always use your best images, and research how hashtags and collaborations with similar venues might work for you. It takes experimentation, but the more you put in, the more you’ll get back.
You don’t need to give your entire property a makeover, but you must work strategically. By knowing your demographic, you can decide where to invest to see the best ROI. Of course, learn as you go, and upgrade other parts of your home as needed. It takes work to be a good landlord, but it can be an incredibly fulfilling avenue.
Image courtesy of Pixabay
