Renting out your house with a 4-year contract in place isn’t a challenge when compared to making money on a vacation home. Vacation properties require constant care and maintenance to keep up with the number of people living there. Let’s find out how to reduce your long-term work on the property while increasing the profits.
Automate and Systemize
Once you are done decorating the house with local charm for the guests to enjoy, it is time to automate the place for their comfort. Install surveillance systems to keep an eye on the safety of your guests. Automate their check-in and check-out process by installing smart locks, a lockbox, or even leaving the keys with a community doorman. Self-entry doesn’t restrict the guests to a schedule and saves both you and your guests the time lost in coordinating.
Leave them a booklet of instructions about the key policies, late check-out fees, backup contacts for when you aren’t available, and other details like the WiFi password and instructions to use the various appliances in the house. It would be a great bonus if you provided directions to nearby restaurants, tourist attractions, and hidden gems only locals know. Keep this booklet in a visible location to create an experience for your guests to remember.
Incentivize Long Stays
The money you make on your property is based on the number of days you keep it occupied. It is advised to offer discounts to guests who stay for a week or more and gradually increase the discount the longer they stay. Having said that, do not be fussy about the minimum stay. Simply adjust your rates accordingly.
Another way to increase your price is to allow pets. It is difficult for people with pets to find a pet-welcoming host. By accepting pets, you won’t just make more money but also attract more potential guests and improve your occupancy rates.
Marketing and Search Optimization
Start by hiring a professional real estate photographer and consider it a one-time marketing expense. Fill out your listing profile carefully and in detail, including details like “500 meters from the station” or “ 10-minute walk to the stadium!”. Don’t stop at one website, advertise your property on multiple platforms and make sure they are up-to-date on availability. Once you have the guests coming in, focus on getting the first ten positive reviews. Once the double-digit review mark is reached, it launches a snowball effect on your bookings.
Finally, optimize! Hack into the search algorithm by boosting your click-through rate, adding thumbnail photos, giving quick responses, and accepting instant bookings.
Vacation homes are extremely competitive, and oftentimes the owners find themselves losing money due to low occupancy. Keep your contingency plans in place and be mindful of the tax incentives provided for home and business owners in your area. It is definitely a profitable investment in the long term if you are an active owner.
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