5 Awesome tips for keeping your vacation rental property booked
Keeping your vacation rental property appealing for tenants takes more than simply keeping it clean. Although cleanliness is something you should highly keep in mind, there are many ways of improving your rental property and its appearance that are very cost-effective. The following are some insightful tips to help you keep your vacation rental property booked.
1. Make a Good Impression
Start with the exterior of the home. As we all know, you only have one chance to make a first impression. Your front entrance is your opportunity to create a positive tone for the rest of your home.
Creating a warm and inviting entrance will put your guests at ease and make them feel welcome. The front door should reflect your personality while also enhancing your home.
Your front entrance should look as good during the day as it does at night. Use lighting to accent your porch, front door, and landscaping. Use soft pathway lights to guide your guests to your front door. If your entrance has steps, lights will prevent your guests from tripping.
Sacha Ferrandi, real estate expert, shares, Your front entrance is the first impression renters get of your home and gives your home curb appeal. Making small improvements such as mowing the lawn, painting the front door, or getting a new mailbox will enhance your homes other exterior features.
Spotlights can be used to highlight a particular focal point, such as a tree, to increase interest in the front of your home. For your front porch light, choose a style to match your home’s architecture.
Is there a clear path to your front door? Remove toys or overgrown weeds and create a clearly defined route. A nice front door on your house can go a long way. So can putting a fresh coat of paint on the door.
2. Add Value to Your Home
If you want to add value to your home, you might want to consider making a few adjustments. The more updated your rental home is, the better chance you have of renting the home at a higher price because of its condition.
When it comes to the interior of your home, tenants look for a home that is in good condition. Making small upgrades can give your home a whole new look. Consider giving your home a fresh new coat of paint. After a certain amount of time, your walls can look tired and dusty, which does not compliment the home. A paint job can transform and brighten up your space.
An upgrade that is worth investing in is updating the bathrooms within the home. Not necessarily making an entire remodeling but making small upgrades such as updating your bathroom fixtures. Replace old bathroom faucets, an old sink, perhaps even the toilet, especially if it is an older model that hasn't been replaced in years. The bathroom is one of the most important rooms that tenants look for when searching for a home, and making these modifications to your home is an inexpensive way to give your home a makeover.
3. ShowcaseYour Vacation Rental Property Online
Once your rental is ready to be seen, keep it consistently booked by finding tenants online. When promoting your rental online, you want to give as many details as possible. Tenants want to know the price, the exact number of bedrooms and bathrooms, the address, and any amenities the rental offers. The more description you add, the more attractive your rental looks.
Ensure your pictures are clear and up to date. A foggy photo can make you seem sketchy and unreliable. It’s common for realtors to post high definition photos and even have a drone film to property depending on the rental size. When the competition is tough, you can't afford to appear subpar.
Remember, you're trying to sell your rental to prospective tenants; do not advertise that it's simply up for rent. Some effective persuasion is needed or your chances of renting it out often become slim. Using the internet is a tool that should be utilized never to have an empty room sitting for long. Websites like VRBO, Airbnb, and others can help you keep your property rented year-round.
4. Take Note of Your Tenant Demographics
Aside from updating the appearance of your rental, update your knowledge to secure your tenants. If you’re in an area with mainly millennial renters, you might want to pivot your strategy for keeping it booked. Maybe your amenities aren't as technologically updated as the competition. Maybe the lighting isn't fit for those coveted Instagram posts. you may not be able to change the amenities in your neighborhood or condo, but you can update your property amenities to attract the best renters.
Research who is applying for your rentals and who your immediate renter demographic is. By having this insight, you’re able to tailor your property listing accordingly, giving you an edge to those around you. Do you live in a more luxurious area with people who cherish a more sophisticated taste? Find out what people want and try your best to add it to your rental property.
There isn't much reason for you to be making updates on your rental when there isn't anyone who will appreciate it. For this reason, you can start by identifying the most popular requests from your current renters. People on vacation for a week will most likely appreciate different amenities than a long-term renter. Take note of what is commonly being brought up in the renter’s sign-in book. This can provide some insight on the updates that should be of the highest priority. In the most practical sense, your budget should be spent on what matters more to your renters now and in the future.
5. Consider a Tenant Screening Process
When you have finished changing the grout, painting the walls, and creating a perfectly habitable space, consider a tenant screening process as the finishing touch. Most rental applications can be dry and not insightful. Having someone vouch for themselves and taking their word on is difficult, especially when everyone might look the same on paper.
Consider adding a more rigorous screening process to keep your rentals booked more consistently throughout the year. Avoid fast turnovers and with extending the minimum stay to 3, 4, or 7-day rental minimums
When you have a tenant screening process in place, you can better determine who your possible renter is financially, personally, and civically. Search beyond the required credit score to view if someone is financially stable. A very well qualified person can have a stellar credit score on paper but not well rounded personally or civically.
For example, someone may have a credit score of 800 but may not personally take care of their pets, could possibly have a criminal background, or may even be a risk to other tenants. These are some concerns a landlord could not possibly get answers to from their mere surface-level research. Trusting a possible tenant’s references along with your gut instinct isn’t the solution to keeping your rental booked for long. For this reason, more landlords and property managers are taking the extra measure to ensure the continuous booking of their homes and condos.
Consistently updating your decorative layer will ensure to attract a bigger pool of prospective tenants. A rental property can only make a first impression once, so make it your best possible impression. Keeping your investment property booked longer by maintaining your spaces’ physical appearance is critical, but don’t neglect to refresh your landlord knowledge as well. The rental landscape is ever-changing and requires you to stay abreast of the market diligently. Keep these tips in mind to retain your rental demand.
Additional real estate resources
There are many things to consider when buying an investment property. Michelle Gibson takes her readers through several different aspects to keep in mind before you make a large investment in a home or condo.
Brian Davis gives a bunch of ideas on how to purchase your first rental property with zero dollars down. These strategies are not going to come to fruition without lifting a finger but with a little bit of work and luck, you may find yourself owning a rental property with no money down.
Have you wondered if owning a vacation rental property is a smart investment? Joe Boylan discusses this very question in detail. Like anything, there are pros and cons as well as things that you will want to avoid. Find out the answer to, will a vacation rental be a good investment, in Joe's informative article.