A report by HomeAway finds that 48% of vacation property owners cover 75% of their mortgage costs by renting out their property. Having a vacation property is a wise investment move but the problem arises when it comes to maintenance. Taking care of one house is stressful on its own, not to talk of two. You have to spend extra money on the house – utilities, association dues, taxes etc. and you have to keep the house in move-in ready condition to appeal to guests.
The easier option to take would be hiring a property manager to handle your vacation property but this would be extra cost. A hands-on approach however would require getting your nose to the grindstone and being involved, no matter where you are. Here are some tips to successfully market and manage a profitable vacation rental property.
1. Find a good housekeeper:
How do you know the property’s condition when you’re not there. A good housekeeper will keep you updated about the property. However, you must be careful and check reviews before hiring a house keeper. This may be the single most important thing you need to do when trying to manage your investment home on your own. What should you look for in a housekeeper?
When the housekeeper reports the condition of the home to you and potential problems that might arise, you know where to focus repair efforts on in the future.
2. Get a reliable handyman:
The second most important hire is a reliable handyman. You will need to find a person who lives near your premises and is very trustworthy. When a guest messages or calls with a grievance, your handyman is the one you should send to the property to check everything out.
3. Hone Your Marketing:
Advertise your vacation home where potential visitors can find your home and get in touch with you to rent it. The most popular websites are: VRBO.com and Homeaway.com. Some communities have their own private websites. You ought to be on each one of these and more.
4. Utilize Professional Photos:
Your pictures can altogether enhance your booking rate. Odds are that clients are browsing your area through their phone. They'll stop at whatever gets their attention so make your pictures eye-catching.
5. Think of a Pricing Strategy:
If you're going to control and market your own holiday home, you should think of a strategy to increase your nightly income. The much longer you own your house, the simpler this becomes. To start off, through the really high periods, you ought to have your nightly prices at the higher end when compared with other similar properties.
During low season you must do just the contrary and be near budget. A pricing strategy is absolutely simple: whenever there are more guests coming to your neighborhood than there are holiday homes, you should be near the high end of the price scale, so when there are fewer guests, you should be near the lower budget of the nightly rates.