If you’re in the vacation rental business, now might be the right time to re-evaluate and invest in your properties once more.
The coronavirus pandemic put the industry in a constant state of uncertainty for a while there, with thousands upon thousands of vacationers canceling their planned trips in the face of a world-altering disaster. The constantly shifting nature of the disease (and the new iterations of it that are making the rounds, thanks to an undue amount of vaccine hesitancy) left many to wonder if the vacation and tourism industries would recover from that initial blow anytime soon.
Fortunately, with the proliferation of both vaccines and COVID tests, 2021 saw a significant uptick in tourism as people left their homes for the first time in over a year and partied like there was no tomorrow: travel experts contend that the prospects for global tourism look good in 2022 as well. Very soon, the beaches, cultural hotspots, and shopping centers near you will be filled with tourists looking to enjoy their newfound freedom; and if you’ve worked in the vacation rental industry before (or are looking to get into it at a lucrative time), you might want to consider ways to invest in property that increases your chances of renting it out.
Location is everything, of course, and beginning real estate investors should take note: all the amenities in the world and the lowest nightly prices possible won’t attract anyone if your vacation rental isn’t positioned properly. However, once you have your rental property selected, you might be wondering: what should I invest in to increase the chances people stay in my properties?
We’ve got you covered. Read on for some popular amenities and renovations you may want to consider to attract the largest pool of people to your property once you list it.
Kings and Queens: Make Guests Feel Like Monarchs
Looks aren’t everything, but they do go a long way towards attracting potential renters. Make sure every inch of your property has been professionally cleaned, that appliances are given a “new-from-the-store” shine, and that the rooms have lighting options that allow them to appear vibrant or low-lit depending on guest preference.
One thing you’ll want to re-evaluate is how open and accessible your property feels. If your property feels cramped, closed off, you might want to consider doing a little bit of heavy demolition: knock down walls and partitions to create an open floor plan, and where possible, expand available space to give guests amenities like walk-in closets, expanded showers, and large tubs to relax in. Your guests deserve the best, and if they can’t find it at your property, they’ll look for it elsewhere: remodel your property (to the extent budget allows, of course) to make your guests feel like monarchs.
Keep the Main Thing the Main Thing
As minuscule detail as it may seem, failing to focus on the beds in each room of your property can absolutely serve to tank your ratings later, as a cramped or poorly supported mattress can easily ruin someone else’s vacation.
If possible, install King mattresses with sturdy bedframes in the Master and any other guest rooms, with suitable but smaller beds installed in spaces meant for children. Choose mattresses that walk the line between hard and soft, the ones that most are likely to find comfortable, and consider offering memory foam bed toppers for guests who need a little extra padding.
Excellent Customer Service
Many vacation rental landlords are hands-off, and some guests prefer that: however, a good way to raise your overall property rating is to provide your guests with all the information they need to have a good vacation up-front and be available via text if they need anything in particular.
Leave flyers and guides on the local area in your property for each new tenant, and be sure to address any of their concerns promptly, and there’s a very small chance they give you a negative rating.
The world of vacation rentals should be considered a perfect intersection of real-estate and hospitality: turning properties into lucrative, passive sources of income while striving to provide the best possible service for your guests. Follow the above tips, install the required amenities, and make sure your property is generally kept up well, and you’ll be sure to make a hefty profit off your investment.