With millions of people around the world going on vacations every year, the demand for the vacation rental business is also rising. Besides, staying in a whole house instead of a single room while on vacation became a new trend. This trend has intrigued hundreds of people about the vacation rental business. Once they know the benefits of having this business, they eventually decide to start one. If you are one of the hundreds, here are a few steps and tips you need to know.
Choose a Strategic Location
A short term rental home should be located in a strategic area by being close to public facilities, such as restaurants, shopping centers, parks, the beach, clinics or hospitals, and easy access to the main roads. Having a rental home or homes at a strategic place is essential to attract visitors. You can also do an area survey to list the nearby public facilities or attractions. Categorize these facilities based on the ETA, from places that are only between 5 and 15 minutes to 30 minutes away both by walking and by car. The list will help you fill in the description of your home when creating a listing.
Setting Your Vacation Home Rates
Setting the rates is one of the most crucial and difficult steps to start a vacation home rental business. But, thanks to various short term rental management software that are available now, they can make your initial journey a bit easier. When setting rates for your rental home, you have to ensure that the rates cover your expenses while they are still competitive. You will need to research market data, seasonal fluctuation, and direct competition and adjust them with your expenses for amenities and services. Short-term rental management software can make everything easier by doing this research and adjustment for you. They can track your income and expenses and automatically adjust your rates based on market supply and demand, seasonal trends, special events, and holiday predictions.
Decorate Your Home and Offer Amenities
The main goal when you decorate your vacation rental home is to make it a cozy and convenient space for any guest to enjoy, from a group of friends, honeymooners, and family to business travelers. Consider investing in high-quality furniture and creating an interior design plan; so your vacation home has a cohesive, comfortable, and even instagramable design and décor. Also, don’t forget to offer amenities like WiFi, Smart TV, a hot tub, a little snack bar or corner, and well-stocked necessities to ensure your guests fully enjoy their stay and are happy with your service. Imagine if your rental home design and thoughtful amenities impress your guests and inspire them to take photos for their Instagram, their posts will become free and genuine marketing for your vacation rental home.
Create a Charming Listing
Listing is the first impression of your short term rental home. Write short, truthful, and accurate descriptions of your property. Also, include the amenities you offer and list the nearby attractions. For the images, you can take aesthetically pleasing photos yourself or invest in professional photography for flattering angles and HD pictures of your vacation rental home. The visuals should be compelling, inviting, and supportive of your well-crafted description. Don’t forget to regularly update the description, following current changes around the neighborhood.
Put Your Vacation Rental Home on the Market
Now, it’s time to put your listing on various vacation rental platforms like Airbnb, and Booking.com. You can try using short-term rental management software to help manage your listings. They offer a channel manager that works with Airbnb and other platforms to automatically organize and synchronize your listings, bookings, and rates, and even exchange messages with guests and accept payment in one integrated place. With this feature, you can avoid errors that could affect your service quality, like double bookings and setting the wrong rates.
Ultimately, starting a vacation rental business is similar to starting any entrepreneurial business, from planning and preparing to execute. Although it sounds simple, it’s still a huge commitment and can overwhelm any prospective business owner. But, by making the right plan, preparation, and process, utilizing short-term rental management software for support, and strong determination, you have set yourself up for success in the vacation rental business.
