The vacation rental market is one of the fastest growing segments of the hotel industry. If you own a home in a popular tourist area, turn your property into a vacation rental and generate income when you’re not using it. Here are some suggestions to help you prepare your property for the rental market.
local regulations
The first step in preparing your property for the rental market is knowing the requirements of your local government agency. Some tourist areas have prohibited or restricted vacation rentals of less than 30 days. Transient occupancy tax, or bed taxes, must be collected on each reservation and sent to your local city or county. Many tourist areas require vacation rental properties to pay registration fees and be inspected for security before the property is occupied. Know the local rules and regulations before you start renting.
Furniture and Decoration
Rental properties should have comfortable yet durable furnishings with fabrics that are easy to clean and resist stains. Used furniture is acceptable as long as it is matched and in “like new” condition. Use commercial-grade, stain-resistant rugs in practical colors. White rugs may look great in your own home, but they are not recommended for rental properties. Premium beds and bedding are a priority with mattresses more firm than soft. Hang colorful pictures and paintings that reflect your location or decorating theme. The kitchen must be fully equipped, just like your personal residence. Washers and dryers are recommended. Make sure you have enough seating in the dining room and living room to accommodate the number of people your property can sleep.
Mod cons
Popular amenities include: flat screen television, DVD player, pool table, hot tub or Jacuzzi, foosball table, board games, Internet access, crib, books and magazines. Prepare a notebook detailing how to operate general property systems and include emergency contact numbers, local attraction brochures, maps and restaurant guides. Amenities will vary depending on your location. If your property is located near the beach, you may want to provide beach chairs and bikes. A mountain property may have snow sleds or fishing poles available for guest use. Be creative and have fun with it.
Cleaning
Vacation rentals must be cleaned between each guest stay. Always provide your cleaners with a detailed list of your cleaning requirements. Buy a second set of sheets and have them ready for back-to-back bookings. Please inspect the property after each cleaning to ensure it is ready for the next guest. Going the extra mile in this department will save you in the long run.
Condition
If something isn’t working right or the furniture is damaged, get it fixed right away. Even something as small as a light bulb that needs to be replaced can cause a guest to complain. Once again, inspections are the key to avoiding headaches. Create an inspection checklist, room by room, top to bottom, and always take enough time to make any necessary repairs. Plan and budget to paint interior walls and replace carpet and flooring every 3-5 years. You’ll want your property occupied as often as possible and that means wear and tear. Deferred maintenance is part of the rental business.
Miscellaneous
Take good photos of your property and post as many as possible. Photos are the best way to represent your property to potential guests, whether online or in your brochure. Invest in a good camera with a wide-angle lens or hire a professional photographer. Keep a guest book on the property for guest comments and request permission to reprint your reviews. Remind your guests to review your property on Tripadvisor, Google and Yahoo.
There are many details in managing a vacation rental. Take the time to prepare your property for the vacation rental market and it will be a rewarding experience for you and your guests.
