The vacation rental market is one of the fastest growing segments of the hospitality industry. If you own a home in a popular tourist area, convert 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 to learn 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 Tax, 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 safety 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 clean easily and resist stains. Used furniture is acceptable as long as it matches and is 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. Top quality beds and linens are a priority with mattresses more firm than soft. Hang colorful pictures and paintings that reflect your location or decorating theme. The kitchen should 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 you can sleep in your property.
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 the property’s general systems and include emergency contact numbers, brochures for local attractions, 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 bicycles. 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 is not working correctly or if the furniture is damaged, repair it immediately. 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, from top to bottom, and always allow yourself plenty of time to make any necessary repairs. Plan and budget to paint interior walls and replace carpet and flooring every 3-5 years. You 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 pictures of your property and post as many as possible. Photos are the best way to represent your property to potential guests, either online or in your brochure. Invest in a good camera with a wide-angle lens or hire a professional photographer. Keep a guest book at the property for guest comments and ask 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.
