In a world that knows no shortage of real estate, it’s never been easier for people to make money in the lodging industry, partly due to VacationRentals, Homeaway and VRBO websites, which have redefined the meaning of holiday/vacation accommodations. Short-term renters to can now book a vacation home for a lot less money than a traditional hotel would cost, and this also translates into a money-making opportunity for home owners. Home rentals offer so much more than a hotel can. They have all of the amenities of your own home and are more comfortable and spacious than a room can offer.
There are also companies in the area that offer property management services for their vacation rental owners. For a small percentage of the weekly rental amount they will advise you on the rent you can expect to receive, advertise your home for rent, arrange for cleaning services and collect (from the renters) and pay the state lodging tax thus eliminating these headaches for you. This particularly works out well for out of state vacation rental home owners that are unable to attend to their property on a weekly basis.
Recent statistics say that nearly 60 percent of Americans are planning to book a privately-owned home or apartment rather than seek hotel accommodation in 2015 and with 87 percent more likely to choose a vacation rental due to availability and easy online access. There is indeed a lot of money to be made, provided that properties meet certain conditions.
Since most tourists using websites such as www.VacationRentals.com aren’t just looking for a place to sleep, but for a superior travel experience. As a host you can’t simply hand your guests the keys and expect things to run smoothly on their own. Increased availability also means that short-term tenants are more choosey when considering their options so you need to carefully prepare your home in advance and make sure it’s up to their standards.
The better job you do getting your home ready for renting, the more your guests will appreciate it, and it’ll also put you in a position to charge a higher rate. So here’s what you need to do:
Make It Spotless
Before renting your home inspect it from top to bottom and see which areas need your attention in terms of cleaning and repairs. The kitchen and the bathrooms should be spotless while the beds should be made up with clean linens. Whether you do it on your own or use a housecleaning service, the bottom line is your house needs a thorough cleaning before your first guests arrive. Once that’s sorted, have a look at your appliances and see if everything is functioning smoothly, to make your guests’ stay as comfortable as possible. If you’re experiencing issues with any of your home electronics, consider repairing them instead of splurging on new ones.
In order to detect and fix potential safety hazards or anything that might cause the injury of a tenant, create a list with all the things you should check: Old fixtures, electrical circuits, smoke detectors, fire extinguishers, and so on. Protect yourself and your guests against any unfortunate accidents by making sure everything is working as it should be and that there are no loose ends or potential risks left unattended.
Make It Simple
Your house should be equipped with everything that’s necessary to make your guests have that important home-like feeling. This is also a guaranteed way to get positive reviews and repeat business on sites like HomeAway or VRBO. Therefore, you should be able to provide your short-term tenants with facilities and items such as a microwave oven, coffee maker, teapot, toaster, cleaning supplies, basic toiletries, hair dryer, remote controls, extra light bulbs, WiFi access, maps and more.
Don’t forget about leaving detailed written instructions that cover important information such as contact details, emergency numbers, WiFi passwords, house rules, operating instructions for gadgets and appliances and so on. Let your guests know where the trash and recycling should be taken and, if you want to go the extra mile, provide them with a list of local grocery stores, gas stations, and recommended restaurants - your efforts won’t go unobserved.
While there are many things to take into consideration when doing short-term vacation rentals, more often than not, the experience is positive for both the hosts and their guests. As long as you use common sense and follow the industry’s best practices, you may soon be accumulating 5-star reviews.
1263 Roosevelt Trail, Raymond, ME 04071