With travel roaring back to life in the United States and internationally, the global vacation rental market is booming at a value of more than $70 billion and growing every year. Now could be your time to enter the short-term rental business if you haven't already, and you can do so whether or not you own a second property.
Sharing economy apps like "Airbnb" and "Vrbo" make it easy to reach an audience and book guests on your schedule, whether hosting in a rental property or your home. Technology can simplify logistics, but ensuring the best experience for yourself and your guests can be more complicated. It would be best if you planned to set boundaries with your guests and provide them with an excellent experience.
Owning a second property near a popular destination is the ideal setup for a vacation rental. However, if your home is in a desirable area, you can enjoy some extra income by renting part or all of your living space on a short-term basis.
Besides an entire second home, here are some ideas for spaces that you can rent out:
No matter what space you wish to rent out, it's essential to learn the applicable laws in your area, as each municipality is different regarding short-term rentals. Make sure you can legally do so first, and then you can finalize your plans for accommodating guests.
When going on vacation to relax and stretch out, no one wants to encounter a bare-bones arrangement in their rental. Therefore, it's essential to furnish the rooms for comfort and convenience. Here are some tips to consider.
Many rental owners take the opportunity to upgrade their home's furniture instead of buying new furniture for their rental. You can save money and upgrade your home by shipping used furniture to the rental property and replacing your furnishings with something new.
The furnishings in your rental are vital for making it comfortable, but it's the style that will truly make it memorable. Your goal should be to strike a balance between flair and broad appeal so that a wide range of guests can feel at home but still leave a unique impression. Here are some tips.
It's fun shopping for artwork to fill a vacation rental, whether in the local area or on vacation. As with your home's furniture, you could also send artwork from your home to decorate the rental space. Whether you ship artwork from a vacation boutique or your own home, be sure to ship your artwork safely to avoid costly damage in transport.
In addition to establishing what space you will rent, another logistical hurdle is deciding how to clean the property. A complete cleaning between every set of guests is crucial for their experience. It also helps you avoid health issues or legal problems with your rental service.
You must decide whether you will clean the place yourself or hire outside help, considering the pros and cons of each option according to your circumstances. Either way, you should keep sufficient cleaning and maintenance supplies securely on-site to aid in quick work between guests.
For many guests, a significant advantage of a rental instead of a hotel is the ability to cook meals and gather around a cozy kitchen table. That's why simply having a kitchen may not be enough make sure it's well-stocked to create that comfy feeling your guests desire.
What's more, providing all the proper supplies for cooking and cleaning will help keep your property neater, as guests will not feel the need to improvise on their own. Here are some essentials along with nice-to-haves for a vacation kitchen:
Much like furniture, you may choose to pack up items from your home kitchen to equip the rental and then replace those with newer versions at home. Alternatively, you could buy kitchen goods for the rental and ship or deliver these yourself.
As a rental owner, you want to ensure proper communication with your guests while respecting their independence and privacy. You can do this in several ways and easily offer extra information to help them have the best vacation possible. Here are some ways to do that:
In addition to laying out all of this information, you should add a personal touch to your communication with guests. For example, you could suggest your favorite restaurants or activities in your rental listing or through direct messages to guests.
Keep detailed checklists for your rental inventory, cleaning, and maintenance to make your life easier as an owner and manager. Establish a repeatable process for every check-in and check-out so that nothing gets missed and your guests receive a smooth experience each time.
Some owners hire a property management company to keep up with the routine chores. While that's certainly a route you can take, the proper organization might make it possible to handle tasks yourself and save the extra expense.
After sufficiently furnishing your rental and establishing your process for accepting guests, you can turn your attention to the little things that make a big difference in the guest experience. Make them smile with small gestures like:
Provide clear contact information and any instructions for calling for extra help if needed.
These easy but meaningful favors will leave a great impression on your guests, making their stay all the more enjoyable and making them more likely to come back. They will also likely leave a glowing review, spreading the word to future guests and helping you grow your rental business.