Tips for Improving Vacation Rental Profits
Real estate investors increasingly realize the financial advantages of vacation rentals. As more vacationers are turning to services like Airbnb and VRBO, the popularity of short-term vacation rentals is on the rise. The fact that there are almost 700,000 homes listed on Airbnb in the United States is a testament to the success of these short-term rentals. With this market area heating up, there is plenty of room for success and opportunity.
According to recent data, the vacation rental investment market is approaching $170 billion. However, with more people investing, competition for customers and business has also risen sharply. As a result, property owners must work to increase the popularity of their rentals and provide guests with improved experiences and amenities. Let’s take a look at how property owners can ensure they get the biggest returns from their vacation rentals.
Invest in upgrades.
A house overlooking a mountain valley or a pristine beach can almost sell itself in many situations. As more of these kinds of homes are popping up, however, owners need to make improvements and upgrades to allow other aspects of the home to be the selling points. From hot tubs and inground pools to luxury master suites, there are numerous upgrades that investors can make to improve the features of a vacation home.
One area that potential renters look at is the bathroom. From new fixtures, sinks, and accessories to upgraded tile flooring, a bathroom presents several opportunities for improvements and renovations. A modern bathroom with a luxury bath and shower environment can go a long way toward impressing potential renters. A lux bath renovation can bring Kohler showers and upgraded materials to create an impressive bathroom.
Promote the property.
A vacation rental property is similar to any other business that requires branding and marketing. A successful marketing campaign can promote the rental property and highlight some of the amenities and upgrades that have been made in the house. While posting the home on sites like VRBO or Airbnb will help increase rentals, self-promotion will also help boost the popularity of the house.
From social media campaigns to other digital marketing, there are several ways to promote the property. Live stream companies and video production services can help create stunning content. Investors can shoot several live streams during the remodel of the bathroom or other areas to promote the changes. Additionally, video content can go further than pictures by providing virtual tours and 365-degree views.
Work on interior design.
Aside from the kitchen and bathroom upgrades, most people consider the interior design of a vacation home before making a booking. A unique chandelier, local art pieces, elegant decor, and purposefully decorated bookcases can improve the appeal of the rental. Many simple details can change the look and feel of the interior spaces. To ensure that the area is designed with an artistic eye, a professional interior designer can help transform the property.
Maintain the outdoor spaces.
Depending on the vacation rental location, the outdoor amenities and features could be just as important as the interior details. From cozy firepits and comfortable outdoor furniture to fountains and flower gardens, several things can be added to spruce up the outside areas. If the property is a townhome or apartment, attention can be given to patios and balconies to make them more appealing and comfortable. Creating attractive exterior spaces could inspire more bookings.
With the vacation rental market so hot right now, simply owning a property isn’t enough to turn a good profit. Increased competition and rental quality mean that investors have to work to attract bookings. From creating beautiful bathrooms to designing relaxing and appealing interior and exterior spaces, several things can be done. With some investments in upgrades and quality, video content property owners can attract more bookings and see bigger returns.