One of the most common reasons people choose to rent out their holiday home and not just keep it for their own family use is to cover the expense of maintaining the property. Some owners might have bought their home as an investment and want to wait until the market picks up before they sell, but don’t however want the added expenses until then.
Others have purchased a house they wish to retire in one day, and are covering the costs in the meantime. Whatever the circumstances, if you can get someone else to pay for your home in the meantime, then why not?
Getting income from your holiday home
One of the perks of short term vacation rentals rather than long term tenancies is that you can control the pricing and availability of your home. For example, in peak season, you can earn significantly more than in off peak. And on the plus side, you’re still able to use and enjoy the home yourself.
Renting out with a property management company
People lead busy lives, so many owners hand the responsibilities that come with renting their holiday home to a property management company. But not all property management companies work in the same way. A good PM will answer enquiries, take bookings and deal with the related administration, manage arrivals and departures, cleaning and maintenance.
If you've just given your property manager a big tick, then please bear with me and read on.
Comparing apples with apples
Well, we all know two apples are never the same! So, instead of the above PM, envisage a property manager who has the experience and focus to better market your property – so that your home receives maximum exposure and occupancy – resulting in increased income.
To succeed online, especially on prominent vacation home websites, your property needs to appear in the first couple of pages of results as opposed to say page 13, by which time the visitor has selected another listing entirely. Success relies on a number of factors, some of which include: a detailed but intriguing description on your home's profile; tweaking the description regularly so that it ranks higher in the search results; comparing and adjusting pricing to keep you in the game; supply of a 'Welcome Book' to guests prior to their stay, so that they can plan ahead; and following up with guests to gain reviews and feedback after their stay.
Creating a memorable guest experience
To receive 'glowing' reviews, it's wise to look at your home through the eyes of your guests. What would make their stay memorable: comfortable lounge seating; nice furnishings; comfy beds and quality linen; games for winter evenings; WiFi; a hi-fi system; information on the area, places to go, etc; books to read; recipe books; good crockery and serving dishes; a decent BBQ; a coffee machine – the sum of which all add to the 'wow factor'.
Believe me, it's well worth the effort as there's a lot of competition out there. And, you’ll love reading the glowing online reviews and receiving the income from the increase in new and repeat bookings.
If you have found this article of interest then please don't hesitate to find out more from us at www.mindmybnb.com.au. And, a 'like' on Facebook would be very much appreciated.