Many travelers are looking more and more to alternative lodging options for their vacation accommodations. There are a number of reasons for this but nearly half of all people who are looking to take a vacation say they are open to vacation rentals. Many people find renting condominiums provide a better vacation experience for groups who are traveling together than they can get at a hotel. If you are considering buying a new home to rent to vacationer or you already have a beach property, here are some tips to help you have success with it.
- Make sure you know what the risks are. If you have property in a popular tourist spot, say you have or are looking at Outer Banks real estate, you may think that renting to vacationers will be easy. It may be easier than renting property in other places but there is always the chance for profit loss. There are always risks and rewards for vacation home owners. Do some research into the market and what your risks are. If you are looking at the Outer Banks, for instance, you may want to talk to Outer Banks realtors to get a sense of your risks.
- Put in a good security system. There are different ways condominiums can be secured. If you know you are going to use your beachfront property as a vacation rental, you may want to look at different ways to secure the home. You can have a system where keys are not used for entry. You can have an electronic security system where people use a code to get in. That makes it easy to change the code when renters leave. This is one way to make sure the people who rent your home are not making copies of your keys. Having a good security system, like the advanced ones offered to many condominiums, will also reassure your guests.
- Focus your energy on providing good customer service. If you rent out your home to vacationers, you need to always be thinking about what your guests are going to need and want. If you can think of your renters’ needs before they do, you will be in a really good position to keep them happy and keep them coming back. When you are setting up your home to be a vacation rental, think about what you like to get from the places where you stay on vacation. Provide your guests with information about the area. If you are renting your condominiums on the Outer Banks, giving out literature on the history of the Outer Banks.
- Have a cleaning service take care of the cleaning. This does not have to cost a lot but will really add value to your rental property. Some owners of vacation homes expect their renters to do the cleaning and keep the security deposit if they do not. You should expect the renters to leave the space in decent shape but not everyone is great at housecleaning. You will know that your space looks its best if you have professionals go in and clean.
- Pay attention to reviews. You can get a real sense for how your property is meeting the needs and expectations of your guests when you look at the reviews they leave on Yelp or other sites. Read the comments and made changes accordingly, You should also offer some incentives for people to leave good comments on their social media channels. People are far more likely to leave complains rather than compliments. If you get really bad reviews, consider reaching out to those people and inviting them back for a better experience. There are some people who just like to complain and you should be able to spot them right away. You should not spend too much time worrying about them but others may help you in the long run.
- Get the most out of the off season. Run specials and work with local businesses to provide your guests special discounts or freebies during the off season.
Renting your beach property to vacationers can be an interesting and profitable experience if you work at it.