Despite our current situation, the global vacation rental industry scale is expected to increase annually by 3.4% in the next six years. With this, the short-term lodging market is predicted to bounce back, marking an excellent time to bring your rental properties back to life.
Investing and achieving a cost-effective holiday rental will significantly increase your earnings and provide a better atmosphere for both you and your visitors.
Preparations for the property
Sanitation and safety are top priorities for travelers nowadays, and rental owners should follow suit. Prior to booking, ensure that visitors know the cleaning procedures and plan you mapped out for the place. Prepare and disinfect the area properly before their stay and see that safety and health protocols are followed and implemented.
For example, consider providing sanitizing stations, additional cleaning for extended journeys, supply of sterilized linens and sheets, face masks, and other necessary protective gears. Replacing or upgrading some of your furniture is also an excellent way to preserve items that are highly valuable and at the same time provide comfort to your guests.
Get a necessary license and permit
Renting out your property could be your ticket to financial freedom. However, the tedious process of acquiring proper documents often discourages property rent owners from doing so. It’s important to note that having a general business and short-term rental license is vital as it would serve as your shield should issues and unforeseen circumstances arise.
On the other hand, the permit aims to ensure safety and protection. For example, possible structural issues, ventilation, proper exits, and other health and safety problems should be thoroughly checked by authorized personnel. The inspector will then issue an electrical inspection condition report that notifies you of any improvements, updates, or repairs necessary to bring the property into a residential income and prevent any significant legal repercussions.
Numerous jurisdictions mandate residential properties operating as rentals to obtain a permit so take time to consult with your city hall and follow all the state’s standards and procedures.
Consider booking flexibility
This is an excellent opportunity to maximize and refine your pricing strategy to maintain your spot in the industry. Adjust your pricing in real-time to reflect market conditions and increase your property’s competitiveness.
For instance, due to the surge in last-minute bookings, consider enabling last-minute and early bird discounts to assist in filling your calendar and entice guests to book for the upcoming season.
Tourists are more likely to book a place with a more relaxed refund policy these days because of the concern in unpredictably imposed travel bans and prohibitions. Providing a more accommodating policy improves the listing’s appeal to today’s travelers and will increase bookings.
Domestic travels mean more tourists traveling by car. This allows them to conveniently bring along their furry friends, especially for travelers who are on a weekend break and may not want to leave their pets alone at their homes. Permitting visitors to bring their pets would help you to attract a far larger audience. Moreover, apart from increasing your room reservations and sales, you can also make extra revenue for additional pet charges.
Improve your property’s curb appeal
Pictures would be the first thing that anyone sees when they browse holiday homes. Your vacation home can be stunning in real life, but if the images you provide are no good, prospective visitors won’t bother checking the prices nor read the details. Put yourself in their shoes and assess whether the photos you put out there would sell it.
Before taking photos, ensure that it is clean and well-maintained. It also helps to be honest and avoid altering the images too much to the point that it becomes unrecognizable when seen in person. Doing so would lower your chances of getting good reviews and, eventually, hurt your business.
You may also write compelling descriptions to highlight features that the camera can’t capture. For example, your property could be within walking distance from malls, hospitals, or police stations for their essential and emergency needs. It could also be near a bus stop or a subway for more accessible transportation. This is a good chance for you to lay out your house rules and other unique selling propositions.
Try painting them an image with your words, but keep it plain and straightforward.
The economy is slowly recovering, and the tourism industry, which was heavily affected by the pandemic, is only starting to heal and bloom again. Due to unpredictable travel protocols and preferences, more people prefer vacations closer to home. This is a perfect way for homeowners to supplement their income by renting out their properties. Overall, if you’re interested in renting rooms to travelers, ensure that you strictly follow health and sanitation protocols and provide comfort and convenience to your customers.