Interested in investing in a vacation rental? You're on the right track: by 2030, the vacation rental industry should grow to $228.9 billion.
Of course, investing in a vacation rental is only the first step toward making money with it. If you haven't done it before, you may struggle to find the right balance between pleasing your guests and protecting your property.
Not sure where to start? Read on for a short list of common do's and don'ts of vacation rental property management!
Do: Focus on the Guest Experience
If people choose a vacation rental over a hotel, they tend to want a bit more than simple lodging. Some commonly desired features include better amenities, more space, increased privacy, and so on.
Try to predict what your guests will want, then add those features. For instance, adding an office to your rental gives guests access to a quiet place. Adding a pool table, on the other hand, can enable a fun family activity.
Don't: Use a Futon as a Sleeping Option
If you're lacking in sleeping accommodations, adding a futon may seem like a logical choice. The truth is, you have plenty of better options. Most futons are uncomfortable, whether you use them for sitting or sleeping.
For a better sleeping option, add a rollaway bed. These beds are easy to set up, and you don't have to rearrange furniture to use them. They also tend to be more comfortable than sleeper sofas and air mattresses.
Do: Decorate Outside the Box
Want to learn an easy magic trick? Make your listing disappear by decorating your property in the same generic style as all other listings! You know what we're talking about: beige colors and IKEA furnishings.
To make your short-term rental look more interesting, invest in some unique decor. There are plenty of ways you can go about this, from retro themes to painted wall designs.
Don't: Use Your Rental as a Storage Locker
Guests staying at a vacation rental property usually enjoy a homey experience. But what they never want is to feel like they're in someone else's house. This is why you shouldn't use your rental for personal storage.
Are you staying at your short-term rental property often? If so, store your belongings where the guests can't see them. A locked shed, for example, is both safe and doesn't take away usable space from guests.
Do: Keep Your Garage Clean
As any property manager will tell you, you shouldn't neglect your garage when preparing your rental. For guests parking their car, a garage will serve as their first real impression of your property.
Fortunately, it doesn't take that much effort to clean a garage. A fresh coat of paint and a resin-treated floor go a long way here. Keep the paint, tools, and other clutter stored in locked cabinets, away from the guests' eyes.
Looking for Vacation Rental Property Management Services?
Maximizing your returns on a vacation rental isn't a simple task. Follow the above guide to make your property more presentable.
Interested in professional vacation rental property management services? Our experts at PMI Lake of the Ozarks can take care of any management tasks. Contact us here to learn more about our services.