Wondering how to make money with your vacation rental? You may not know it from the way Jerry and Sandra’s modern coastal cottage looks and rents now, but not so long ago they were vacation rental newbies. They were unsure of when exactly the high-season would start and stop, they were concerned about the flow of reservations coming in, which equals income, and their home didn’t even have the Coastal Cottage flair that it has today. Now, their calendar is packed full of bookings, and they’re making thousands of dollars in vacation rental income every year, and they couldn’t be happier with their decision to own a rental home.
The Timmermans aren’t alone. There are thousands of investors and second-home buyers dipping their toe into the vacation rental pool every day. Jerry and Sandra are like many, surprised to find out that running a second home or investment property has to be done as a business, which is a tall task for most homeowners. BreakAway Vacation Properties manages Sanibel and Captiva vacation rentals and actually started in the same fashion as the Timmermans. We gathered three tips that we wish we had known when we were not just dipping a toe, but diving headfirst into the vacation rental business.
Do your homework
There’s a wealth of knowledge first-time vacation rental owners must ingest in order to be successful. Not only determining your ROI, but setting rates, figuring out which listing sites are the best, and staying up to date on state and local regulations are huge factors that determine the success of your rental. Pour over relevant articles, be a sponge, and use your newfound knowledge to empower your next steps in vacation rental success.
Don’t tighten the purse strings upfront
We totally get it, you purchased this property to be an investment and not a cheap investment at that! You’re telling me that I need to spend more money now, after closing? Well, we hate to break it to you, but yes. Unless you purchased the top-dollar rental that was professionally staged last year and left turn-key, chances are that you’ll need to upgrade your vacation rental with simple luxuries, and bring in services that take your business venture to the next level. skip the cheap colored linens, 90’s comforters, mountain of coordinating throw pillows, and start with a base of classic, crisp lines, and color palettes.
Let the Professionals do the dirty work
It only took a few months for the Timmermans to see wild success. Their secret? They didn’t aim to own every aspect of their vacation rental undertaking. When you weigh the pros and cons of hiring a vacation rental company like BreakAway Vacation Properties, it’s a no-brainer! Letting a certified and knowledgeable company like BreakAway handle the business aspects frees owners up so they can spend more time focusing on their normal day-to-day. By outsourcing rental marketing and management, the Timmermans exude polished professionalism-and avoid setbacks that can all too often accompany inexperience. Owners don’t need to do everything on their own to preserve as much revenue as possible. It’s quite the opposite, in actuality, switching to BreakAway Vacation Properties increased their revenue by far more than any associated fees. ”
Now that you have some of the right resources and strategies laid out ahead of you, you’re sure to kick silly mistakes to the curb—and join the fast-growing ranks of our most successful vacation rental owners. BreakAway Vacation Properties offers a boutique approach to property management that gives owners complete marketing, booking, and 5-star customer support across all major and up-and-coming websites like Airbnb, Vrbo, and Booking.com, and more. It’s our passion to drive the maximum amount of guests to your property for maximum income-all for an industry-low management fee. Ready to make money with your vacation rental? See if your home qualifies, or call one of our Vacation Rental Advisors today at 800.247.0448.