Purchasing a new home for the purposes of a rental investment is a huge decision and one must do their homework to decide if it makes sense for them. A question that a Homeowner usually asks is, "Is it better to rent the home on my own or use a Property Management company for a fee/ percentage?". Of course when one is considering renting out their home the intention is to have a profitable return on investment and ongoing income stream. So they really have to weigh the pro's and cons of doing it all yourself or leaving all the hard work to the professionals. Here are some facts to help make that decision a little easier...
If you are " on the fence" about whether or not to purchase a second home or even use your own home as a vacation rental, we are here to tell you that this is one of the best investments you can make! It is no wonder that the Airbnb industry has blown up, there must be something to this "renting my home" thing... right? We wanted to share with you the top five reasons why you should invest in a vacation rental property.
You want to maximize your property income and enter the short term rental market, but simply don't have time to manage it - what do you do? Property management is a great solution. Below we explain some of the benefits of partnering with a property management company.
An excellent management team lets owners get a good night’s sleep without the hassle of dealing with guests who will arrive at two in the morning or last minute maintenance emergencies. But, that might not be enough to convince you!
Here are ten advantages of partnering with a property management company:
Buying a vacation home is an exciting reward for all of your hard work. If you are only able to enjoy it a few times a year, many property owners have found renting to be a great investment. There are many financial benefits to be gained from renting out your vacation home—that is, if you’re smart about it.
Here are five mistakes you won’t want to make when you rent out your vacation home.
1. Not thinking about it like a business
Renting out your vacation home is not something you should take lightly. When you get started, failing to think about things from a business perspective can be detrimental. How much thought have you given to the listing price for renting? Are you positive that renting will ensure that you’re breaking even? And how are you treating your customers? Have you considered the benefits of a long-term customer? These are all questions you should ask yourself when you rent your vacation home.
2. Presenting misleading expectations
If you’re listing your vacation home online, it’s best to be completely honest about the condition of it. Be picky about the language you use in your rental listing. The quickest way to get bad reviews on a vacation rental is to make your second home out to a luxury when it isn’t. If your vacation home feels like your actual home, don’t make it seem like it’s a resort. If people will see photos of your family on every wall, be upfront and honest—your guests will appreciate it.
3. Forgetting about maintenance
Can you think of anything more annoying than having to stress out about a broken refrigerator while you’re on vacation? If you’re renting out your vacation home, treat it like you’ll have to use it. Many renters invest in routine maintenance with an appliance protection plan so that the pressure is off of their shoulders. Just remember, it only takes one bad experience for the word to spread about your vacation home. Keeping up with repairs will reap a big financial reward in the long run.
4. Giving vague instructions about the home
When you’re giving your guests information about the home, make sure to give more detail than you think is necessary. It’s easy to overlook something when it’s second nature to you, but the little details are actually important for someone who has never been there before. Many rentals don’t do this which can be an annoyance that leads to bad reviews and non-returning guests. Perhaps give an all-inclusive welcome guide for your guests, both electronically and at the house. This can be where you list out anything someone might want to know while vacationing—information ranging from how to turn the TV on to your favorite local restaurants.
5. Failing to inform neighbors
If you have neighbors who live in the neighborhood full-time, it’s common courtesy to let them know your plans of renting out the house. If they see strangers in your driveway, they could get concerned. Communicating with those who live in the neighborhood is a great way to ensure that everyone is informed and will prevent any unnecessary worry. You also will have someone to keep an eye out in case your guests are causing problems.
Written by: Emma Cook
Emma Cook is a recent graduate and freelance writer taking time to explore her interests and expand her writing portfolio. She enjoys writing practical pieces on personal finance and the home.
One of the advantages of Airbnb hosting is meeting people from around the world. Sometimes it means there can be difficulty in communicating with them some of them were raised speaking in a different language, no English at all. This can be a very uncomfortable situation for both the host and the guest, but if you are prepared to overcome the language gap, both you and your guest will have an awesome experience.
Language gaps difficulties mostly happen to guests who doesn’t speak any common language at all. For example are guests who only speak Spanish. Other than being able to determine what a “yes” or “no” is, it will be hard to understand what each other was saying. Establishing a sufficient communication can be challenging but will be needed to get a great review!
Using a translation app can help as well. Guests can ask you about what sights to see around town and you can easily explain to them where to go, how to get there, including a few nice tips on going around the city to make their visit exciting. Definitely worth a great review!
We have listed here are some communication tips to help you overcome the language gap with you guests.
Guest experiences are important. Typically, guests expect a certain level and manner of service when staying at an Airbnb or another short-term rental accommodation. And they should. Often, guests choose to stay at vacation rentals rather than at local hotels in order to see travel through a more holistic and immersive lens. They want to feel welcomed, they want to feel local, and they want to feel at home.
Renting out a home on Airbnb is a great way to earn extra cash, but most of the time, people get stuck when trying to figure out how to start. If you don’t know which things should be moved out of sight, what should be locked away, and which items should be available to your guests, here are some tips on organizing your home before the guests arrive.
Make your home clean and tidy.
Cleanliness translates to guest’s comfort and satisfaction during their stay. Cleaning your home is one thing you should never skip regardless of whether you live there or you rent it out. Clear away clutter such as your family photos if you don't feel like sharing that to them, or you can also leave a few to give your guests an idea of the people who live in the house. Decorations are fine but arrange them properly so guests can put things down without shoving them. You can also put away anything you don’t want broken. You can have magazines but it's best to have just the latest issues available for the guest. You can store away those that you are planning to read soon. For the toys, expect that most kids will play with them on the floor, outside, or anywhere in the house so make sure to put away anything you don’t want kids to play with. Cleaning your Airbnb is no easy task, but a good job will be rewarded with raving guest reviews.
Creating a listing for your vacation rental isn't quite as easy as it may seem. There are many factors that you will need to keep in mind, as you consider what your upcoming guests will be looking for. Here are some of the things you need to know when building your listing.
When entering the short term rental business, there are many things to consider. The ever growing number vacation rental sites such as Airbnb, Booking.com and Homeaway prove that more travelers than ever are opting to skip the hotel and use the alternative option of staying in a vacation rental. As the vacation property market has become more sophisticated, it follows that travelers are now after more than just a bed or basic essentials. From weekend breaks to longer out of town escapes, renting a vacation property has become the preferred choice for those after the complete “home away from home” experience. So, before signing up to any of these vacation sites, take note of these simple tips to make sure your space is ready and able to compete with "hotel quality."
Having strangers stay in your home is kind of a big deal. Who are they? What are they like? Will they mess up my furniture or go through my things? How will they take care of my property? While you won’t be able to answer all of these questions before (or even after) letting someone into your home, there are a few tricks which can help you get a better sense of who it is you’re hosting.