Do you own a vacation home that sits empty for a good portion of the year? Renting out your property to other travelers is a great way to subsidise the cost of your holiday retreat. With the holiday season fast approaching, this is the perfect time of year to rent your vacation home to travelers looking to enjoy a cozy winter escape.
Whether you have had your vacation rental for years, or this is something you have just decided to try, we have complied a list of tips and suggestions to help you successfully rent out your home and put some extra money in your pocket for the holidays!
1. Good Pricing
Establishing a fair price for your vacation rental is probably one of the most important steps in successfully renting it out. It’s always a good idea to compare your property to similar ones in the same area to help find a suitable price range. We know the idea is to rent your home for as much money as possible, however ensuring that your listing is priced competitively is an important factor in making it stand out from your competition. If your listing is overpriced, don’t be surprised to see it sitting empty for long periods of time. Rate changes during peak seasons or popular travel times are not unusual and also something to take in to consideration when establishing the pricing for your vacation rental.
One last tip to ensure your guests are happy and your home stays clean and well maintained, is to include a mandatory cleaning fee with every rental. This should be clearly stated at the time of booking and is an easy way to ensure your home is squeaky clean for every guest.
2. Published Photos
We have learned from experience the property listings that display 4 or more photos typically receive twice as many inquiries. The more quality photos you include with your listing, the more interested travelers will be. Good photos will provide potential guests with a better feel for what your property is really like. For instance, if you have a swimming pool, a huge outdoor garden, or a beautiful private balcony, these are all features that should be highlighted in the property photos. Photos are also a great way to make sure potential guests have appropriate expectations of the property and the amenities that are included. Property listings that include a number of accurate and up to date photos not only tend to rent out more frequently, but are also more likely to receive positive feedback from the guests that stay there.
3. Description
Providing a brief description of your vacation rental is another important way to increase its value. The property description is your opportunity to sell your vacation rental to a potential guest, by sharing the details and features that make it special. Try to make the description as thorough and unique as possible so it stands out from other listings. Your descriptions could include details of your rental including the location, amenities and key things about the area. It is important to include as much information as possible and to clearly specify exactly what is and is not included in the vacation rental.
4. Specified Rules & Agreement
In order to ensure your guests have an enjoyable vacation and your property is well respected, there need to be set rules and expectations in place. The best way to do this is to have your guests sign a rental agreement prior to their stay. The rental agreement outlines the details and terms of the rental arrangement, what is included in their stay as well as any rules or guidelines that are expected to be followed.
Having an overabundance of rules and stipulations may make your rental home less desirable to guests, however setting reasonable and appropriate rules and expectations actually do the opposite. Guests are more likely to book a vacation rental that has clearly stated terms and a detailed written contract because they feel more confident in the agreement and in the expectations of the rental property.
Renting out your vacation home is a great way to earn money on your investment so you and your family can continue to enjoy your vacation home for years to com. Follow these simple guidelines and delight in sharing your peaceful retreat with other travelers looking to enjoy a relaxing getaway!
BIO
Sarah is both the Community Manager and voice of the travel accommodation website, RentbyOwner.com. As the Community Manager Sarah holds the important role of engaging travelers and creating a positive user experience. Her love of travel and her passion to learn new things, offer a fresh perspective to her writing and make for some fun and insightful travel advice.
