RCN Capital Blog

Tips for Managing Your Vacation Rental Property

Written by RCN Capital | Nov 26, 2021 5:00:00 AM

If you, like many other real estate investors, have purchased a property for short-term and vacation rentals, you might find that you have a lot of competition. Managing rentals can be a difficult task to begin with, but in order to make yourself stand out you’ll need to put some effort into the property as well. If you’re willing to learn the tricks of the trade though, you’ll have a much easier time managing your property, and it’ll be more profitable. To help you reach those goals, we’ve compiled a list to help you get the most out of your vacation rental.

Tip #1: Hire professionals you can trust

There can be a lot of work that goes into getting your property ready for rentals. Of course, you’ll want to take care of landscaping and housekeeping before each rental session so your tenants can have as comfortable of a stay as possible. If you don’t plan on doing these tasks yourself every time, you should look into hiring professional services instead. Make sure to do your research with each company you consider, and stick to companies that have a proven track record. There may even be professionals in your area that specialize in vacation rental services. Another service that can be immensely helpful is a professional accountant, especially if you’re looking to acquire multiple rental properties.

Tip #2: Offer amenities that renters look for

If you really want to stand out from the competition, there are certain amenities that renters look for that can sway their decision in your favor. Things like Wi-Fi, Smart TVs, and working HVAC systems are almost expected from each property. But to really attract guests you’ll want to invest in a few specific items. Jacuzzis and hot tubs are some of the most sought-after amenities, and though they might be costly, you’re sure to gain a significant return on your investment with more frequent and better paid bookings. The same can be said for a pool (both above ground or in-ground), and for a working grill.

Tip #3: Have a quality listing with professional looking photos

The property’s listing is possibly the most important piece of the rental process, since everything potential renters know about the property is based on it. For that reason, you’ll want to make sure you have a well-written listing that mentions everything that makes your property great. Be sure to list all of the amenities the property includes too. Also, you’ll also want to ensure you’ve taken high quality photos of every section of the house, including the exterior. Appearances are important with rental listings; they could even be the determining factor in some situations. For that reason, you may want to consider hiring a professional photographer to take the photos for you.

Tip #4: Research your local market so you can be priced competitively

Finding the perfect nightly rate for your property can be difficult but looking at other rental properties in your area can be helpful. Check websites like Airbnb and Vrbo to find the rates others are successfully charging for properties similar to yours. Don’t forget that the amenities a property includes can affect its’ rates as well. Of course, you don’t want to be charging a rate that’s too low (unless you’re feeling generous) but you also don’t want to pick a rate that’s too high since you’ll have a hard time renting the property out. It’s a balancing game that might require some fine tuning over time, so don’t be afraid to lower your rate a bit to attract more renters.

Tip #5: Choose a lender that has a proven track record

RCN Capital lends to real estate professionals, commercial contractors, developers & small business owners across the nation. We provide short-term fix & flip financing, long-term rental financing, and vacation rental financing for real estate investors. If you’re looking to finance your next vacation rental property, RCN Capital has competitive loan options available. Connect with us today to discuss your next real estate investment.