One of the biggest trends right now in passive income is owning a rental property. If you are in a position to buy a piece of property that you have solely for the intention of renting it out as a vacation house for travelers you have the potential to make a lot of money, but you will also have a lot of competition. Figuring out how to make your home stand out from all the others is essential if you want to be consistently booked, and ultimately successful in this industry.
1. Have Unique Extras
One reason that people gravitate towards certain properties over others is the amenities. Making sure that your rental has things to offer, that are included with the nightly fee, that others in the area do not have will get you a lot of positive reviews, and reviews are what people are basing their decision to book or look elsewhere on. Some common ways that you can achieve this would be, a coffee bar with a wide variety of blends and extras, bicycles available for visitors to ride around town, or even a welcome basket filled with goodies and snacks for each new guest.
The logistics of this can be tricky if you do not live local to your property and having a property management company is great but they might not be willing to say, go shopping for fresh snacks for each new booking. A snack subscription box is a great solution here. You can purchase a snack subscription box to have snacks from all around the world delivered monthly to your property. If you subscribe to Munch Addict Boxes as part of your strategy to stand out, you are also ensuring that you have a great variety of snacks since you do not know the likes and tastes of each renter, these global boxes have you covered.
2. Make Sleep Spaces Comfortable
Since your properties reviews are going to be a huge factor in what makes or breaks your overall success, an uncomfortable bed, or cheap sheets are definitely going to be deterrents for people looking to relax and recharge on their vacation. These are not things to cheap out on when you are outfitting your space with furniture and décor. Do some research to learn about what to consider when choosing a comfortable pillow, a versatile mattress, and luxurious linens.
In addition to making these spaces comfortable you should also be maximizing your heads in beds opportunities. Things like sleeper sofas, or dedicated bunk rooms, are awesome for people that are renting with a group. Making your home a space for families, groups of couples, or even just friends that do not like to share beds, means that you are not pigeonholing yourself into only being able to earn from one demographic of customers.
3. Provide the Essentials
When people are away on vacation they want a break from the responsibility of their daily life, and they want a high level of convenience. If you are able to give this to them, they are right off the bat going to be please with your property. Some vacation rentals do not even offer things like bath towels or basic kitchen essentials, and this is a big mistake.
You want to create a space where your visitors can show up with their suitcase and nothing else and still enjoy their time in your home. If you are trying to keep costs down, you can consider adding in these essentials a few at a time, but if that is your strategy be aware of the order in which you purchase them. For example, it is going to earn you better rankings to provide bath towels then it is shampoo and conditioner, so do not cut out what is potentially your money maker.
4. Balance Your Presence
The best hosts are the ones that are available, but do not hover. You need to leave it up to your guests how involved they want you to be while they are renting out your property. Be clear about the fact that they can reach out to you at any time, but that your default is to provide space and privacy unless invited to communicate. There are of course always going to be exceptions but as a general baseline you need to balance your presence.
A savvy way to provide next level hosting without pushing yourself on your renters, is to have a binder or folders with FAQ’s and tips about the area, and rental property itself. This way guests have information on hand that they can refer to if they have questions but maybe do not want to reach out to you for the answers. Simple things like the Wi-Fi password, and local ordinances regarding noise, and how to work the television are great examples of what to include for your guests as far as answers to commonly asked questions.
5. Do It for the ‘Gram
An aesthetically pleasing home with décor that is unique and social media post worthy is going to bump up your status just as quickly as any of these other tips. Even a simple accent wall with bold wallpaper or a huge floor mirror can do wonders for your property. Nowadays people are never without their phones, and they are posting every second of their vacations to social media platforms, so why wouldn’t you want your property to have a piece of that action?
Consider creating a hashtag for your home, and listing it where have the Wi-Fi information, for example. This way you will be able to get your space to trend on socials through your guests’ personal posts. It is very common for people to go to social media before a traditional website to learn about something, so having all these different pictures tagged is great for your rental reputation. Some hosts even go as far as to make the listing stand out by creating a theme for their entire property. Nashville has a Dolly Parton rental property and there is a 1970’s Mad Men style home you can rent in Palm Springs. The commitment to a theme is significant but so is the potential for a high ROI.