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By Katie Conroy
Renting out your second home as a vacation rental is a smart, lucrative way to help the property pay for itself. It’s likely that you don’t spend most of the year—maybe even less than half—in your vacation home, which means you have several months out of the year when this property is vacant. An empty house is a costly house; by renting it out while you aren’t there, you can recoup some of the money you spend to maintain it. Here’s how:
Attract seasonal renters with modern upgrades
The vacation rental market is much more competitive these days. The best—and possibly only—way to ensure your home attracts renters is to make sure it has the most sought-after features, and more. For example, most people agree that the top vacation rentals include:
- State-of-the-art kitchen complete with upgraded appliances.
- A master bedroom suite with a jacuzzi tub.
- Climate-controlled thermostat with easy-to-understand controls.
- A fenced-in backyard for homes that are pet-friendly.
- A highly rated walkable location, with free on-site parking and, in the bigger cities, close proximity to subways, rails and metros.
- Laundry facilities with detergent, iron, ironing board and steamer.
The good news is that you will enjoy many of these upgrades as well. So, though they may be a stronger magnet for renters, they also increase your own level of comfort when using your vacation home.
Connect with a good management company
Managing a rental can be especially challenging if you don’t live within driving distance of your second home. It can be even more difficult if you don’t have anyone you trust—friends or family—living nearby who is willing to help out. Without help, keeping tabs on your vacation rental and keeping its guests satisfied can feel impossible. In those situations, you can find relief by looking into listing your rental with a good management company.
The right vacation rental company provides top-notch hospitality services to help keep guests happy and help drive revenue for you. Companies like Turnkey ensure that your home is kept clean between bookings, offer 24/7 support for the reservations process, and install digital locks and other security measures to keep your rental and guests safe.
Make the little things count
Many vacation renters will come back to the same spot year after year, as long as they are having a good experience that they feel goes above and beyond. For example, let’s say you want to attract long-term renters—people who will spend weeks or even months at your property. One simple way to appeal to this group is by leaving helpful instructions or FAQs in the rental.
Additionally, provide amenities that make packing and traveling easier. You can make their lives easier (and your property more appealing) by:
- Stocking the bathroom with toothpaste, shampoo, conditioner, and a hair dryer.
- Providing infant furniture such as a roll-away crib, pack-n-play and stroller.
- Offering books, games, movies and toys that appeal to families with young children.
- Giving guests access to essentials in the kitchen, such as coffee, baking products, cooking supplies, and meal staples like milk, bread and cereal.
Renting out your second home, especially when you live in a high tourist area, can be an additional source of income to help pay for insurance, a second mortgage and other costs associated with owning a home. Some homeowners worry that letting strangers in could destroy their property and put a dent in their budget. But with a little financial savvy and the right support on your side, you can find yourself turning a nice little profit.
