If you’re looking to supplement your monthly income and build long-term wealth, purchasing a short-term rental property could be just the thing to do. But there are many moving parts to running a vacation rental business, and you’ll want to learn as much as possible about the industry before diving in. Below, Mountain Star Team has provided a simple guide for the first-time investors out there!
Find and Furnish the Property
First, you must find the right vacation rental and make it appealing to potential guests.
- Consider location above all other factors. Find a property with immediate access to attractions, such as beaches, ski slopes, popular neighborhoods, or theme parks.
- Furnish and decorate the home to “wow” people. The goal is to create a beautiful, modern space for a wide range of guests.
- Think of any amenities and perks you can offer guests. For example, you might provide modern appliances (e.g., washer, drier, smart TV, etc.) and local coffee and snacks.
Figure Out Management
Finding and prepping your home for short-term tenants is one thing. Managing the property is half the battle.
- Determine a fair rental rate that will bring you a profit.
- Spend time handling the operational work involved in vacation rental management.
- Consider hiring a professional to handle the day-to-day management tasks.
Promote the Property
Once your vacation property is ready to rent out, it’s time to unleash a marketing strategy!
- Hire a professional photographer to capture your property in the best light possible for your listing.
- Keep the content of your listing short and informative. It should highlight any characteristics not communicated through photos.
- Market your listing on vacation rental sites and social media. Search “easy to use image resizer online” to access a free tool for uploading your photos.
A lot goes into running a vacation rental business. But as long as you keep learning about the industry, prepare diligently, and make smart decisions, you can set yourself up for a lucrative investment. Don’t hesitate to reach out to Mountain Star Team if you want to purchase in the Asheville area!