For anyone looking to make money off of an investment property used for vacation rentals, there are several key aspects to keep in mind. Rental property management can help maintain the property, clean it and keep it looking professional while the owners are gone, but beyond this, there are five pillars of successful rental property management, most of which are up to the owner and the property itself.
The 5 Pillars of Successful Vacation Rental Property Management
As the saying goes, “location, location, location.” It is all about the location. Probably above all other pillars of successful rental property management, the location of the property is key. People want to be close to the beach, the attractions or other desirable benefits. A smaller space can command more rent in a desirable location than a bigger space in a less desirable location. No matter how beautiful a piece of property is, if it is far away from all the sights and sounds that make a region popular, you may have a hard time filling the space.
Closeness to Amenities
This directly correlates to the first pillar. The property should remain close to what vacationers need while visiting. This includes a wide selection of restaurants, public transportation and other attractions helpful for the tourist to get around and to experience the area they are visiting. Travelers come to visit a location for a reason. Outside of some major cities, which visitors just go to stay in order to experience the city itself, most travel destinations are for experiencing the ocean, mountain views, nature trails and other elements they just don’t have back home. Putting a visitor close to these attractions and serviceable amenities is important.
The Wow Factor
After the location and amenities, when a potential renter looks at available listings; they want to be wowed. There are going to be all sorts of different rental properties nearby, so one needs to stand out in order to grab their attention. The rental property needs to look well maintained with professional photos to show off the highlights. Whether it is a spectacular view or simply a well manicured garden and pool, the best rental property management can help make this happen. However, it is one major reason why owners should never take their own photographs, as often times these photographs are not properly lit or set up at the right angle, all of which can kill the wow factor of the property.
Superior Sales and Marketing
This is where a top of the line rental property management company comes in. No matter how amazing the property is or how amazing the location, if nobody knows about it than it really doesn’t matter. The top rental property management teams can showcase the property and make sure word is out for this property. So, partnering up with such a rental property management company is essential for bringing in the tenants and keeping the property rented out.
Before staying in a rental property, most guests read the reviews. If someone has had a negative review, it can have a direct impact on future tenants. Now, most renters are able to gauge whether or not a reviewer is at fault for their own inferior time spent with the property, but even so, having a high review and glowing recommendations for the property is extremely important. The rental property management team can help with this by maintaining the property, plus the rental property management company can also request the visitors to rate their stay. It helps with promoting the rental property.
Contact Son-Rise rental property management with all your vacation rental needs.