Taylor Yates | June 1, 2023
Looking to turn your summer home into a lucrative rental property? Now is the time.
Owning a summer home can be exciting, but how can you monetize effectively from your investment when you’re not using it? Here are some helpful tips and tricks to help you successfully set up your summer home as a rental property.
First things first, prepare your property for rental by cleaning, decluttering, and organizing your summer home. Ensure all appliances, plumbing, and electrical systems are in good working condition – guests do not want to deal with a broken air conditioner when on vacation.
Make them feel at home by investing in modern and inviting furniture, high-quality linens, and must-have amenities (soap, shampoo, condition, lotion, etc.). Adding personal touches like fresh flowers and a welcome pack is sure to make your property stand out!
It is important to be fair yet competitive when it comes to pricing your rental summer home, especially if you still need to build up reviews. Start by researching summer rental properties in your area on popular platforms like Airbnb and VRBO that attract a high volume of guests.
This will give you an idea of how others have set up their pricing based on certain parameters, such as, amenities, location, proximity to nearby attractions and the quality of housing they provide. You need to formulate a pricing strategy keeping in mind your expenses and potential earnings. Your goal is to find a balance between price and vacancy rates.
Next, market your summer rental home on websites like Airbnb, VRBO, and HomeAway. Amidst thousands of other summer rental property ads, you need to make sure your ad stands out! Our research suggests that almost 90% of summer rental homes are booked online.
Include vivid descriptions of your summer home's unique selling points - think proximity to the beach, stunning views or any distinctive amenities you offer. Write a compelling description and include professional high-res photos of your property, both indoors and outdoors, to give your listing a boost.
Establish clear policies and guidelines to avoid potential misunderstandings and ensure a smooth tenancy. Include clear details of all policies, check-in and check-out procedures, smoking rules, pet policies, max occupancy, terms for damages, and any additional charges.
With these tips in mind, your summer home will be well on its way to becoming a profitable, enjoyable rental property.
Connect with the Yates Team today to get personalized guidance and support. You can reach out to our seasoned, highly responsive, and knowledgeable team whenever you're ready!
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