Vacation rentals are alternative accommodation for short-term travelers. From an apartment to a villa, any house can be a vacation rental as long as they have something to offer the visitors. For homeowners in Austin, turning their homes into vacation rentals is an alternate source of income, given the millions of visitors the city attracts. If you are one such Austinite looking to start a vacation rental, this article is for you.
1. Increase the visual appeal
The first step to starting a vacation rental is upping the visual appeal game of your place. Most short-term rental apartments in Austin are attractive enough to make visitors take a picture and upload it on their Instagram, bringing the rental some free marketing. You can get that too by decorating and furnishing your home to make it more appealing.
2. Run through the amenities checklist
Every rental apartment must have bare minimum amenities that include Wi-Fi, TV, washer, and drier, among others. Moreover, there is an unspoken rule of keeping the rental hygienic and safe for your guests; this is something you need to ensure when starting your vacation rental business, especially since the pandemic. This includes disinfecting the house and getting Covid-19 negative reports from visitors.
3. Choose the right rate
Price your place properly. Take into account the area your place is located and the amenities you are offering when deciding the rate. Ensure you are not overpricing or underpricing the property. You can avoid both by referring to listings similar to your home to get an idea of the average rates.
4. Know how the business works
Knowing how the vacation rental business works will help you run your rental property. Therefore, you put the word about your rental out there, take the time to learn the ropes of the business. You can do this by contacting other rental owners or a professional property management team.
5. Hire a property management company
Once you have started your vacation rental journey and need someone to run the day-to-day operation, opting for a property management company or property manager is the smart thing to do. However, this is not the most cost-effective option. Therefore, ensure you have enough funds for this step before hiring a team.
6. Automate the process
When you can’t afford a property management team but need to be away from the property or city for a long time, getting automation tools is a great option. With these, you can automate the check-in, check-out, and other processes involved and manage them remotely without spending a fortune.
7. Create an enticing listing
This step should be done well before you start your business. However, it is never too late to create an enticing listing that draws visitors to your property. Adding crystal clear pictures and short and accurate descriptions can go a long way towards getting tourists interested in your vacation rental.
8. Market your property
The final and the most important step to starting a flourishing vacation rental business is marketing the property. You can easily do this by following the best SEO practices and, if your budget allows, running targeting ads. However, the first thing to do is list your property across several platforms to access as many visitors as possible.
Starting a vacation rental business is not as hard as you might think. You can start by revamping your place and ensuring your visitors have something to enjoy. Then, with the help of some automation technology, property management team, and marketing, you will have a flourishing business in your hands.