With the vacation rental market booming; it’s no surprise that investors are flocking to this lucrative real estate type. After all, when appropriately managed, successful short-term rentals can earn more money than their traditional long-term counterparts. However, with stiff competition, it can be tough to stand out when travelers have access to hundreds of places.
So how do you limit vacancies in a nearly satiated market? What do guests want during a short-term stay? We’ve got all the answers right here. If you’d like to learn how to become a better vacation rental manager that knows what features people look for, stick around till the end.
Top 3 Features People Look For in a Vacation Rental
Regarding real estate; location is often one of the most critical factors. However, with vacation rentals, it could be all that matters to your tenants. Since most travelers already have a destination in mind, they’re usually after a place that isn’t too far from popular tourist spots, has decent accommodations, and a good walkability score. The closer you are to these major attractions, the more traffic you’ll see and the more money you can earn. If sending real estate postcards is one of your marketing strategies, a good location gives you more leverage in winning over potential guests.
After location, travelers often use prices as their deciding factor. You should consider this feature when setting your prices as a business owner. While you don’t want to run down your business, you shouldn’t try to extort your guests. You’ll lose valuable customers if you offer the same amenities as the competition and your charges are way higher. Also, it’s crucial to remember that you lose money when you don’t have tenants.
Thus, it would be best to start by calculating how much it costs to maintain your rental. It would help if you also considered what similar properties in the area are charging for their services. With this information, you can set an affordable rate that still leaves you with a nice profit margin.
Responsive management is a great selling point for vacation rentals. Guests often check reviews when they can to get an idea of what to expect. After all, no one wants to have the landlord on call 24/7 when trying to relax. Thus, if you’re prone to ignoring tenants after they’ve signed a rental agreement, you could be chasing away potential tenants. Pay attention to your rating on whatever listing site you use. If guests can comment, reply to both good and bad ones to give other reviewers the impression you’re eager to respond. Also, when you have a booking, ensure you share your contact information with your visitors. If you’re not sure you’re up to the task, don’t leave it to chance. Instead, hire a complete property management service to manage a vacation rental.
Vacation Rental Amenities to Stand Out Against Competitors
It’s 2022, so providing Wi-Fi to your guests should be a given. Many travelers expect internet access to remain connected to the office, family, friends, and social media. Find a reliable internet provider that can set you up with a solid connection system. For business travelers, video game players, or families, Wi-Fi will always be a plus.
A large HDTV in the living is a great amenity that can help your photos stand out from the crowd. Nothing screams vacation more than kicking back and enjoying your favorite shows. If you want to go the extra mile, you can install cable TV, Netflix, or another streaming service to keep your guests entertained.
- Washer & Dryer
Another amenity that would be great to include is a washer & dryer. If your guests are going to be around for more than a day, they’ll likely need to wash something. Instead of grabbing a bucket, an in-apartment washing machine could save them that stress. This appliance could be a mega plus for large groups and families, especially if they plan to stay for a week or longer.
- Kitchen Appliances
Besides a washing machine, other appliances make your vacation rental a must-stay. Dishwashers, refrigerators, coffee makers, and microwaves could make your guests’ stay more convenient. Granted, not everyone will use them, and installing them means you also have to worry about maintenance. However, you can always make guests deposit a refundable damage deposit to cover any necessary repairs.
To attract more visitors and increase your earnings, you must provide value to your guests. With any of these top 3 features people look for in a vacation rental; you should be able to boost your bookings. Location, affordability, and responsive management are a priority to every guest. When you have these on lockdown, you can try to attract a larger audience with additional amenities like Wi-Fi, a washer & dryer, or advanced kitchen appliances. A property manager can help you make some of these decisions, which can improve your chances of success.