3 Steps to Start a Vacation Rental Business
Here are 3 steps to start your vacation rental business. Vacation rental properties include single family home, condo, cabin, cottage, chalet, villa, apartment, estate, lodge, townhome, studio, castle, farmhouse, bungalow and boat. If you enjoy your vacation home, it's likely that renters will, too!
The first step in starting a vacation rental business is putting together a business plan and purchasing a vacation property. When buying a vacation rental property, it's vital that you ask yourself a few key questions:
* How's the vacation home market in my area?
* What can I afford?
* Am I buying a second home or an investment property?
* What kind of mortgage should I get?
* Should I buy a house or a condo?
* Who's my target renter (families, snowbirds, couples, etc.)?
The second step is to figure out how you're going to run your business:
* Am I going to use a property manager or rent by owner?
* If I'm renting by owner, what type of housekeeper am I going to use?
* How much should you charge per day, week, month, etc.?
* Am I going to charge by day or by person?
* Am I going to require a security deposit?
* Which fees am I going to charge (cleaning, etc.)?
* Which types of payment methods will I accept?
* How am I going to handle keys?
* Am I going to accept pets?
* What is my refund policy going to be?
The third step is to make sure that you have the right amenities:
* How am I going to furnish my property?
* Which types of beds will best suit my property and my renters? And the now the last step is to advertise and pull in the renters:
* Which/how many websites should I list on?
* Which photos will best show off my vacation home?
* Should I hire a professional photographer?
* What are my property's top selling points?
These are the 3 steps with list of the questions you should ask yourself when starting a vacation rental business. The key to entering into any endeavour and being successful is knowledge and preparation.
Vacation Homes Around the World