Getting Started in Real Estate: How to Start a Vacation Rental Business
Have you been looking to get into the real estate business? If you’ve been struggling to decide which niche to enter, the vacation rental business might be the one for you, as it is booming and highly lucrative. If you want to learn about starting a vacation rental business, keep reading as Realtor Suzi Farajiani breaks it down below.
What You Need to Get Started
First things first - you will need to get your backend sorted. Following are the main things you’ll need in place:
Business plan: A well-crafted business plan will include a property management strategy, potential risks, goals, USPs, and more.
Financial tasks: Make sure you have accounting software for your small business to easily automate financial and administrative tasks.
How to Make Your Rental Stand Out
After completing the administrative and legal requirements, it will be time to list and market your property. Here’s how to do so effectively.
Unique amenities: Ensure your rental has a unique amenity, location, or design to attract lots of guests.
Marketing: Keep your target guest in mind when marketing and entice those guests to book through social media and rental platforms.
Business Cards: To create a custom business card for your rentals, click here. You can make an attractive design for free to get prospective tenants interested.
Managing Your Vacation Rental Business
Once your business is up and running, you will need to get managing on autopilot. Here are the main options for managing your vacation rental business.
Self-management: Managing your own rental can be rewarding, especially as you’ll have greater control and zero management fees.
Professional property management: The benefits of hiring a property manager or property management company are that you won’t have to do any of the work yourself, and your property will run on autopilot.
Vacation rental software: Use rental websites like Airbnb, Booking.com, and Vrbo to manage your bookings, and create tasks and responsibilities for cleaning or team members.
While starting a vacation rental business is a solid way to get into real estate, it does take extensive planning and consistent work. Put in the work from the onset, and you’ll have a high earning potential and extremely rewarding business idea to get you going!
To start your rental journey or find your next investment property, contact Realtor Suzi Farajiani today!
Article Contribution by: Amy Collett