In this blog post, we'll break down the steps of setting up your very own rental as well as discuss potential benefits and risks that come along with becoming a landlord. We'll also provide helpful tips to ensure you maximize profit and attract high-quality tenants. So read on, and soon enough your place will be ready for guests!

Do Your Research

Research your local market to identify the types of vacation rental services that are already popular in the area. Ensure your property stands out and offers something extra so it's competitive in the market. If you’re handling your short-term rental on your own, you’ll need to determine a pricing structure that is both appealing to renters and financially beneficial to you.

It can be difficult to manage a vacation rental all on your own, but consulting with companies like Bearadise can ensure you get expert advice. They can help determine which location is right for you, based on your budget and what you're looking to get out of your rental.

Doing this prep work can help ensure that your property is competitive in the market and stands out to potential guests. 

Rules for Vacation Rentals

Before moving forward with a vacation rental, check your local regulations for renting out your residence.

If your property is located in an HOA, there may be rules regarding whether it can be a short-term or long-term rental. Some HOAs only allow a certain number of properties to be rentals, and the rest must be primary residences.

Did you know there are often tax rules for vacation rentals? You can usually reap tax benefits to offset some of the costs of owning and operating a short-term rental. Some stipulations for eligibility include meeting the quota of rental days, which you can learn more about from Investopedia.

Include the Essentials and Some Extras

To really make an impact, consider offering something extra that sets your rental apart from the rest. Maybe it's a unique theme or decor, or perhaps it's special amenities like a hot tub or outdoor kitchen. 

Must-Have Amenities for Vacation Rentals

Guests expect a certain level of comfort in their vacation rental. Be ready to invest in the following amenities to make your property appealing:

• Air Conditioning

• Fully-Stocked Kitchen

• Heating System

• Linens

• On-Site Parking

• Television

• Washer and Dryer

• Wi-Fi

Other services and amenities that renters look for include:

• 24-Hour Self Check-In

• Cleaning Supplies

• Electric Vehicle Charging

• Fans

• Games

• Hot Tub

• List of Dining or Activity Recommendations

• Pool

• Toiletries

• Welcome Basket

Whatever it is, make sure it's something that will attract guests and make their stay extra special. By putting in the effort to understand the market and offer something extra, you can attract more guests and stand out in a crowded rental market.

Develop an Online Presence 

In today's digital age, it's more important than ever to have an online presence. This rings true not just for individuals but also for any business, including rental property. Creating a website and social media accounts for your rental property can significantly increase its visibility and draw more potential renters. 

A website serves as a central hub, providing information about your property's features, pricing, and contact information. Meanwhile, social media platforms like Facebook and Twitter allow you to engage with your audience and share updates about your property. 

If managing your rental’s online presence sounds like too much work, there are marketing and management companies who are happy and able to do it for you!

Market Your Rental

The marketing landscape can be overwhelming, especially if you're not a seasoned digital marketer yourself. Fortunately, there are plenty of options for outsourcing your marketing needs. 

From email campaigns and search engine optimization to content marketing and beyond, the experts at Gravitate One have the skills and know-how to take your business to the next level. If you’ve created a website or social profile that’s not getting as much traction as you want, Gravitate can help you amplify your presence so it translates into bookings.

So why not invest in expert services to help you get the results you're looking for and let you focus on what you do best? You can still be hands-on with other aspects of your short-term rental if you’d like!

Work With a Short-Term Rental Service 

It can be a lot of work to manage vacation rentals, especially if it’s supplemental work and not your full-time job. It can be a daunting task to keep track of bookings, cleaning schedules, and guest communication all while trying to juggle your daily responsibilities. 

Companies like Doorstep specialize in coordinating bookings, check-ins, taking inventory, and cleaning your rental between renters. Unlike other short-term rental partners, Doorstep handles all the details, including managing utility payments, furnishing your property, and scheduling maintenance. They can also serve as the point of contact between you and your guests so you don’t have to respond to emergency or after-hours requests.

Imagine being able to kick back and relax while your property thrives under the care of experts. Don't wait any longer, let Doorstep help you take your vacation rental to the next level.

It takes a lot of time and effort to start up a vacation rental business, but it can also be incredibly rewarding. Remember to focus on the little details that all add up to make a big difference in your success.

As long as you start by developing an understanding of your local market, you’re on the right path. Remember what you’ve experienced at vacation rentals you’ve booked for yourself, and bring those amenities and services to your own property.

Don’t be afraid to take advantage of resources such as short-term property management companies to help you get organized and thrive with the right pricing structure, convenient booking software, and quick turnover services.

With dedication and some initial overhead investment, your vacation rental business should flourish in no time!