Whether you’re buying a ski-in/ski-out condo at your favorite resort or you’re thinking of picking up a small home in a busy tourist area, buying a property for short term rental purposes can be an excellent investment that quickly begins to provide additional revenue. This article will discuss how to invest in short term rentals. Let’s take a quick look at a few steps that you can take to maximize the revenue that your investment properties bring in each month.

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Upgrade Your Home to Give It a Luxurious Feel

It should go without saying that if you are buying a vacation rental property you will also want it to rent for a high price. Therefore, it has to have a significant amount of value behind it. After you purchase the property, spend some time on upgrades that help to enhance the home’s beauty and usability. If possible, each sofa should be a sofa-bed so that additional guests can stay the night. Upgrade the televisions, have Wi-Fi internet access available and provide a phone number that guests can call if anything goes awry. 

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Professional Photos and Copywriting

If you’re renting your property out to short-term or vacationing tenants, you’re most likely going to use online services like VRBO, HomeAway or AirBnB to attract new business. While these sites have a lot of visitor traffic you’re also going to face a high level of competition from other property owners in the area. It’s worth paying a professional photographer to take pictures of your home as well as having a professional copywriter handle the sales copy for your listing. These are one-time costs that can help you to defeat your competition and close high-ticket clients. Here are some more tips for investing in short term rentals.

Cater to Large Groups or a Niche Crowd

There are a number of “niche” travelers out there and if you can cater to these groups, you’ll find that you’re able to charge more than the average vacation property. For example, you may be buying a home in a popular wedding destination that can be marketed to couples who are being married. If you’re buying a larger 3 or 4 bedroom home, be sure to note that it can house large groups who may be traveling together. Let’s keep going with more tips for investing in short term rentals…

Referrals and Repeat Business 

Finally, don’t forget to ask your clients to refer you to their friends and family who many want to stay in your unit, and always invite them to return in the future. You may want to consider offering a discount to repeat visitors to encourage them to visit annually. 

Renting out your vacation home or investment property can provide a lucrative income stream as long as you have a professional approach and focus on providing a high level of customer service.
Now you have some more tips on how to invest in short term rentals. For more steps how to buy rental property or even buy and flip stay tuned into this website blog at: https://realestatewaypro.com and subscribe to my newsletter.