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The Winning Formula
1.
The Right Investment Home
The home must have:
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Core elements - good location, sound structure , maximum number of bedrooms and bathrooms, pool, etc.).
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Low enough purchase price to allow for typically needed renovations (see step 2) and to generate a profit. Tip: At a minimum, you will need cash for the deposit on your loan, closing costs, and any renovations/upgrades needed.
The best tools to use when determining which vacation home will be the best investment for you are pro forma statements. These reports highlight your total investment costs, all projected rental income and expenses, and a forecast of profit. Email us, and we can create them for you.
2.
The Right Home Décor and Amenities
To maximize the rental income, the investment home must be a memorable fusion of modern comfort and fun. Each room and space must be designed to cater to vacationers of all ages through the use of colors, themes, and more. The most popular amenities that inspire the most rentals are themed kids’ bedrooms and movie theatres and game rooms that include 3D design elements and theming that take you to another place.
3.
The Right Property Manager for Good Reviews
Exceptional reviews by vacation home guests are critical for the success of your investment home as they boost rentals. The two main contributing factors of a review of your investment home are: 1- upkeep (including preventive maintenance and cleanliness) and, 2- customer service. And each of these are the responsibility of your property manager, so it’s imperative that your hire the best property manager for doing a great job in these two areas.
4.
The Right Marketing
Maximizing short-term rentals requires big exposure on all of the major vacation rental websites like HomeAway/VRBO and FlipKey/Tripadvisor to name a few.
To achieve this level of exposure, investors have 4 options to choose from to implement the short-term rental marketing of their investment home:
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Property Manager: ~20-25% of rental income
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3rd Party Marketing Firm: ~10-20% of rental income
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Pro Agent Group: 10% of rental income
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Self-Market: $0
Great home, very clean, and it looks exactly how it is on the pictures. Everything works inside the home. Overall, I enjoyed my stay, and if I travel with a big party again, I’ll be booking this house again.
- Eliya, Jan. 2021
If you have the time and can quickly respond to inquiries, you should handle your own rental marketing and save on your marketing costs. If you are not able to handle your own rental marketing, your best option is to contact us to see if there is a good fit. Our marketing is top-notch and cost-effective since the smaller commission allows for larger profits. Our services include exposure on top vacation rental sites, management of all reservations, your investment home’s own website, an annual profit goal based on a pro forma, regular communication regarding performance, impeccable customer service, and more.