A vacation rental property is a home or condo owned by an individual and rented out to vacationers. Access to a kitchen and multiple bedrooms makes a vacation rental property a great way to vacation on a budget, especially for families. VRPs are tremendously attractive to many vacationers, especially during tough economic times. The key to maximizing profits on a vacation rental property is to furnish the property well, inexpensively, and quickly.
Choose the Right Furnishings to Maximize Real Estate Investment
- Rentors, above all, want to feel pampered on a vacation, even if they're on a budget. Any money invested in luxuries can be advertised on vacation rental property listings, and is well worth the investment. Luxury bedding is a prime example. Offer high thread count 100% cotton sheets, a selection of pillows, plenty of quilts and comforters (especially in cold climates!), and comfortable new mattresses (perhaps with feather beds or memory foam mattress toppers). A luxurious night's sleep can create a customer for life.
- Duplication makes a well-stocked kitchen. Renters are incredibly frustrated going to a VRP with a “furnished kitchen” only to find insufficient kitchen equipment even to make spaghetti, and only enough dishes to eat and drink in shifts. Be sure that there are at least twice as many of each type of dishes, glasses, and silverware as the vacation rental property can sleep. Guests don't want to have to wash dishes after every meal. Have plenty of pots and pans and every kitchen gadget imaginable. Stock a set of reasonably good knives with plastic handles, not wood, so they won't be destroyed when guests put them in the dishwasher.
- Think about little luxuries. Be sure the television is large enough that all guests can enjoy it comfortably. Provide a DVD player—nobody takes VHS tapes on vacation these days, but most VRPs still have VHS players. Provide a small library of DVDs and light reading (many guests will donate paperbacks to the collection over the years). Provide board games and even video game consoles, wireless internet, and cable. Consider offering a portable crib and high chair for families with small children. The more entertainment and amenities provided, the more likely potential guests will be to rent the property. Vacation rental properties need to offer more than a nice hotel; that's part of what makes them attractive.
Find the Deals on Home Furnishings
- Craigslist.org is a great place to look for furnishings for a vacation rental property. Be discriminating, however. Choose only good quality, clean furniture that fits the style of the vacation rental property. Guests don't want to feel like they're vacationing in someone's old college dorm.
- Model Home Furnishings resellers are another place to find luxurious, fashionable furniture and accessories at a deep discount.
- Overstock.com consistently offers the best prices on luxury bedding.
- Stores like Ikea, Target, and Walmart offer very low prices on kitchen supplies, glassware, and the like.
- Garage sales are great places to get all household goods for pennies on the dollar. Again, only choose high quality, matched items. Guests don't like to feel like they're using unwanted castoffs.
Get the Vacation Rental Property Finished
Perfection is great, but above all else, it's important to get the job of furnishing a vacation rental property done quickly. Don't spend months hunting for the ideal cheap couch on Craigslist when a great one can be had for only a little more at a model home furnishings center. Get it done and get the renters in there making revenue. Do a good enough job to get started, and then continue to add to and improve the property over the years.
Follow these steps and quickly move on to managing a vacation rental property and earning money!
