[Infographic] 5 Steps Toward Vacation Rental Ownership

Home Rental! Every travel blog you read these days tells you to ditch the traditional hotel in favor of a cozy vacation rental. Boats, lofts and cabins are just some of the options you will find. And they come fully equipped with top amenities and absolute privacy so you feel at home away from home.

That said, how many resources tell you how to contribute to the craze and turn your own house into a vacation rental? We found that vacation rental is about 20% of the lodging market and generates up to $27,000 per year. In other words, a rental pays for itself and there are plenty of room on the market for you to place your own. Check out these 5 quick tips to get started.

1. Make sure you can turn your home into a vacation rental

First thing you want to do is to look into local ordinances. Your state, city or county might have regulations that will prevent or limit the propagation of vacation rentals. After all, not everyone wants to have noisy tourists as neighbors.

The second thing is to quickly review and list the appeals that your property has. Does it have a view on a lake or a fantastic landmark? Is it 5 minutes away from popular tourist attractions? These things will be helpful down the line, you’ll see.

2. Prepare the property for rental

Nothing stands in your way of turning your property into a vacation rental? Great! Next thing you want is to ensure everything is working and is good looking. Aesthetics counts when it comes to choosing a home. That goes for picking the vacation rental as well.

3. Decide of a house cleaning solution

Just like a hotel or any rental someone takes possession of, they expect it to be sparkling new. It is your duty as an owner to keep the place always clean and presentable. If you want to do this right, review your cleaning options relative to your booking schedule.

If you have people renting just now and then, you could do the cleaning yourself or hire maid. However, as the frequency rises, you might have to look into a professional house cleaning solution.

4. Set-up a guest welcoming package

This is the trickiest part of being a vacation rental owner. It can also be quite time-consuming. You have to give guests the keys to the property. It’d be also wise to give them a tour, general details and specific instructions. Do you know how hard it is to operate a microwave sometimes? Yes, operate! Because some of those things require a manual to use.

Again, your two simplest options are to either go meet your guests upon arrival or rely on a property management service.

5. Managing your property

Congratulations for making it this far; you are now a vacation rental owner. The next step is to market your offer, and this final step can become quickly complicated. For instance, how to best manage the rental dates so that a new guest doesn’t show up while the place I still taken? Where to advertise your place to connect with people that are looking for vacation rentals?

Your reflex should be to go to specialized vacation rental websites. Almost 90% of travelers search online before booking, therefore it is where you want to be. There are websites, mobile apps ranging from Airbnb to HomeAway. Look into this Independent Traveler’s guide to such services for the one that suits you best.

Just to be complete, know that as an owner, you could also rely on a rental agent, a property management or get management software licenses and do everything yourself.

Turning your property into a vacation rental can be profitable. But, as you can see, it also takes a little leg work to get started. For more details on the perks of turning one’s property into a vacation rental, check the infographic below.