How to Increase Your Vacation Rental Property Income

How to Increase Your Vacation Rental Property Income
by

Use a Washington Hard Money Loan for Fast Financing

The summer season is in full swing and vacationers are heading to popular destinations throughout Washington State looking for recreation and relaxation.

Vacation home rentals are at a premium, as guests increasingly shift their stay preferences away from traditional hotels. According to a recent survey from Goldman Sachs Group Inc., more and more travelers are looking for vacation rental options through services like AirBnB and VRBO.

Many real estate investors are taking advantage of the trend and entering the vacation rental market. With the number of rental properties growing at a pace equal to demand, competition for vacation renters in areas like the Pacific Northwest is stiff. Owners need to keep up with expected amenities and market trends to remain competitive and see return on investment.

Tips to Keep Your Vacation Rental Property Booked for the Highest ROI

  • Description: Create a rental property description that is detailed, fair and accurate – and keep it updated.
  • Listing site: Become familiar with the policies and procedures of the different online vacation lodgine sites and determine which best fits your rental goals and property.
  • Picture perfect: Post quality photos of your property and its amenities. Show the space in detail and highlight features that make your rental special.
  • Accurate calendar: Check online booking requests regularly, respond in a timely manner and keep your booking calendar current.
  • Outdoor space: Maintain landscaping and create comfortable outdoor spaces for guests to enjoy. An attractive exterior is as important as a rental’s interior space.
  • Interior design: Choose décor with care. A neutral color scheme, quality furnishings, updated appliances, and touches like window coverings, lighting, linens and cushions make a difference.
  • How to’s: Provide clear instructions for renters on how to operate electronics, appliances and amenities. Include information about local eateries and attractions along with checkout details.
  • Reviews: Encourage and monitor guest reviews of your property. Respond thoughtfully to both positive and negative feedback.
  • Non-static rates: Price your vacation property according to the market, the season, special events and comparable properties.
  • Research: Continue learning about the vacation rental market, local amenities and vacation trends. The more you know, the greater the success you’ll have as an investor.

Finance Vacation Rental Upgrades With a Washington Hard Money Loan

Sometimes you have to spend money to make money back on your investment. A paint job, landscaping, a heating/cooling system or appliance replacement can attract more rental bookings. If you’re in need of funds for an update or upgrade to your Washington State vacation rental property, our private money loan team can help. Give us a call at 1-888-477-0444 to learn about fast, equity-based real estate loan options with Gregory M. Russell.