6 Sep 2022
Beyond the Purchase: Turning Your Vacation Rental Investment into a Success
Congratulations! You did it! You bought your Outer Banks vacation rental property.
But now it’s time to get down to business and figure out exactly how to turn your new property into a business that makes passive income for you. Running any sort of business takes a lot of time, money, and research before you can become successful but it is possible to hit the ground running and ensure that once you’ve gotten started, your vacation rental business can be something that continues to work for YOU all year round.
Fortunately, we’ve done some of the heavy lifting for you so you can get back to your life and spend your time focusing on other things. Keep reading below for some of the industry’s best tips on how to turn your vacation rental investment into a financial success.
Be Prepared to Spend Money Up Front
We’re starting with this one because it’s a hard one. You’ve just invested a lot of time and money into purchasing the perfect property. From legal fees to inspections and closing costs, it definitely feels like you’ve already poured a ton of money into this project. And as a result, it’s really tempting to try to cut corners on amenities and upgrades so that you can try to get some of that money back sooner rather than later.
Unfortunately, being too frugal can actually backfire, costing you more in the long run and even losing potential future bookings. If you want your income from your vacation rental property to be truly passive, it’s essential that you spent a little extra money upfront to get things started off on the right foot. Consider investing in upgrades and amenities that guests are looking for or spend the extra money on long-lasting paint and a professional painter or designer. Reviews and photos are important for people looking to book a vacation rental property for the first time and a good way to ensure that your property stays booked is to regularly invest in upkeep, decor, and unique amenities (like jacuzzi tubs and flat-screen TVs) that will have guests coming back year after year.
Do Your Research
Even if you have a vacation rental property in another area of the state, or the country, running a vacation rental business on the Outer Banks is a unique experience with its own challenges and rewards. Don’t expect a beach house to require the same maintenance, upkeep, or preparation as a mountain resort or a condo in the city.
Look into how other properties are running their businesses to get some ideas and plan ahead for things that might come up, like hurricane evacuations or rental seasonality. Know what to expect when filing taxes next year and be familiar with the property and rental regulations for the town your property is in.
And be sure to ask around and connect with other homeowners! Find out what works, what doesn’t, and share your own expertise with people who understand. With the advent of social media, you’re sure to find the support you need to make the most of your vacation rental.
With the multitude of vacation rental properties available on the Outer Banks, it’s important to do everything you can to make your vacation rental property stand out. One way to do this is to include a variety of amenities that your guests will enjoy. When one set of guests has a great time at your property, word gets around, and your number of bookings increases, bringing in more income for you.
Consider installing a hot tub, if there isn’t one already, or jacuzzi tubs in some or all of the bathrooms. Be sure to include WiFi throughout the home and consider including Flat Screen TVs and streaming services, so your guests won’t have to think about anything.
Some of our more popular rentals also offer things like media rooms, game rooms, and beach gear like chairs or bicycles for guests to use.
And don’t forget the kitchen! A gourmet kitchen with a wide selection of cooking utensils, a wine cooler, or double dishwashers can make all the difference guests are writing reviews! Investing now will ensure a return on that investment later when the 5-star reviews and repeat bookings start rolling in.
List and Market Your Property
The key to making money on your vacation rental property is making sure that you have an eye-grabbing listing that is available on multiple websites and booking platforms. It’s important write a clear, accurate description while drawing attention to what makes your property unique. Additionally, you’ll want to make sure that you respond to rental requests and reviews within a timely manner, which can be quite a time investment.
Fortunately, here at Seaside Vacations, we have a team of highly trained marketing specialists here to help you market your property and increase bookings! We provide professional photography services, carefully crafted property descriptions, and ongoing media engagement and advertisements to make sure that you get every week booked!
Seaside Vacations also has the largest Instagram following out of all local rental management companies and we run the Outer Banks Podcast, which is one of the only podcasts on the Outer Banks that exists! So if you want to keep your free time while ensuring your property is out on the market, let us handle the hard stuff!
Start Thinking About Hiring a Property Management Company NOW
It’s never too early to start thinking about a property management company. In fact, when you hire someone like Seaside Vacations to help manage your property, you won’t have to worry about listing and marketing your property, finding and hiring cleaners, handling maintenance issues, or setting dynamic rates that bring you a profit while still ensuring consistent bookings. We’ll take care of the time-consuming stuff so that you can focus on the fun stuff like creating a theme, interior decorating, and getting back to your daily life, all while still bringing in passive income from your property.
And when you choose to work with Seaside Vacations, with our Free Annual Maintenance Plan, you won’t have to worry about trying to find local cleaning and maintenance crews. We work with vetted local partners to ensure that your home is ready for each new guest and that all on-the-ground needs are quickly taken care of. With 100% in-house laundry, housekeeping, and pool & spa service, and a designated maintenance technician for your home, we handle all maintenance for your home including working with outside vendors.
Let us help you make your rental business a success!
We love property management on the Outer Banks and it shows. Family-owned and locally managed for over 30 years, Seaside Vacations goes above and beyond to make sure property management is Hassle-Free, meaning that we’ll take care of the details so that you can get back to taking care of the things that matter most to you.
When you’re ready to find out more about how we support YOU in your rental property business, request your Complimentary Rental Projection today! Simply fill out this form to receive a commitment-free call from Michelle Russell, our Business Development Director at Seaside Vacations, who can answer any questions you may have about how Seaside Vacations can help you make the most of your Outer Banks vacation rental property.
Take CONTROL of your rental property business and start earning passive income.
About the Author: Lauren is the author of two books and a travel enthusiast. She grew up on the Outer Banks and only left for a few years to get her degree at UNC-Chapel Hill and complete a tour in the Coast Guard before making her way back to the beach in 2017. The only thing Lauren loves more than writing is sharing her love of the Outer Banks and its rich history with visitors and locals alike. When she isn’t writing for the Seaside Vacations Travel Blog, Lauren can usually be found with a book and cup of tea in hand, planning her next travel adventure and trying to figure out what happened to the Lost Colony.