Guidelines to get some extra cash from your rental property

If you are a real estate investor or a home owner who owns more than one and wish to make some extra revenue by letting your non-used assets, offering holiday packages in the form of vacation rentals is a great way of generating some profit. Many individuals who possess more than one private house do rent out the premises which they don’t frequent. While some home owners tend to “make” money through the monthly rent, many fail to do so and start wondering where they are going wrong. If you desire to get the most out of your vacation rental property, a few pointers may help you to get going on the correct path and avoid the pitfalls.

Responding to Holiday Rental inquiries

Individuals who decide to go in for holiday rental packages are generally in a hurry to get the most lucrative offer and often apply at more than one place. If the property owner responds quickly, the renter confirms the deal and takes the holiday rental. Many a times home owners have a highly affordable house that’s perfect for the vacationer, but still lose out on the rental deal because they don’t respond quickly enough.  So it’s recommended you include alternate contact numbers and your email address in your ads, and make it a habit to check them periodically on a regular basis. If you receive a query, respond to it immediately before the potential renter starts considering some other rental offer.

Importance of Quality Photos

Most of the ads promoting vacation rentals and deals include pictures and maps of the house. The home occupier gets a clear idea about what kind of home he or she is going to rent. By taking attractive snapshots of your property from different angles and distances, you are certain to lure the customer into buying your rental package. Quite often it so happens your rental rates are competitive and low, but you still don’t get to close your rental deal, and your property remains unoccupied. It’s suggested you take pictures of your house which include the rooms,  available amenities, the lawn or yard if your house has one, and the neighborhood showing your home in the background. Many beach villas and holiday rentals often show attractive pictures of the premises and entice the customer into buying packages even with high rental rates.

Tips: Targeting the renters

It’s very important to know what kinds of individuals are likely to rent your assets, and at what time of the year. Many people are sports enthusiasts and prefer sporting vacations, which means they are likely to book your premises during a particular month or season. Some families take vacations for rest and recreation purposes, and for them any season is suitable, but they prefer to stay for a longer time and are interested in really affordable packages. At times people flock in a particular city for a short duration to enjoy a festival or some public occasion. For example thousands visit Rio de Janeiro during the carnival festival held before Lent each year and throng the streets for an entire week. People who desire to visit the Disney World in Orlando do so during a specific time of the year when the kids have their holidays, and during that time vacation rentals of Orlando become very difficult to book and afford. If you advertise your rental house at the right time in a manner such that the renter gets to know about your offer when traveler needs it, and at the price he or she can afford, you’re most likely to end with a successful rental deal.

Working out your advertisement techniques

Ads are very important in promoting your assets and rental packages. An effective rental advertisement advertised in the correct manner can bring in many customers and help you earn good profits. At times home owners create good quality ads, and if necessary have their ads created by professionals, but still fail to advertise them in the correct manner and end up with no takers. If your advertisement includes a proper description of the property and its layout, good quality photos, contact numbers and address, and is advertised in the proper place at the proper time, you end up with successful rental deals.

Stating Your Vacation Rental Prices

Every rental has a price attached to it – nothing’s for free. It’s very essential to work out the correct price of your rental home on the basis of what kinds of amenities your asset has to offer and how much it is going to cost the tenant on a daily basis. If the occupier wishes to stay for a longer duration, what kind of discount can he or she benefit from in the long run. Stating a rental price that’s too high means you end up reducing your rental market to a great extent. Many home owners do not have enough facilities to offer but still advertise their vacation rentals at higher rates and end up with an empty rental calendar even though its a very popular tourist place. On the other hand many owners offer accommodation for your next vacation at an affordable rate and have bookings throughout the year. It’s important to work out and state the correct rent in your advertisement to get profitable offers. Quoting a higher rate means you lose your renter, and stating too low a price means you end up suffering a certain financial loss. Establish your rental rates correctly.

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