If you have a home to spare, then why not make some money out of it. If you are smart about it, you can easily earn your monthly mortgage payment and score a nice little profit after that.
Renting your property out is not the way to go. No matter where you stay, monthly rental rates are always going to be lower than your mortgage payment. Then, how do get your house to earn a profit for you? Two words, Vacation Homes. If you do it right, you will earn more per week than you would have gotten for an entire month of rent. The great thing is that you can still enjoy your home with your family on dates where don’t have any bookings. Something that you couldn’t do if you rented out your property.
This is a perfect time for a disclaimer. Not all homes are destined to become vacation homes. It needs to be located near a tourist hotspot and it also needs to offer a list of hotel-like facilities. If your home is located in the suburbs, where no one really visits, this won’t work.
Get Help from a Local Property Management Service
In concept, the vacation home idea seems pretty easy. In a lot of ways, it is, but it still takes effort and planning. The first step should be to hire a local property management service. Why local? Mainly because, they would have staff on the ground to visit your property, attend guests, and perform maintenance work. Therefore, if you have a property near Oregon Coast, Consider hiring a local Oregon Coast property management service. A property management service can also take over the task of finding bookings by listing your site on Airbnb and their own network of sites.
Hire a Housekeeping Staff
Depending on the contract with your property management service, you might need to hire a housekeeping staff. Most property management service providers perform housekeeping tasks for you. However, if you are flying solo, you need a trained staff member by your side. If you have a small cabin with two bedrooms, you can hire a single staff member. Large homes with pools and many bedrooms would obviously need more support staff.
Remove Every Single Personal Item
Even though it’s your home, you need to make it feel like a hotel. That means removing clothes, photos, and other personal items. Everything in the home should be for the guests to use.
Replace Old Locks with WIFI Locks
The problem with combination locks is that guests know the combination even after they are done being your guests. This means constantly changing the code and more importantly remembering the latest code. WIFI locks simplify the problem. You can lock up remotely after your guests leave and change the combination using your phone. You can also grant access to your home remotely if there is a sudden booking.
Provide Basic Facilities
Right from toiletries to a tea & coffee station, provide all the basic facilities to your guests. You can also include a hotel safe and offer laundry services. Ensure the toilet has enough clean towels and has enough rolls of toilet paper for your guests for the duration of their stay.
There are plenty of Airbnb horror stories where guests inadvertently and sometimes intentionally wreck the property they book. This is why getting property insurance is an absolute necessity. Things often get broken or damaged and it’s never a good idea to pressurize your guests for compensating for the damage. It’s best to get comprehensive property insurance that will cover the damages.
Offer Tours and Adventure Facilities
Now, this completely depends on the location of your property. For example, if your property is located on the Oregon coast, you can provide scuba gear, surfing boards, or kayaks for rent. Similarly, you can offer hiking gears such as hiking poles and tents if your property is located near a trail. You can also offer campfire facility. This will not only make your property more appealing, but it will also allow you to earn more by renting out those gears.
Another great way to earn some extra is by offering specialized tours. Partner up with an adventure tour operator in the area and start promoting those tours as your own. These activities will help you separate yourself from other vacation homes in the area and thus attract more people.