Common Vacation Rental Property Owner Mistakes You Need To Avoid

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The real estate sales and brokerage market will be $226.8 billion in 2022 and is only expected to rise in the following years. Real estate is one of the best investments characterized by vast opportunities and fierce competition. One of these opportunities comes in the form of vacation rental properties. It’s a great way to earn passive income; you can even sell the property in the future for lucrative returns. That said, while investing in a vacation rental is one thing, management is an entirely different ballgame. Poor management will cut into those returns significantly. Here are some mistakes that new vacation rental property owners make to prevent that:

Mistake #1: Not Writing A Good Description

How will anyone know what your property offers without a good description?

Your rental description should be as detailed as possible without going over the top. The perfect description should be 250 to 300 words long. For a rental property’s description, add the property’s suitability for groups, list of amenities, room information, setup, and other salient features that differentiate your property from the competition. For example, you can add a few hundred words describing how family and kid-friendly the property is with amenities like an equipped kitchen or game room, 2,500 sq. ft. with five bedrooms, and a heated pool.

Mistake #2: Doing Too Much On Your Own

There is a reason property management services are so popular, and that’s because it takes all the stress out of property management. A common mistake many new property owners make is trying to handle too much on their own. Property managers charge a monthly fee of 8-12% on the rent. This may seem like a lot, but their services make the manager worth their weight in gold. When you try to do everything yourself, not only will you make mistakes, but you’ll also limit your business’s expansion. Instead, automate as many processes as possible and have the property managers take care of the rest.

Mistake #3: Neglecting Advertising The Property

Most vacationers will check online for an ideal vacation property; advertising is essential from the start to attract these potential customers. There are several real estate websites where you can list the property with little investment or energy. Start by listing the sites on popular websites and keep exploring other advertising options to improve outreach.

Mistake #4: Not Focusing On Customer Service

Few people will return to a spot or recommend it to others if they have a poor experience there. Failure to give good hospitality to your customers is a huge blunder that many property owners make. Investing in a vacation rental is one thing, but it takes much work to make a profit. You can offer the latest amenities, but if the customer service is poor, it won’t help. Be receptive and open to communication when dealing with renters.

Mistake #5: Not Following Rules And Regulations

A short-term rental property has different regulations than a regular rental. Unfortunately, first-time property owners don’t take the time to learn about its laws and other tax rules and face difficulties. When you purchase the property, check out all the rules for illegal parking, noise offenses, garbage disposal, etc. In addition, property owners should always be aware of their area’s occupancy limitations, tax collection laws, and registration processes.

Mistake #6: Using The Wrong Photos

Even if you add an excellent description of your property, if there aren’t pictures to match, that description will seem like a lie. Don’t use images that are bland or unattractive. If possible, hire a professional photographer to take pictures of your place and draw in prospective guests faster. It’ll cost you a bit of money, but it’ll go a long way in increasing interest.

Vacation Rental Investment & Property Management Services

Vacation rental properties are a great way to earn passive income, but the mistakes mentioned above can lead that investment down the drain. Avoid these mistakes and start your real estate journey right. Inter Properties will help you find the best vacation rental property and other real estate investment opportunities in Florida and Chicago. They also provide property management services so you can manage your property correctly once you purchase it. The real estate agents will help you with local and global investments, so don’t let this opportunity pass you by, and start your real estate journey today!

Contact them for the best local and international real estate listings for more information on real estate opportunities. In addition, they provide help with buying and selling properties and short-term rentals.

About The Author

The author is a real estate agent specializing in finding the perfect international properties and helping discover other real estate investment opportunities for their clients. In their free time, they love to write about various real estate topics and investment tips so their readers can make better and informed decisions in real estate.

The author of this post has been writing for the official website of Wembley Solicitors for a decade. He offers legal solutions to his clients for issues related to family law.