If you’re not using a property year-round, you’ve probably considered leveraging it as a rental for short-term or longer-term tenants.
Either way, you’ll be able to earn passive income from the house and, ideally, cover its costs while you’re not actively staying in it.
Are you considering putting your investment to financial use while you’re away? Then heed these three tips.
Know your audience.
If you have a high-end property, you’re targeting wealthier travelers — potentially those who vacation throughout the year. They’ll be looking for luxe amenities like pools and wine cellars, plus proximity to golf courses, beaches and clubs. Make sure you market these perks and your flexible availability in your listings and other marketing materials.
Lean on your network.
You want to be strategic about where you list your property and on what platforms you allow bookings when targeting a higher-end clientele. Reach out for expertise and guidance on putting your property up online. We can also discuss best practices for marketing your home toward renters and travelers in your area.
Stay on top of maintenance.
All guests expect a well-maintained, clean and manicured property, but these details are even more critical with wealthy clients. Make sure you have the property on a regular schedule for repairs, cleaning and landscaping — and carefully vet the professionals you use. You may also want a property manager who lives nearby and can check on the property regularly and stock it with all the necessities.
Are you thinking of renting out your property? Or do you need help finding a new investment? Get in touch for help today.