Once you have decided to rent out your holiday property then you might think it all ends with that decision. You’ve found a property in a perfect location and you’re ready to start receiving guests and watching that money roll in! In reality, there’s a lot more to consider, and you’ll find that there are several points that nobody thinks to tell you about renting your holiday property. You’ll learn lessons you weren’t expecting to learn and gain all sorts of new experiences. Renting out your holiday property can completely change your way of thinking. Read on for our list of 10 things nobody tells you about renting out your holiday property, and let us know in the comments what lessons you’ve learnt!
1) Money, money, money
Okay, so you probably didn’t need telling that renting out your holiday property can bring in some cash! But it can change how you view your property long term. Following on from renting out your property for the first time you may decide that this is what you want to earn your trade in, not just as a second income. After renting out a few times, you may then decide to buy into more properties as investments. Building on your property portfolio, going forward, you might find yourself with the urge to travel the world renting various properties!
2) A lesson learned
All the decisions you have to make as a property manager help you in your day-to-day life. Deciding the amount you want to charge for your tenants, knowing what different facilities and amenities are worth and budgeting to make your home ready as a vacation rental all helps you manage your personal finances in your own home. Even if you only choose to rent out your property once, the financial lessons you learn will help you manage your own finances for years to come. It’s a lesson in budgeting and accounts. Using a reliable property management system will also help you to run things smoothly, with all the potential hitches and difficulties ironed out.
3) Thinking like a mogul
You’re not just renting out a room. Like it or not, you’re running a business. If you are an excellent vacation property owner you will constantly be thinking of ways to facilitate your guests while they stay at your property, working out how to effectively market your property and analysing competitors to identify opportunities. Using this approach effectively can be the difference between good and great property management, and can leave you in good stead if you ever consider branching out into the business world at a later date.
4) No place like home
It’s an inevitable fact of property management that there will be some nights where you aren’t expecting any guests. Nobody likes letting a good thing go to waste, so you’ll probably find yourself making use of the property a few times a year, giving yourself a much-needed break!
And it’s not just about me-time. There’s nothing better than getting your whole family together for a holiday, and by having a holiday home you’ll be able to get them all together without the extra cost of having to rent somewhere. So, if you haven’t got any guests scheduled it can be a blessing in disguise to catch up with family members you haven’t had the chance to see in a long time, in the comfort of your getaway home with all home comforts to hand.
5) Meeting and greeting
At the very least, you’ll be making online contact with lots of new people from all corners of the globe. If you also live at or close to the property then you may also get to meet them in person and have actual contact. Soon, your world will be enriched by all sorts of visitors from all walks of life – it can only be a good thing!
6) You learn trust
You’re essentially allowing complete strangers to enter your home, and live there for a short time, and you want them to treat the place well and respect your second home. So, in effect, you are learning trust every time you accept a booking. While you should have a really effective insurance policy in place, you also have to trust people, and in most if not all cases it works for both parties.
7) You become a designer
It can take a while to figure it out, but you don’t design a rental property the way you’d design a home. You might have photos of your family on display in the lounge, and your favourite shade of purple curtains in the bedroom. But guests don’t want that! They don’t want to feel like they’re staying in somebody else’s home. Eventually, you’ll learn these lessons and you become an interior designer, knowing exactly how to add personality to your property without becoming overly personal. In an effort to make your holiday rental property better than the competition, you’ll be constantly on the lookout for new trends, and your spare time will be spent sourcing furniture and accessories to make your place shine.
8) You turn into a pro-photographer
Move over, David Bailey! Once you have mastered the art of sleekly designed rooms, then you’ll want to take the best photographs in order to showcase your vacation rental property on all the popular websites. Try our tips for excellent property photography, and be in with the best chance of getting it right first time.
9) You see things from all perspectives
Choosing the right look for your house goes way beyond designer appeal. Who are you trying to attract? There are all kinds of guests, not just run of the mill holidaymakers or tourists. Young families, older couples, business travellers, large party groups and the countless other types of guests all want something different out of their vacation rental. Soon you’ll learn how to think from your guests’ perspective, and work out the best way to give them what they want.
10) You’ll enjoy it so much!
Lastly, nobody ever tells you how much you’ll enjoy renting out your home as a vacation property owner! For all the reasons mentioned above, and also from a personal satisfaction level, renting out your home, once done correctly, is one of the most personally rewarding things you will ever do!
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