Are you looking to invest in a vacation property in Orange Beach, AL? It's a great tourist destination, and it's predicted to continue attracting tourists at numbers that are pre-pandemic level.
This provides many opportunities for landlords, but you won't be the only landlord who's looking to welcome the tourists in!
How do you make your vacation property stand out among the competition? This quick guide will show you the most important tasks to succeed with short-term rental management.
Here's what you must know:
1. Keep Your Records
You should treat your vacation property as a business asset. This means that you must keep your accounts updated at all times. You'll have to report your earnings and expenses to your accountant each year.
It's best to inform them that you're planning to earn rental income. They'll prepare to optimize your taxes for you in advance.
2. Start Property Marketing Immediately
As soon as your property is ready, you must start marketing it online. Post your listing on as many platforms as possible.
You'll have to remember to check the platforms often. If you receive messages from potential guests and don't respond in time, your listing can be removed. You can also promote the property on social media platforms.
If you aren't ready to open your doors, you can advertise your property for the future. For example, you can promote your vacation rental in the spring to attract summer guests.
3. Start Improving Your Property
If you want to stand out among your competitors, you'll have to constantly work on your property. Start by hiring a professional inspector to scrutinize your home.
They'll let you know if you need to repair or renovate any part of your property. Make sure you attend to any property maintenance matters immediately. You should also hire a professional cleaner to come at least twice per month.
You might want to paint your property before advertising it. Make sure you work on its physical and digital curb appeal. You can consider buying new furniture, furnishings, and amenities.
4. Pricing Strategies
Once your property is ready, you'll have to decide your rental property pricing. You can research the prices of similar properties in your area.
You should stay within this range. If you wish to charge more, make sure you offer more amenities than your competitors. You can charge more for longer vacation leases.
Make sure you calculate your estimated expenses each month. This will help you decide how much to charge for rent. Once your property is ready, you can hire a property manager to handle your landlord duties for you.
Hire Short-Term Rental Management
Now you know how to succeed with short-term rental management for your Orange Beach vacation property.
Start your bookkeeping and marketing efforts immediately. You must also work constantly on property maintenance and marketing. With the help of a property manager, you'll have no problem bringing in regular income.
PMI Integrity Properties has over 20 years of experience with Orange Beach landlords. We'll be glad to help you as well!
