Getting Started
Are you looking to break into the short term and vacation rental industry but don’t know where to begin? Maybe you have a rental or two already and are looking to expand your portfolio? Perhaps you are seeing some success but not enough consistency. Whatever the reason, we’re glad you’re here because we are going to cover everything from finding the perfect vacation home, furnishings and unique marketing techniques to selecting the right property manager and launching your brand.
LOCATING AND SECURING THE PERFECT HOME
First, you must determine the location you’re interested in buying in and set a budget. We will want to look at not only the purchase price but your all in budget. Even if the home is move in ready, there will still be expenses associated with start up costs, and you want to make sure you are prepared for those investments. Bringing us in early (or the designers of your choosing) is an important part of the estimating process. Your realtor should be familiar CAP rates of the properties you are interested in and a knowledge of comps in the area with regard to short term rentals.
RENOVATION AND DESIGN PROCESS
Now that you have found the rental of your future guests’ dreams, it’s time to begin taking the necessary steps to making that dream a reality. If the property you purchased needs renovations or has differed maintenance issues, we want to get those addressed prior to furnishing. Trusting the right professionals to get you dialed in with the necessary changes and upgrades is crucial. Much like preparing a home for sale, you want to make investments in the home that will increase your perceived value, in this case rentability. This can include renovations of kitchens and baths, flooring, new paint, lighting and hardware selection, just to name a few. If you are using a professional designer, they should very much be a part of this process. At TurnKey BnB, we select all FF and E (Furniture, Fixtures, & Equipment) and design our clients kitchens and baths, consult on landscape, and even select paint colors so that we know it will come together cohesively when it’s time for furnishing.
CREATING YOUR VACATION RENTAL IDENTITY
It’s important in this step to determine who your renter is. Keeping your renter in mind is crucial to making sure you don’t have any vacancies. Your design aesthetic should appeal to the guests you wish to attract. This can be heavily influenced by the part of town you are located in and why they may be choosing your rental as their next vacation getaway. Creating an identity is especially important for a later step, branding. The best vacation rentals have excellent branding to go along with their chosen design so that it stands out in a sea of thousands of options your guests have when searching their perfect retreat.
CHOOSING THE RIGHT DESIGN STYLE
Now on to the fun part, choosing the right design style for your home. There are many design aesthetics to consider such as; contemporary, transitional, boho, coastal, modern farmhouse, rustic etc. I dive in deeper about this on another blog (check it out here). This is a step not to be overlooked. The design style should go hand in hand with your rental identity. Whether you are taking this on yourself or hiring a professional, you should have a clear plan to avoid a mish mash of styles and colors that can be off putting to renters. It is important to note that we suggest a design concept here, not a ‘theme’. Theme’s are literal and predictive whereas a concept gives you more freedom of style and is less restrictive.
CHOOSE QUALITY FURNISHINGS
While it may seem like a good idea on your wallet now, buying from inexpensive, discount or used stores will undoubtedly hurt you in the long run. Sure, you may get some renters initially but when the reviews start coming in, you will have a hard time recovering from the harmful statements left on your listing. We aren’t suggesting that all of your products should be high end furnishings (unless you have a luxury rental which is a topic for another blog), but we ARE suggesting in investing in well built, long lasting products which will take the wear that you should expect to see in short term rental properties. For example, at TurnKey BnB we are able to buy quality furnishings at a fraction of retail prices that offset the costs of working with a design team. This is why we highly suggest consulting with professionals that can help you achieve a beautiful aesthetic that rewards you handsomely, booking after booking.
BRANDING
We cover this topic on another blog entry which will go more in depth on how to turn your rental into a brand that’s recognizable and has virility that equates to money in the bank. You have spent all of the time, effort and money to get your short term rental looking its best, so now it’s time to market it. We live in a time where news travels very quickly, good or bad. We want to make sure that all the buzz about your listing is positive and shared over and over. Creating a name for your property, professional photography, murals, photo walls, labels throughout the home, welcome books, Instagram pages, and even your property’s own website are just a few examples.
PROPERTY MANAGEMENT
Finally, you’re ready to list your pride and joy. You’ve worked hard to get here. It’s important to decide what your end goal is. There are loads of popular sites where you can manage and list your own property but we won’t sugar coat it, it’s a lot of work. You will need to maintain your page, calendar, respond to frequent messages, booking requests, cleaning schedules etc. Some of our clients are ready and eager to take this portion on but others find it hard to keep up. If you are looking for the most exposure and least amount of work, think of a well oiled machine… then you should consider hiring a professional management team with experience and aggressive marketing tools. At TurnKey BnB Design we have affiliates that we can set you up with to manage all of the minutia, so you don’t have to!
