What are the benefits of having a short term (Airbnb, VRBO) rental?
Having a short term rental has lots of different benefits! One of the benefits if having another stream of revenue that isn’t necessarily a full-time job. I’m careful not to call this passive income because if you’re self-managing, it is a lot of work, but it’s not one that you have to be on site, or at a desk to do all the time. One other benefit is having a place that you can enjoy as a family. This is a great way to be able to experience the house as a guest would and to make any changes that might make their experience more enjoyable.
Can you manage a short term rental by yourself or do you need a rental agency?
In my opinion, it’s totally doable to manage rentals yourself with the right team and resources. Many vacation rental management companies take between 30-40%. If you’re wanting passive income, a rental agency would be the way to go because your involvement is minimal. If you’re wanting to maximize profit and make a connection with your guests, I suggest self-managing.
How do you design for a vacation rental?
Full disclosure, I’m a picky traveler. I also have a passion for interior design. I had a list of must-haves that our vacation rentals needed to have, such as USB ports next to the beds, quality toiletries, and all the things you need to make a good cup of coffee! We also invested in quality pieces of furniture and linens that could handle the constant turnover. Then I dove into creating a space that I knew guests would enjoy and one that fit the theme of the home and the location. I encourage vacation rental owners to tap into the natural elements found in their area and bring those elements into their design.
Are you looking at becoming a vacation rental owner or looking to redesign your vacation rental space to attract more guests? As a real estate agent and the owner/manager of two vacation rentals, I can help you through the process from start to finish! I am always willing to offer as much free advice as I possibly can! If you’re wanting more in-depth coaching, I’m happy to help with that too! For personalized consulting rates or questions, please reach out to kendra@honeybefarm.com