The vacation rental market has exploded in recent years as popular vendors like airbnb and homeaway have surged in popularity. In fact, at any given time, airbnb users can book one of 1.9 million listings!
As property markets get increasingly expensive globally, and especially in heavily populated cities, many people are choosing to rent out spaces in their homes to create a secondary income source. However, with many other vacation or short-term rental properties available on the market, it can be tricky to get a profitable return on your investment.
We’ve identified some of the best strategies to set your vacation rental property apart from your competitors, from marketing strategies to replacing your doors in Toronto!
Replacing your vacation property’s door can be a cost-effective choice to give your home a facelift. There are so many options to consider, from the style of the door to materials, colours, to finish! Whether you’re browsing the market for a new door or replacement door in Toronto, it’s important to work with trusted manufacturers that produce real, high quality results.
Here at Clera Windows, we offer high quality doors that are sure to put your competitors’ entryways to shame. We manufacture all of our doors in-house, and can customize doors to fit your preferences on material, colour, and shape. Creating durable, high quality, unique entry doors is our specialty.
Beautify Your Home
If there’s one thing we know for certain, it’s that no guest enjoys walking into a damaged, dirty or unappealing space. In fact, it’s likely that they won’t even book with you (unless you price low, of course).
Finding the fine line between overinvesting and investing just enough can be tricky. Luckily, there are several relatively small initiatives one can take that can result in a big payoff and a number of bookings. For example, if you find your home is lacking art, there are several ways to bring interest to your vacation property on the cheap. You can find interesting pieces of art at thrift stores or flea markets, or create focus points within your home with a simple paint job. If you want your home to be memorable, try to incorporate features unique to your personality, or the city your property is in. Guests love to see personal or “instagrammable” touches. Plus, investing in one-of-a-kind decor can lead to social media shares, also known as free marketing!
If the home you are looking to list has been a forever-home for several years, chances are that there may be some dents, scratches, or peeling paint on the walls. A fresh coat of paint can definitely brighten a space up and make it look infinitely better!
Another way to increase your vacation home’s appeal is to create stunning outdoor spaces! According to a study conducted by TripAdvisor, 82% of the test respondents claimed that amazing views are the most important feature considered when booking a vacation rental.
So, what happens if you don’t have an incredible view to use as a crutch? Create your own view! Develop an outdoor experience that your guests will find hard to forget. Many people achieve this through fun outdoor artwork or setting up dining experiences, like barbeque grills or even pizza ovens. You could even create interest by arranging fun seating with outdoor pillows or couches, or a bonfire pit. The possibilities are endless, but make sure to add your own spin to it!
Trust us, your guests will appreciate the effort you’ve put in.
Invest in Kitchens and Bathrooms
Forbes magazine published an article highlighting the importance of updated bathrooms and kitchens to get the best returns on investments.
As a matter of fact, according to a realtor in Connecticut, kitchens specifically can provide the biggest return. To some, this “fun fact” makes perfect sense as kitchens are the heart of the home for many people. For people looking to stay in a vacation rental property for more than two days, beautiful, accessible kitchens can make a world of difference. Replacing appliances and painting cabinets with a fresh coat of paint can draw guests in to not only book, but in some cases return to your property or recommend it to friends!
Bathrooms are typically less likely to require full scale renovations, and simple upgrades can easily do the trick. After all, no one likes to stay in a vacation home with a dingy and dirty bathroom. If your property has aged significantly, give your bathroom a facelift with inexpensive fixtures or a vanity and prospective guests will be just as pleased!
Market Your Property
If you’ve already spent time and money improving your home, what’s the point if no one knows your listing exists? There are several marketing methods that you can follow to ensure your property is known to potential guests. Some of these tools include facebook and google marketing, as well as SEO.
Many digital marketing platforms require little cost for you to see real results! By sharing your property to a widespread audience, you can increase the likelihood of filling monthly bookings and ultimately increasing your profit.
Make Life Easy For Your Guests
When designing or renovating your rental property, try to think of your guest needs. If they are complete strangers, how will they get around? What tourist attractions are near your short-term rental property? What if your guests have dietary restrictions?
Many successful vacation property managers have gone above and beyond to assist their guests, from providing fun guest manuals, to city guides, to even personalized experiences! These personal touches can elevate your property to stand out amongst competitors.
If you’re able to provide answers to some of the aforementioned questions, your clients will be appreciative to your going above and beyond, and hopefully leave positive reviews. The more reviews, the more traction your property will get and ultimately the more bookings!
Bring in A Bit of Luxury
Although this tip does involve high investments, it can also yield high returns. Investing in luxury items can enable you to price your property higher and therefore increase your long-term profits. Some items that guests love to see are ninja or vitamix blenders, nespresso coffee machines, high quality bathroom products (for example, soaps and shampoos) and tempurpedic mattresses.
Guests will love living luxuriously at a fraction of the cost of reputable 5 star hotels! They can enjoy the comforts of secure places to themselves while enjoying the perks of luxurious, high quality products.
Use Smart Technology
Who doesn’t love automated technology in 2019?
In today’s world, the possibilities of technological advances almost seem endless, but we highly suggest looking into smart devices like, touch-pad thermostats, electronic security systems and “smart” lighting. Installing up-to-date technology in your home is a cost-effective way to improve your home’s value and impress your guests. Not only is smart technology cost effective, but it can even be controlled remotely! Even if users find the user-friendly technology to be not so user-friendly, you can easily help them reset with a simple press of a button. Remember, the future is now!
Replace Your Windows
One of the most popular reasons why people hesitate on updating windows is that they’re unsure if it will help in increasing their home’s value.
It’s important to keep a realistic mindset, staying aware that few window investments lead to a 100% return, but they can still recoup a large portion of your investment (and may even seal the deal by being the extra push for potential buyers). You can typically expect a 70-80% return on replacement windows in Toronto. As a result, spending $5000 on replacement windows, can yield you approximately $3500-$400 back onto your property’s value when putting it up on the market.
Although you may be spending significant sums of money in the short term, it can prove to be a worthwhile investment in the long-term– and that’s just another huge reason why window replacement is valuable! For example, using energy star rated replacement windows can save up to 12% on your heating or cooling bills. In the case that you have to pay premiums on your new windows, poor quality windows won’t get the return you’re seeking out, but low-maintenance, durable, energy-efficient windows can.
By implementing some of these strategies, we’re sure you’ll be able to bring home some extra cash and increase your monthly vacation property profits!
If you are on the hunt for the highest quality replacement windows in Toronto, reach out to Clera Windows and Doors. Our products are made in-house to ensure all clients get the best quality materials at a fraction of the cost of our competitors. Our dedicated team members from manufacturing to installation all take the time and effort necessary to produce energy efficient, beautiful products so you can feel confident in trusting us with your home. If you’re looking to enhance the curb appeal of your space, contact us today.