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Whether you've already decided to invest in a vacation rental to make extra money, or you're not 100% sure whether this is the right choice for you, you've come to the right place.
The article below will tell you everything you need to know about making money on a UK vacation. From funding your project, to choosing the right location, to providing the best customer service that will ensure your guests keep coming back to you.
Ready to Make Money From Vacation Rentals?
Let's dive right in!
Financing your vacation rental
Unless you have a large pot of cash ready and waiting to be invested in a vacation rental, you need to decide how to fund your investment. Although you can just go to your bank and go through the standard (and tedious) mortgage processes in the hopes of getting approved, there is a better option. When you choose a specific vacation rental mortgage from a company that knows the vacation rental industry inside and out, you not only have a better chance of success, but you also have a hassle-free and hassle-free financing process.
Choose your vacation rental
You may already have a specific UK location in mind for your vacation rental, but you need to make sure that any emotional attachment you have with an area doesn't get in the way of an informed business decision that will ultimately make you money.
It is important that you do your research before deciding on a location to rent your vacation home. Even though less popular towns and villages are cheaper to buy, you may struggle to rent out your property if you want.
Opt for a vacation rental close to local amenities such as shops, restaurants, and bars, but also with popular tourist attractions such as beaches, golf courses, and scenic walks.
Marketing your vacation rental
Even if you buy a flawless vacation rental in a stunning area, you may not be able to make a decent amount of money if you do not market the property properly. The first step is to make sure you have a selection of good quality photos of your property. Your pictures should be high definition and if possible, make a walk-through video of your home.
In the text of your listing, make sure you include all of the relevant information, especially anything that will make your vacation stand out from the crowd. Competition in the vacation business is fierce, so you need to really excite potential guests.
Care of your holiday rentals and guests
Once the bookings come in, it's important that you realize that your job is far from over. You now need to make sure that you provide exceptional customer service so that your guests will not only return but also leave great reviews for others.
Housekeeping and property maintenance are both fundamental to the success of your vacation business. You can do the cleaning and maintenance yourself or outsource these tasks to a specialist. If you do this yourself, be prepared for the frequent late bookings you will receive and the need to ensure a quick turnaround. If you cannot manage this, it is wise to hire someone to do it on your behalf.
As briefly mentioned above, reviews are everything when it comes to making money from your vacation rental. Hence, encourage your guests to leave feedback as they leave and post reviews on your website and social media pages.
If you get a negative review, you need to make sure that you don't trigger an emotional, jerky reaction. Instead, take the time to read the review, apologize, and say that you will be in touch with them privately.
For positive reviews, always make sure to say thank you and share them on as many review sites and social media platforms as possible.
If you want to make money quickly with minimal hassle, investing in a vacation rental may not be the best decision for you. However, if you are looking for a long-term investment that will keep you making money for many years to come (as long as you make the effort) then this investment opportunity should definitely be considered.