STARTING YOUR OWN VACATION RENTAL

Investing in vacation rentals is an excellent way to earn some passive income. The biggest perk to owning your own vacation rental is simple, you make money. You also have your own spot to getaway or can allow friends and family to enjoy it. You can build long-term wealth that can help you set up finances for retirement or just give you a nest egg to cash out on down the road. Vacation rentals are considered a business for tax purposes which means you will have to pay taxes on the income it brings in but you will also be able to write off a lot of expenses that go with maintaining and repairing the property.

How to Start a Vacation Rental Business?

Starting a vacation rental business involves several steps. Start with the right property that can earn you a profit. Location is the most important factor you should consider. Homes with immediate access to a nearby tourist attraction will be the most successful, in our area the most sought after vacation rental locations are the beaches and Historic Downtown St. Augustine.

It is also just as important to have an understanding of regulations, zoning, licensing and taxes that are needed to run a vacation rental. These rules and regulations can vary depending on township and zoning requirements. The following websites will help you to obtain the steps and documentation needed to make your vacation rental property official.

St. Augustine Beach

City of St. Augustine

How to set it up:

Make the place look incredible, give it a vibe, guests want an experience. Style and furnish your home to create a beautiful space for your guests. How your space looks will effect how your guest feels. Provide clean, crisp bedding, personal touches and unique amenities.

Basic amenities are a must, always offer WiFi, stocked kitchen, washer and drier, a Smart TV so they can stream their favorite shows, board games, books etc. If you want your listing to stand out and you want your guests to return, offer the extras like bikes, beach supplies (cart, chairs, toys, cooler) luxury bedding, indoor toys, outdoor living space, share local knowledge with a list of things to do and places to go, a cultivated welcome basket with coffee for their first brew and a sample of some of your favorite local flavors and a hand written note.

Sustainability is not just a thing at home, it also exists on vacation. More and more next generation travelers are looking for rentals that offer alternative sustainable amenities. We partnered with Eco Collections Marketplace to help eliminate unnecessary plastic items in our rental. Responsible choices in your rental will not go unnoticed and they are better for our environment and health.

Try it out. Stay at your own rental and offer family to it out. Try the beds, the showers, the faucets. This is the best way of figuring out if there is anything that needs to be changed, updated or fixed. If something bothers you, it will bother your guests so fix it.

Cleanliness is a must! You do not have to have the fanciest place but if its clean, sparkling 5 star hotel level clean, your guests will be happy and they will share all about it in their review! Which brings me to my next point of hiring the right cleaning company. You will save yourself a lot of time and energy on complaints (and possible bad reviews) if you hire the right cleaner. It’s also a good idea to leave some cleaning supplies available for your guests. Providing them with a few laundry pods, dishwasher pods, cleaning dish soap, cleaning sprays, a broom and a vacuum will help guests maintain your rental while they are there.

Self Manage or Management Company

Decide whether or not you want to manage your vacation rental. If you choose to manage your own rental you will need create and maintain your listing, answer all inquires, manage all check-ins, schedule all cleans and be able to handle anything that comes up during your guest's stay. (and things will come up). The vacation rental business is not a set-it and forget-it type of investment. It's continuous and very hands on.

While self managing seems like the most lucrative option you have to make sure it’s the right choice for you. If you live a far distance from your investment property or if you don’t have the flexibility to self manage, there are vacation rental management companies that you can hire to manage all of the details for you. You will still need to take the preliminary steps to set up your rental but the management company will handle bookings, cleans, check-ins, guest support and any issues that arise. On average, vacation rental management services cost 20% of the rate per night.

Style + Design

When designing a vacation rental, keep it simple and clean. Use neutrals as your foundation, these tones are calming and serene. Avoid themes. You can be a beach rental and coastal without lighthouses and seashells. To stay on budget, mix splurge items with inexpensive furniture or even second hand finds. Each space should be eye catching and functional. Provide hooks for towels, a desk for those who can work and travel, a side chair or luggage rack for guests to place their items. Keep accessories to minimum. Hang local art, style the coffee table with local magazines, interesting coffee table books a tray to collect the remote and a few coasters. Bedrooms should have blackout curtains, crisp bedding, good lighting and few books for casual reading. Kitchen’s can be styled with items that also add functionality, wood cutting boards, pretty stoneware and glasses. Greenery, fresh flowers or cut palm leaves in a vase will bring life to your space. Make sure you property has accessible outdoor space designed with an upgraded feature. A bistro set and string lighting can make even the smallest patio feel inviting. For larger outdoor spaces or yards make sure to include a dining space, a fire pit, possibly even a hot tub or a pool!

Click the link if you would like to shop some of our spaces . Shop Our Styl

The Listing

Invest in professional photography to give your guests a crystal clear picture of what it’s going to be like to stay in your property. Write short, accurate, descriptions for each photo. Include photos of added amenities and local attractions. Decide on the right rate, make sure that your rates cover the expenses and that they are competitive. Place your listings on platforms like VRBO, Airbnb or any of the top rental sites. If you decide to put your listing on several platforms, keep your calendars organized to avoid double-bookings.

A vacation rental property can be a very lucrative investment and can help build long-term wealth but with every investment there are hurdles and costs. Doing research, understanding the market and hiring the right agent are crucial steps in the process of finding and purchasing the right vacation rental property. If you are interested in owning your own vacation rental in the St. Augustine Area, please reach out, we would love to help!

Gabe Kling

904-501-8515

gabekling@gmail.com

Endless Summer Realty