4 Tips When Renting VRBO Properties

Written by Posted On Thursday, 25 July 2019 07:41

Vacation rental by owner (VRBO) properties are on the rise thanks to Airbnb and HomeAway. Investors are putting their money into vacation rentals to enjoy recurring income and the potential to sell the property in the future.

The market is ripe with opportunities, and realtors are finding more investors entering the market as home prices continue to rise.

Mistakes that VRBO owners are making that could impact their income is:

1. Relying Solely on Big Names to Promote Rentals

Investors need to diversify, and allowing Airbnb or HomeAway to be your only source of income is asking for trouble. These two listing sites can bring a lot of potential renters, but it’s best to diversify to lower your risk of potential losses in the future.

A lot of local listing sites are starting to pop up online, and it’s essential to have your own listing site, too.

Allowing guests to repeat their stay is a great option, and your own site won’t have fees attached to it like Airbnb or HomeAway.

2. Ignoring the Potential for Change and Advancement

Real estate and tourism change, and it’s the perfect time to cash in on multi destination holidays. A lot of property owners will purchase homes to rent as vocational rentals in the same town.

But it’s time to think outside the box.

Florida, for example, is the perfect opportunity to offer multi destination options, where a VRBO property manager can offer a home near Disney followed by a beautiful sunset in the Florida Keys.

Opportunities to purchase properties across the state, in different states or even in different countries to diversify your portfolio is highly recommended.

3. Hire a Management Company to Take Care of the Business

When you own one property, it’s easy to be a hands-on owner who takes care of all of the rental logistics. The problem is that if you want to grow your business, you’ll find that the more properties you have, the more everything falls into disarray.

Management companies can handle all of the logistics, and these companies allow you to expand without being concerned about how far away from the property you live.

When management companies handle business aspects, you’re free to focus on what matters most to guests: customer service.

4. Stop Overdecoration and Focusing on Cheap Items

You may love a flowery comforter or a penguin-themed shower curtain, but most of your guests want simple luxuries. Over decoration is a major issue in the rental industry, and it’s time to take a cue from one of the hospitality industry giants: hotels.

Hotels know to keep it simple:

  • White linens
  • Extra pillow cases
  • Simple color themes
  • Neutral curtains

There’s also another issue that VRBOs are underestimating: cheap furniture. If a guest sits on a chair and it falls apart, you can be sure that you’ve lost a potential return guest. When furniture breaks, the guest may leave a bad review and it will reflect badly on your property rental.

You don’t need to have top-tier furniture, but you also don’t want to purchase only the lowest quality items either.

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James Stevenson

Hi, My name is James and I've been involved in the property and real estate industry for 10 years now. I hope people will like to read about my thoughts and experiences in the industry and please contact me if you want to discuss my articles further!

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