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Have a Vacant House? Turn into a Holiday Rental and Earn Passive Income

by UrgentRCM

If we have a vacant house, we immediately think of renting or selling the place. These two were the only options in the past, but now a new contender has arrived. Holiday Rentals. You can rent your place for people seeking a place during their vacation in your town or city. This will help you earn passive income without worrying about long-term commitments. 

If this interests you, you can seek an Ocean Grove real estate agent and list your property as a holiday rental with them. You will have guests arriving in no time, as people prefer the personalized, immersive, and refreshing experience a holiday rental provides. 

Here’s how you can make this all a reality:

1. Understand the Demand

Before you jump on the bandwagon, you must first learn about the demand in your area. For this, comprehensive market research is necessary. Here are the things you need to figure out about your area and property:

  • The competition
  • The demand for short-term rentals
  • Preferences of your potential guests
  • Proximity to popular attractions
  • Amenities in the house
  • The overall appeal of the property

Through this research, you will gain valuable insight into the type of guests who are attracted to your property. According to that, you can tailor your holiday rental to meet or exceed their expectations. 

Every property construction, modification, and demolition must follow the legal requirements set by the local authorities. Building a holiday rental is no exception. It also has a lot of legal and zoning regulations to consider. 

So, you need to check with your local council and learn the specific requirements related to zoning, permits, and licensing. Any failure to comply with these regulations could result in severe penalties and legal action, so double-check if everything is as per the plan. 

Hiring an Ocean Grove real estate agent is also helpful to ensure complete compliance.

3. Set the Property Aesthetically

While no guest is going to expect a five-star setting, the minimum is always essential. For example, your property must have a water connection, electricity, gas, and other essential services. Further, it must also have basic furnishings, such as sofas, beds, cloth hangers, closets, etc. 

Put yourself in your guests’ place and see what is essential to stay in the property for a few days. Then, arrange all the furniture in a neat and visually appealing manner to impress your guests. Some even like to hire an interior designer to set up the place. 

Think about it if your budget allows. 

4. Photograph the Whole Place

Once your place is all set, take out your camera and click a few beautiful pictures. Don’t leave any room, as guests like to know every corner before making a decision. You can hire a professional photographer if you are serious about it; otherwise, a few shots on your phone or camera will do just fine. 

Here are a few suggestions, though:

  • Ensure proper lighting
  • Click wide-angle shots to show the big picture
  • Take pictures from different angles and select the best later

5. Create an Online Presence

We know how much our lives are driven by social media and the Internet in general. From shopping to chatting with friends, we use it every single day for every single thing. So, it is also important to promote your holiday rental. 

Once your property and pictures are all ready, it’s time to set up your profile on platforms like Airbnb. You can also connect with an Ocean Grove real estate agent, who will help you by bringing in some guests. 

Make sure to craft a compelling description of your property highlighting its unique features and providing it to all the platforms for which you sign up. 

6. Have a Pricing Strategy

Now to the most important step of setting your rental — pricing. Many set a random amount without considering the value they are providing. This is a huge mistake that will either make your guests disappointed or you incur losses. 

So, keep in mind that your price must reflect the value of your holiday rental. Consider factors such as the location, property size, amenities, and local demand. You should also keep an eye on pricing trends in your area and adjust your rates accordingly. Your Ocean Grove real estate agent will also help you set the right price. 

Remember that offering competitive pricing, especially in the initial stages, can help spread the good word about your property. It improves your reach into the market. 

Final Message:

Promotion is key when it comes to holiday rentals. Because these are not big-time establishments, you need proper marketing plans in place. For this, you can reach out to a reliable Ocean Grove real estate agent. 

Don’t know where to start? Try Pavilion Property Group. It’s a great real estate agency in Bellarine and Ocean Grove. So, check it out. 

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