A Beginner's Guide to Owning a Luxury Vacation Rental Property
With the massive success of Airbnb, vacation rental properties are popping up frequently in every market. For luxury property owners who only visit their residence a few times per year, a lucrative return on investment is on the table. Luxury real estate offers some of the best opportunities as vacation rental properties.
Set up correctly, they can attract regular guests and make your home a magnet for the wealthy during their time off.
DECIDING ON A LOCATION
Now it’s time to do your homework. Above all else, location will be the most important factor in choosing a luxury property to turn into a vacation rental. You must consider the city, how close the property is to amenities, and the number of features listed above that the home offers.
UNDERSTANDING THE RHYTHM OF VACATION RENTALS
Unlike residential rental properties, vacation rentals tend to have an ebb and flow to them since people aren’t signing year-long leases. In the Okanagan, this translates into high periods of significant income during the spring, summer, and late winter months, with slower periods during the fall. Luxury waterfront properties will be at their most popular during the summer, while property near ski resorts will naturally be most popular during the winter.
MARKETING YOUR LUXURY RENTAL PROPERTY
Lastly, how you advertise your property will have an impact on your investment. Getting this right can be tricky and time-consuming in an effort to attract the right people. Our services ensure that your luxury vacation rental is managed and marketed efficiently so that you can watch the profits roll in.