If you’re considering letting your vacation home, there are a few things you should do beforehand. Here are 10 ideas to get you started.
This is a difficult question to answer since each homeowner is different. Some people may just want to use their vacation home for business reasons, while others may wish to have some personal enjoyment out of it as a second home and a place to spend time with the family. Our first recommendation is to shoot for the highest possible income.
First, figure out how much money you want to make in terms of real revenue potential. We’ve always assumed that a holiday rental might gross between £15,000 and £20,000 per double bedroom each year.
Let me explain a bit about how we work in the Cotswolds. Please note that we operate in the Cotswolds, so our most recent expertise is here. Basic income will be determined by a variety of factors including the specific site, the building’s structure, any unique features, and interiors (among other things).
Let’s suppose a three-bedroom property makes £45,000 to £60,000 per year, as determined by the statistics above. Are you limited to that income? Could you add another bedroom without increasing your property value? Or could you turn a basement area into a second bedroom?
If you address all of these items, you may double or even triple your earnings. If you do this, it may result in £15,000-£20,000 in additional income; keep in mind, however, that ideally, each bedroom should have its own bathroom and the absolute worst-case scenario is one toilet for every room.
After you’ve determined your anticipated revenue, look at how you’ll run it (operational method) as well as how much it will cost you. After that, develop a business plan and prospective earnings.
- Operational Strategy and Cost
I handled brand design, web development, AirBNB marketing and advertising, photo and virtual tour creation, floor plans and layouts, marketing emails, social media management, and advertising.
Admin and Guest Management:
It may be used for anything from technical support to product sales and marketing, company management, accounting and finance, HR or payroll services, and employee benefits administration.
House-keeping & Maintenance:
Cleaning, laundry services, linen/towel purchases, property upkeep, and guest liaison/communication/follow-up are all examples of things that a holiday lets agent may charge commission for. Most vacation let agencies will cover 1. and 2. on a percentage basis, leaving you to handle or organize the housekeeping and maintenance end of things.
You must first choose how much time you have! If you pick the “manage it yourself” option, keep in mind that managing a holiday let takes a lot of time and energy, and there may be expenses connected with lost wages.
Once you’ve decided, you should have a good idea of how much money you’ll make and how much it will cost. As a result, you’ll have a decent understanding of profitability. So now that everything is in place… Are you ready? What distinguishes your holiday home in the Cotswolds from the rest?
Marketing: Website, Photos, Virtual Tour, Floorplan, Copy
The holiday letting industry is now open to everyone. Whether through your own website or that of your agent, Google, social media, OTA’s, strategic partners, and tourist boards… Your photos and property description are critical. Why should tourists choose you over other accommodation? A professional should be ready for photographs and take them.
Fixtures and Fittings
Kettles, toasters, refrigerators, bathrooms, and showers are all examples of items that you can use in your kitchen… Make things as simple as possible for yourself! Make sure the mattresses are really comfortable! If your visitors don’t get a good night’s sleep because the mattress is uncomfortable, they will let you know both personally and
Also, consider the cleanliness of your vacation home: Is it simple to clean the showers, as well as the kitchen flooring and do you allow pets? If this is the case, consider replacing your carpet with stone or hardwood flooring.
Yes, we have made quite a name for ourselves as a coffee nation, and we enjoy “caps,” “skinny” drinks, or other nonsense. There’s nothing more rejuvenating than walking into a vacation property and spotting the Nespresso machine! Is anyone in need of a cup of Joe?
WiFi, TV, SONOS, wireless speaker, DAB radio, spare iPhone chargers
Simply put, get the speediest Internet connection possible. Most families watch movies, use various platforms to communicate and then there are those that never cease working, even when they go on vacation.
Nothing is more frustrating than receiving that late-night phone call to inform you that the WiFi isn’t working, where’s the password, or I can’t turn on the TV! As a result, make sure everything is perfectly clear. It’s also a good idea to bring an extra iPhone charger.
Don’t forget to pick up a sturdy outdoor table on which your visitors can sit and enjoy a glass of wine, a BBQ, or relax in comfy chairs beneath a parasol… You get the picture. Spend some time and money making sure the garden is lovely; nothing may detract from the appearance of a home when you go outside and see that
Nothing is more annoying than being unable to park, so make every effort to provide a parking spot for your house and, if you can’t, give clear directions on where to go. These days, having an EV charging station at home is frequently quite useful!
Do not allow your home to remain if it is not up to code. Holiday rentals are covered by insurance, and there are specialized insurers such as NFU available. To maintain your insurance coverage, you must keep up with all the electrical, gas safety, and boiler safe certificates.
Finally, what about a warm welcome on arrival? A prepared welcome package or a thoughtful present. It might be as simple as a bag of the region fudge or a bottle of champagne (because you’ve done your research and the guests are coming to celebrate an anniversary!).
Why not send them a postcard wishing them a pleasant stay, with a personalized and written welcome to their vacation home and offer us a fantastic review if you happen to like it! Alternatively, write them an email after they’ve left to thank them for keeping your property so neat and request that they might leave us an evaluation.
They are our 10 tips, so all that remains for us to say is “Good Luck!” and if you need any help or advice be sure to contact StayCotswold on 01993 259 444 or send an email to firstname.lastname@example.org. Share Categories Owner Tips Tags Profitable holiday homes