Last year, roughly 208 million Americans (or 81% of the population) traveled during the summer. Most of the time, people associate vacation destinations with the beach. However, the reality is that travelers are looking for rental properties around the country.
Wilmington, NC is no different. If you own a home in this famous port city, you might be considering turning it into a vacation rental property.
However, before you do so, there are some things you need to consider to have the best chance of turning it into a success. In this guide, we'll go over some of these tips so you can begin making a profit as soon as possible.
Do Your Research
When you're starting a rental property there are a lot of things you need to research. That starts with what types of rental platforms you want to use, like Zillow or Vrbo. From there, you'll also need to set a rental price.
This can vary depending on the size and location of your property. A good tip is to look at other vacation rental properties in your area to see what they're charging.
Even things like tax guidelines, marketing, and insurance will all require extensive research. Remember that the more time you're able to put into this research stage, the better options you're likely to get.
Accommodate a Variety of Guests
Many different types of guests might want to stay on your vacation rental property. Maybe someone wants the house for a business trip. Or a family wants to bring their pets along.
Others want properties that offer amenities. The more accommodating you can be to these types of guests, the more business you are likely to get with your rentals.
Adjust Your Pricing Throughout the Year
You may want to adjust the pricing on your vacation rental property to meet market demand. For example, here in Wilmington, NC, spring and fall are typically the busiest months.
As such, you'll want to increase your pricing during these seasons. Similarly, the city can feel almost deserted during the winter months. As such, lower your price to attract potential vacationers with a deal.
Hire a Professional
If you don't have much experience with vacation rental properties, it's easy to feel overwhelmed by all the decisions you need to make. Instead of stressing yourself out, consider hiring a professional with good communication skills.
Vacation management services not only find people to stay in your property, but they also deal with everything from marketing to accounting. They can even keep up with maintenance and help you decorate your property.
Ready to Maximize Your Vacation Rental Property? Contact PMI Wilmington
We hope this guide helped you learn more about how to make a vacation rental property in Wilmington, NC, a success. Here at PMI Wilmington, one problem we see with vacation property investors is that they're expecting their rentals to be a source of passive income.
However, unless you hire a property manager, the reality is that dealing with these properties can be a full-time job.
That's why we provide property owners with a way to make great money without the hassle of dealing with marketing, accounting, and booking coordination. Contact us today to find out how we can optimize your vacation rental property.