Buying Investment Property? Learn How To Maximize Your Rental Revenue

Published:
December 4, 2014
Last updated:
March 10, 2022
Post cover image
In This Article

Whether you’re buying a ski-in/ski-out condo at your favorite resort or you’re thinking of picking up a small home in a busy tourist area, buying a property for short-term rental purposes can be an excellent investment that quickly begins to provide additional revenue.

Let’s take a quick look at a few steps that you can take to maximize the revenue that your investment properties bring in each month.

Upgrade Your Home to Give It a Luxurious Feel

It should go without saying that if you want your home to rent for a high price it has to have a significant amount of value behind it. After you purchase the home, spend some time on upgrades that help to enhance the home’s beauty and usability. If possible each sofa should be a sofa-bed so that additional guests can stay the night. Upgrade the televisions, have Wi-Fi internet access available and provide a phone number that guests can call if anything goes awry.

Professional Photos and Copywriting

If you’re renting your property out to short-term or vacationing tenants you’re most likely going to use online services like VRBO, HomeAway or AirBnB to attract new business. While these sites have a lot of visitor traffic you’re also going to face a high level of competition from other property owners in the area. It’s worth paying a professional photographer to take pictures of your home as well as having a professional copywriter handle the sales copy for your listing. These are one-time costs that can help you to defeat your competition and close high-ticket clients.

View Current Mortgage Rates

Cater to Large Groups or a Niche Crowd

There are a number of “niche” travelers out there and if you can cater to these groups you’ll find that you’re able to charge more than the average vacation property. For example, you may be buying a home in a popular wedding destination that can be marketed to couples who are being married. If you’re buying a larger 3 or 4 bedroom home, be sure to note that it can house large groups who may be traveling together.

Referrals and Repeat Business

Finally, don’t forget to ask your clients to refer you to their friends and family who many want to stay in your unit, and always invite them to return in the future. You may want to consider offering a discount to repeat visitors to encourage them to visit annually.

Renting out your vacation home or investment property can provide a lucrative income stream as long as you have a professional approach and focus on providing a high level of customer service.

Get an Instant Mortgage Rate Quote Today

Have Questions About Mortgages?

Sammamish Mortgage is a local, family-owned company based in Bellevue, Washington. We have been in the industry since 1992 and have been offering a variety of mortgage programs to borrowers in all of Washington, Oregon, Idaho, and Colorado. Please contact us if you have mortgage-related questions.

Other Blogs You May Like
How Much House Can I Afford in Seattle? Updated for 2023
January 26, 2023
4 min read
How Much House Can I Afford in Seattle? Updated for 2023
Thinking of buying a home in Seattle some time this year or next? How much can you actually afford...
5 Most Affordable Neighborhoods For First-Time Homebuyers in Pierce County
January 26, 2023
6 min read
5 Most Affordable Neighborhoods For First-Time Homebuyers in Pierce County
If you’re a first-time homebuyer searching for a home in Pierce County, you may find that home...
Show 245 more posts
from this category

Connect with America’s Lending Experts today!

Whether you’re buying a home or ready to refinance, our professionals can help.

Compare Mortgage Rates in Your Area Instantly

No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.