Vacation rentals are a profitable investment for landlords to generate an extra income. However there are a number of common mistakes that the new rental owners often commit. Whether it is about listing the property with the real estate professionals or determining the rental prices, there are many factors that go into a profitable vacation rental business. Adopting a professional approach to operate the business can lead to more returns and tenancy than any random strategy.
Given here are some of the most common mistakes that must be avoided while renting your vacation home in Corpus Christi:
- Pricing Too High Or Too Low: A high number of available vacation rentals in your area makes it tougher to rent your property. In order to stand out from your competitors, it is important that you are aware of certain aspects of the current real estate trends. You should research about the rent quoted for other vacation rentals, their average occupancy rates, what amenities they are providing etc. to know about the competition that you are facing. Setting impractical rental rates can easily get your property unheeded by the potential guests.
- Not Screening The Tenants: Renting your vacation home without properly screening the tenants can be a very big mistake. You must evaluate and analyze if the applicants will be suitable for the property. You should talk to them and try to find out their expectations from the vacation rental. If you have certain restrictions regarding pets and the number of residents you should make sure that you clarify it in the first place.
- Booking Without Proper Rental Agreement: A well-formulated rental agreement is essential for you as well as your tenants. It must clearly state the duration of the stay, pet policy, occupancy limit, amenities provided and, check-in and checkout time. You must make your potential guest sign the agreement before finalizing any booking.
- Not Taking Advance Payment: If you simply ask your potential guests to make the payment when they arrive, there are higher chances that might not turn up or cancel the booking. They may also pay you through a check that needs additional time to be cleared. Thus, you must make it a point to ask for at least 25% of rent as a deposit at the time of booking. The rest of it can be paid when they arrive.
For more tips on how to successfully rent your vacation home in Corpus Christi, contact The Rental Management Company at (361) 949 -9050 or visit our office at 14613 South Padre Island Drive, Corpus Christi, Texas 78418.
In the property rental business it is much more cost effective to retain tenants rather than search for new ones. Renting your property to a quality tenant implies reduced stress and steady income for a long period of time. However it is important to keep certain considerations in mind to minimize vacancy cycles and maximize profit.
Given here are some of useful tips that can help you attract long term tenants for your rental property:
- Help Them Personalize The House: Although you may have spent a lot of time and effort in decorating your house you should try and give a clean slate to the new tenants. You should try to use neutral shades on the walls, curtains, flooring and other furnishings. You can also provide hooks in each room to hand pictures, shelves to place decorative pieces and storage cabinets to organize all the extra stuff. All these things will help the tenants visualize themselves living there in their own personal space.
- Make The House Habitable: Although it is essential to improve the appearance of your house, it is not enough. You should make sure that you have properly assessed the needs of the potential tenant and make it easy to live in the house. You should ensure that the house has good fixtures, lighting, heating and a clean living environment.
- Allow Tenants With Pets: One of the biggest difficulties faced by tenants is finding a pet friendly rental home. You can attract a number of tenants if you make your property tenant friendly. Also, there are higher chances that they will stay for a longer duration as it is not easy to find such accommodations.
- Provide The Necessary Appliances: Most tenants, particularly those relocating from a different state, prefer staying in furnished homes rather than shifting their own goods. It can also help you rent your property at a better price.
- Timely Repairs And Maintenance: Most tenants stay for long if the landlord is responsible and manages the property well. Whenever your tenant contacts you with a repair or maintenance work to be done, make sure you respond back as soon as possible.
You can also consider hiring the services of The Rental Management Company to assist you with finding a long-term responsible tenant and managing your property.
For more information on how to attract long-term tenants for your rental property you can contact us at (361) 949 – 9050.