How to Spend Your Money Wisely When You're Getting Started on Airbnb
Are you making investments in your vacation rental that will give you a great ROI?
When you're first getting started with a vacation rental, you want to make sure you're making the right investments that are going to move the needle and give you that ROI you're looking for in your vacation rental business.
Today, I'll review my top five investments that you can make to your vacation rental at the very beginning that will pay for themselves in the long run.
As a vacation rental homeowner for over five years, an Airbnb SuperHost and a HomeAway Premier Partner, I have seen first hand which investments we've made to our home that has really paid for itself, and which have not.
Top five investments that you can make to your vacation rental
Investment #1: Paint
It's relatively inexpensive and easy to do and it will do wonders to your home. Ideally, you want to pick a light color that really will brighten your home up.
And for extra bonus points, maybe even consider painting your kitchen cabinets or bathroom cabinets if they're really dated and dark.
Investment #2: Living Room Furniture
This one is SO important because in most cases your guest is going to spend a lot of time here, so when they are looking at your property and your competitors' property they are scanning the living room.
You want to make sure you pass that scan test because they are comparing your furniture to your competitors'.
So, if you have those old, dingy looking couches that look a little bit too worn in, that might be a deal breaker.
This is a little bit more of an investment to make but it is worth it if it really helps you seal the deal.
Investment #3: Bedding
Similar to the living room, this is also a really important factor in that scan test.
The bed is the focal point of a bedroom, and you really want to make sure that it stands out well and that you have relatively newer bedding that's light, bright, and looks clean.
If it's been a couple years since you have replaced your bedding, I would suggest making this investment because it is a really great one to help your pictures really stand out.
Investment #4: Photography
Great photography will really help your listing just pop off of the page. If you've made some of those other great investments like paint, bedding, or living room furniture, then now is a great time to schedule the professional photographer!
I highly recommend hiring a professional photographer in your area. Look for a real estate photographer or one that specializes in the vacation rental industry.
If you need more vacation rental photography tips be sure to check out my blog post: How to Hook a Potential Guest with Amazing Vacation Rental Photos.
Investment #5: Education
This one is more of a time investment than anything else, but you really want to invest in yourself to learn all of the ins and outs of marketing and how to properly set your listing up so that you can set it up for success at the very beginning.
There's more time and effort involved at the beginning but it will more than pay for itself year over year by learning what you need to do to position yourself in the market to succeed.
To take your vacation rental education to the next level, I have a free class called Four Steps to Create a Profitable Vacation Rental.
I created this class because I saw too many vacation rental homeowners going with the throw and go approach and skipping some really vital steps to setting up their vacation rental for success.
I know first-hand that when you're just starting out, the money you have to invest in your vacation rental property may be tight, but investing in these recommendations will be a great way to see a return on your investment.
Be sure to check out my online class, it's completely free and you can register at the link below. I hope to see you there!
Also, please comment below if you will be making any of these investments to your vacation rental!
Need a Little Marketing Help with your Vacation Rental?
We all struggle with information overload when we are first embarking a new journey which can result in a chaotic marketing plan or worse, one that is nonexistent.
I tried a little bit of everything when I first started marketing my rental instead of focusing on the things that would move the needle the most.
Once I figured out how to prioritize my marketing efforts, I earned the Superhost and Premier Partner badges and ranked in the top 1% of my market.
I have a Vacation Rental Marketing Roadmap that will help you prioritize your vacation rental marketing efforts to ensure your marketing efforts will have the greatest impact possible.