4 Pro Tips for Listing a Memphis Vacation Rental
As a Memphis resident, you know it’s no secret that a lot of people dream of moving to the Home of the Blues. Whether they want to spend some of the year or all of the year exploring the town and its history, Tennessee is a place many people aspire to call home — Memphis in particular.
You may be considering transforming your current home into a vacation rental or looking at this opportunity as a way to subsidize your second home. Either way, there are people out there willing and ready to pay good money to vacation in your home. It’s up to you to attract them. Here are four pro tips to help you do just that.
Ready, set, go!
Your rental property empire needs a solid foundation. You'll first need to set up a legal business entity in your state. One popular choice in the rental property industry is a Limited Liability Company (LLC) because it not only offers flexibility that other business structures (such as a Corporation) don't, it also protects your personal assets from any accrued business debts or losses. Once you've set up a business entity, you'll need to open a business checking account and seek any necessary funding. Any loans will be against your business instead of your personal holdings. As an added bonus, tax time will be a breeze if you've set up separate accounts.
Budget-friendly upgrades with powerful ROI
When it comes to attracting guests to your vacation rental, it is going to take a lot more than a high-class condo or beachfront property. While those definitely are good selling points, the vacation rental business has become much more competitive. Top bookings offer amenities that people look for when vacationing, such as:
● Renovated, fully-stocked kitchen with modern appliances
● Bathrooms with spacious showers and jacuzzi tubs
● Outdoor living rooms with fireplaces, ambient lighting and seating for lounging and eating
● Whole-house surround sound systems that guests can control from an app
● Upgraded laundry facilities
When you pick the right upgrades, you also boost your ROI (return on investment). Because you are following the market trends, more people will book your home, and with more bookings, you bring in more earnings that help pay for the upgrades.