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.
Best practices in marketing
Getting the word out about your vacation rental takes time, energy and patience. The best marketing comes from word-of-mouth — happy customers become repeat customers who tell their friends. In addition to the accolades of satisfied customers, you’ll want to focus your marketing efforts on:
● High resolution, professional photos of your property
● Encouraging reviews on your website, social media pages and rental brokerage website
● Creating a business and a brand for your property
● Courting a popular vacation blogger to stay in your rental and post about the experience on their site
● Responding immediately to guest questions, comments and feedback
When you market your property, you sell guests on more than a place to stay, but also an experience to be had.
Making year-round maintenance a breeze
Keeping your vacation property clean and in good condition is especially important if you live some distance from the rental. You want to find good people you can trust to make sure the upkeep meets your expectations. When hiring maintenance companies, be sure to look for reputable businesses like lawn care professionals, handymen and house cleaners. There are a lot out there and you can weed through the so-so ones to find the gems by:
● Asking for recommendations on neighborhood sites like Nextdoor
● Reaching out to other vacation rental owners for their suggestions
● Reading online reviews from multiple sources
● Paying a friend to go out occasionally and check on work being done
Keeping your rental in tip-top shape maintains your ROI and reflects positively on your professional brand.
Whether your property is near Downtown or Midtown, you're bound to attract a steady flow of Memphis vacationers. With the above tips, you can create a vibrant, relaxing getaway that results in return stays.
Consider making a real estate investment with the expert assistance of Jaime Osborn with Weichert Realtors Benchmark, so that your vacation rental is a success. You can get in touch by calling 901-490-3542, and be sure to explore the blog for more real estate information.