Online businesses are very popular and one way that you can make money from home is by renting a vacation property. Just because you may be hundreds of miles away, it doesn’t mean you can’t run a successful business.
Firstly, you have to consider the market. Vacation homes are popular. The industry that has been growing tremendously over the years and more and more people are choosing to rent a property for their holiday visit, rather than simply staying at a hotel or bed n’ breakfast. The reason is simple: people want an authentic holiday experience. The best way to do this is by staying in a local house, shopping from local shops, and living like a local.
Is it worthwhile?
Since businesses are driven by profit, you should consider whether you will get enough return from your investment. So when you ask, ‘is it worthwhile’, the answer is yes. And you don’t even need to have a large capital investment to start out.
Depending on which holiday destination you look at, you will find they have time share available for a certain price. This price is usually far less than you can make renting the property out in the holiday season alone. In some cases, you can rent a property for $10,000 a year and makeup to $40,000. The rates during the holiday season can be 8 times more than normal.
How to make it happen
Before you start, you will need to establish your business. For renting a vacation property, you will need the following things in place:
- A property: You will first need to choose between renting a property or buying one. There are pros and cons for both, but ultimately it will depend on your budget, the location, and availabilities.
- A website: We live in a digital age and everything is done via the internet. If you want to have any sort of presence, you will need to have a well-established website. The more attractive it is to customers, the better. You can choose between purchasing a pre-built website to playing around with the free options available.
- A local team: In order to make it work, you will need a team on the ground that you can trust. This includes a support team and a cleaning team. You won’t need to hire them permanently and there are many people willing to work part-time during vacation season.
- A way of advertising: Other than your website, you will need to get involved with one of the many online rental agencies available, like Airbnb, FlipKey, HomeAway, and VRBO. Once listed on these websites, you can rest assured that thousands of people are viewing your listing. If your property is attractive, you are likely to get plenty of bookings.
Once you have these three things down, you should be ready to start your online vacation rental business.