You have a property in San Francisco. Now, you want to earn some extra cash along the way. Maybe, you are thinking of turning your property into a vacation rental. A vacation rental today can be a great opportunity for you to earn serious money from your idle property. But if you are going to run a vacation rental as a business, you want to think really hard first. You have to understand that there are some things that you will have to keep an eye on. If you have a 40-hour job weekly, you might want to reconsider your decision if you want to turn your property into a vacation rental.
A vacation rental requires a lot of focus. You will have to address things that have to be repaired and things that should be renovated in order to fit today’s interior standards. Here are some of the typical challenges that you will meet as a host.
First, you will need to deal with the guests. How exactly are you going to have guests flocking into your property especially if you have a new listing? How do you make them choose your property over the other hotels and vacation rentals in the area? This can be tricky. However, if you know exactly what you are doing, you can get the best results. For some hosts, they tend to invest highly in repairing and renovating the home in order to make it stand out. As for others, they rely simply on a bit of interior design to make things look modern and more organized.
Next, you also have to deal with guests when they already checked in your property. This can be challenging especially if there are already a lot of guests on your property. You have to understand that there will be questions, requests, and even some grievances that you will have to address if you don’t want complaints to appear at the end of their stay. Rating is important. For this reason, you will need to be very systematic and organized when it comes to running the place. You want to provide the necessary security and all the amenities that were promised in your listing and more.
You also need to make sure that you know how to market the property. A good thing about this is that you can have the platform such as Airbnb for this. You can have the photos posted and let the guests see the type of property that you are going to have.
Competing against hotels can be a good thing for your bank account since you can earn a serious amount of money with this business venture. However, keep in mind that it is also a serious matter since San Francisco is known for a lot of tourists. You have to deal with different personalities. Also, San Francisco isn’t exactly cheap. This means that getting help just to clean the property will also be expensive. You need to do things on your own to maximize the amount of money that you squeeze from the property.