Step 1: The Right Investment Home
What is the right investment home for you?
There are 2 parts to this answer:
1) The investment home must be priced within your BUDGET. Your budget will be largely determined by your available cash. At a minimum, you will need cash for the deposit on your loan, closing costs and any renovations/upgrades needed.
2) An investment home must have the CORE ELEMENTS needed to maximize your investment (i.e.- good location, adequate number of bedrooms and bathrooms, pool, etc.).
Pro forma statements are the best way to determine which investment home will be best for you. Pro forma statements will enable you to compare vacation homes and their potential profits.
Contact The Pro Agent Group – They will help you with determining your budget. Then, with the use of pro forma statements on various investment homes currently for sale that they will create for you, they will then make suggestions of investment homes for you with good investment potential and are priced within your budget.
Step 2: The Right Furnishings And Amenities
TO MAXIMIZE THE RENTAL INCOME from your investment home, your investment home must look new and modern with furnishings and amenities that attract a broad base of renters – furnishings and amenities like movie theaters, game rooms, themed kids bedrooms, etc.
Contact The Pro Agent Group – They will help you with choosing the right furnishings and amenities like the following to maximize your return on your vacation rental investment . . .
Modern Dining/Living Room
Full Modern Kitchen
Themed Kids Bedroom
Step 3: The Right Property Manager
GREAT REVIEWS by your guests are so critical toward the success of your investment home. Bad reviews hurt rentals. Good reviews boost rentals. The two main contributing factors to a review of your investment home are the upkeep of it (including preventive maintenance and cleanliness) and customer service, and they are the responsibility of your property manager. When your property manager is doing a good job in these two areas, good reviews will result. When done poorly, bad reviews will result.
Contact The Pro Agent Group – They will refer you to some excellent property managers who have great reputations of honesty and professionalism with all aspects of property management – property managers who will help you maximize your profit from your investment home.
Step 4: The Right Marketing
MAXIMIZING SHORT TERM RENTALS requires maximum exposure on all of the major vacation rental websites like HomeAway/VRBO, Airbnb and FlipKey/TripAdvisor. To achieve this investors have 3 options to choose from to implement the short term rental marketing of their investment home –
1) Property Manager
2) 3rd Party Marketing Firm
Property managers normally charge 15-25% of each rental ($6000+/year). 3rd party marketing firms normally charge 10-20% of each rental ($4000+/year). Self-marketing will cost $500-$1000/year. If you have the time and can quickly respond to inquiries, then you should handle your own rental marketing and save the commission. If not, a 3rd party marketing firm will be your second best option. The Pro Agent Group will be your best option because their short term rental marketing is very effective and their smaller commission still allows a good profit to be made.
If you are not going to self-market your investment home . . .
Contact The Pro Agent Group – They will do an excellent job short term rental marketing your investment home. Their commission rate is 9%. Their marketing includes setting a goal each year utilizing a pro forma with regular updates sent to you.