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Buying an Investment Property? How You Can Maximize Your Rental Revenue

By
Real Estate Agent with PureWest Real Estate RRE-RBS-LIC-79897

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Whether you’re buying a ski-in/ski-out condo at your favorite resort or you’re thinking of picking up a small home in a busy Scottsdale Arizona tourist area, buying a property for short-term rental purposes can be an excellent investment that quickly begins to provide additional revenue. Let’s take a quick look at a few steps that you can take to maximize the revenue that your investment properties bring in each month.

 

Upgrade Your Home to Give It a Luxurious Feel

 

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It should go without saying that if you want your home to rent for a high price it has to have a significant amount of value behind it. After you purchase the home, spend some time on upgrades that help to enhance the home’s beauty and usability. If possible each sofa should be a sofa-bed so that additional guests can stay the night. Upgrade the televisions, have Wi-Fi internet access available and provide a phone number that guests can call if anything goes awry.

 

Professional Photos and Copywriting

 

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If you’re renting your property out to short-term or vacationing tenants you’re most likely going to use online services like your local MLS and Realtor, VRBO, HomeAway or AirBnB to attract new business. While these sites have a lot of visitor traffic you’re also going to face a high level of competition from other property owners in the area. It’s worth paying a professional photographer to take pictures of your home as well as having a professional copywriter handle the sales copy for your listing. These are one-time costs that can help you to defeat your competition and close high-ticket clients. Always conslut your Realtor, local laws and HOA for rules short term rental requirements

 

Cater to Large Groups or a Niche Crowd

 

There are a number of “niche” travelers out there and if you can cater to these groups you’ll find that you’re able to charge more than the average vacation property. For example, you may be buying a home in a popular wedding destination that can be marketed to couples who are being married. If you’re buying a larger 3 or 4 bedroom home, be sure to note that it can house large groups who may be traveling together.

 

Referrals and Repeat Business

 

Finally, don’t forget to ask your clients to refer you to their friends and family who many want to stay in your unit, and always invite them to return in the future. You may want to consider offering a discount to repeat visitors to encourage them to visit annually.

 

Renting out your vacation home or investment property can provide a lucrative income stream as long as you have a professional approach and focus on providing a high level of customer service. For assistance finding the perfect investment property, call me at 602-531-0435 or email at Jeff@arizonasrealty.com

www.arizonasrealty.com

Posted by

Jeff@arizonasrealty.com

Comments (1)

Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

You have clearly demonstrated your savvy in this matter...A pro on the go!

Jan 25, 2015 11:21 PM