Location, Location, Location
Any realtor will tell you the three most important things in real estate are location. Hosting and selling real estate are not one in the same; however, location plays a huge role in both. Modern Innkeeper has previously blogged about how travelers are beginning to choose where they visit, but identifying the specifics will teach you how a rental location affects where guests book their trips.
Contributing Factors When Purchasing a Rental Property
Having the resources to purchase a rental property is something to be proud of, and it is an endeavor that can create an additional stream of income. Someday, it may even be your primary source of it, who knows! But before you come to a decision on where you want to purchase one, there are several factors to consider that will ultimately affect the intrigue of your property.
Will it be a Second Home?
If you are planning to also use your vacation rental as a second home, which 42 percent of buyers are according to this study, you have to examine if its location will attract other travelers besides you and your family. Just because it is only a two-hour drive away from your primary home does not mean it will be attainable for guests to travel to. On the flip side, travelers are seeking more remote destinations in 2021, so it is up to you as the host to determine if your rental’s location has enough lure for people outside your circle.
How Many Seasons is it Desirable?
Do not count on a property located in a place where the summers do not exceed 85 degrees and winters do not exceed 25 degrees being booked year round. Yes, you will receive interest in the summer, but it will remain lonely, do not forget freezing, in those long, winter months. If you are a host who plans on using your rental as a vacation home for yourself, family, and friends, you will probably want to use it during the prime months; therefore, the window of opportunity to rent it out becomes much smaller. Do not overlook this, as a vacation rental located somewhere that is enjoyable January to December is more appealing.
Accessing Your Rental
Due to the pandemic, travelers are preferring to drive to their destinations rather than fly, so not being near an airport does not necessarily hurt business. With that being said, it is always nice to have options, right? Do your research on the area to find out if it has any of the following closeby:
Remember not being located near any of these does not classify a place as undesirable. In fact, some travelers might prefer more remote rentals, but its accessibility should be part of the equation. Knowing this information is beneficial because you can include it in the rental’s description as a way to entice travelers who might prefer public transportation over spending long hours in the car.
Study Local Economy
Studying the local economy of the town or city your vacation rental is in may not sound very inviting, but if you want to increase the chances of your rental receiving bookings, it is important to know. Travelers are now seeking destinations with a local flare. Outings like cruising into town to buy groceries from a locally owned farmers market or dine at a family-owned restaurant that has been there for decades are becoming more popular. Since being immersed in the locality is the trend, purchasing a property located in a place with a thriving, steady economy will incentivize travelers to stay at your rental. What works in your favor is rental properties are positively impacting local economies, so if there are other rentals in the area you may find yourself in an advantageous situation!
Answer Questions Before They are Asked
When guests sit down and book their next trip, remember location is playing a huge role. Lend yourself a helping hand by investing in a property somewhere appealing, and please, do not forget to describe how ideal the location is in the description!