Starting a Vacation Rental Business: Everything You Should Know
If you’re thinking about starting your own vacation rental business, this guide from Duc Ong of Equity First Realty Hawaii has all the tips and resources you need to get the ball rolling. Read on to learn how to start your business, find the right property, and manage your vacation rental like a real estate pro.
Do Your Homework
Starting a successful vacation rental business isn’t an overnight process. It’s important to give yourself plenty of time to plan, apply for any required permits, and research your competitors.
- Obtain any necessary licenses and permits, and review the local zoning laws and regulations that pertain to rental property owners in your target area.
- Conduct market research to learn about your competitors and target guests.
- Create a business plan that includes your mission statement, goals, timeframe, and strategy.
Find the Right Vacation Rental Property
Finding the right vacation rental can also take some time, but an experienced real estate agent can help you to find the perfect property for you and your target guests.
- Choose the best location for your vacation rental in Hawaii.
- Compare your financing options. Conventional loans, 401(k) loans, and private loans are just a few of your options.
- Purchase your vacation rental with help from an experienced real estate agent.
- Furnish and design the vacation property before listing it online.
Manage Your New Business
Managing a vacation rental can be challenging, but these tips will help you to operate your business from near or far.
- Consider hiring a property manager, especially if you’re buying real estate in another city, state, or country.
- As another option, you could use a vacation rental software to manage your properties.
- Create a great marketing plan that gets you the most bookings.
- Look for an easy-to-use bookkeeping system so you can track your income and expenses from anywhere.
Vacation rental properties can be excellent investments, but there’s a lot you should know about running a business before purchasing your first rental property. This guide is a great starting point, whether you’re investing in a vacation rental right here in Hawaii — or anywhere else in the US.
Duc Ong of Equity First Realty Hawaii is here to help you with all your real estate needs, from selling your existing home to buying a vacation rental in Kaka’ako. Contact Duc by email or at 808-278-0285.
Guest blogger: Megan Cooper
Image via Pexels
