If you’re renting out a property in a tourist location, you can stand out by making it a luxury dwelling. Everything about it should scream “relaxing vacation” to those who are willing to pay top dollar for the accommodations.
But if you’re going to attract this class of renters, you have to curate an incredible apartment or house.
“There are some steps you need to take to ensure a world-class experience for your guests,” R.L. Adams, writer for Forbes shares in an article. “This isn’t some rent-it-and-forget-it process. In the luxury sector, you need to ensure that you address all the finite and meticulous details of renting a home and provide an experience that guests will remember you by.”
For greater profits and repeat clients, use these tips for improving your rental property with luxury in mind.
Consider the Overall Costs
You’re going to have to put in a pretty penny to curate an awesome vacation rental. Know what you’re getting into so you can spend wisely.
“Do your due diligence, and don’t assume the price on the for-sale sign is all you’ll have to fork over,” says an article from the Houston property management company Green Residential. They point out that there are usually costs for maintenance based on environmental factors (i.e. woods, ocean, etc.), HOA fees, taxes, insurance, and more.
“One of the big upfront costs will be furnishing and decorating,” the article continues. “This can be as much as 25 percent of the purchase price, in some cases. If you overlook this step and have to skimp on decorating, you may find it hard to attract renters.”
Remember that you have to spend money to make money, but you can still be somewhat frugal. There are always more affordable luxury items that look great and work well, but cost a quarter of what a brand name item would.
Additionally, you can always upcycle a vintage piece found at a flea market to add authentic appeal to your rental and save you money.
Design Like a Minimalist
Modern design is all about minimalism. Rather than cluttering floors and walls with bright art and opulent furnishings, the space should look clean, balanced, and inviting.
If you’re looking for design inspiration, check out pictures from Luxury Home Magazine, Robb Report Magazine, Atlanta Homes, HGTV, and other publications that feature well-designed homes. The simplistic, clean design you’ll find in many of the articles in these publications is what you want in your luxury vacation rental.
You’ll notice that many of the designs are primarily neutral colors. Pops of trending colors will show up strategically throughout, but the overwhelming concept is clean neutrals.
Pay Attention to Details
After deciding your big-picture theme for the rental, focus on the details. It’s these features that will tie a room together and make it feel like a luxury rental.
“Projects often start as a sketch or an idea. But how that idea gets executed is everything,” writes Leslie Smolan, a creative director, in a LinkedIn article. “The end of the project is where the details come together and create a sum greater than the parts.
Your goal is to create a design that will make vacationers click “book” instantly upon seeing the pictures. Here are some of the details that make all the difference:
- Lighting: A properly lit property can instantly take a rental property from economy to first class. Good lighting makes the room feel airy, creates comfortable ambiance, makes the room feel bigger, and ties your design details together.
- Mirrors: Mirrors (with frames) are staples in a luxury property. Not only do they add great design to the walls, but they also create the illusion of space and opulence. A simple framed mirror in the hallway can make it look twice as big and grand.
- Textures: Many amateur designers prioritize colors while ignoring the potentials of textures. Combining many textural elements into a home’s design creates multiple dimensions for your guests to enjoy. It makes the place look and feel more inviting.
- Greenery: Plants are not only good for the air quality in the room, but they also create a sense of familiarity. Inviting nature inside the house adds an extra cherry on top. It’s okay if you use fake greenery in some spots but try to include a few real plants where possible.
Think Like Your Guests
Overall, the best thing you can do for your property is to approach it like a guest. Don’t think about how you like your home to be organized or the design features you enjoy. Think about what a tourist would like to see in a rental from the check-in experience to a restful night’s sleep. If you’re in the right frame of mind, producing an incredible vacation rental will be a cinch.