With demand rising all the time for luxury Bahamas vacation rental properties, many people are considering buying a property and launching a B&B business.
The rising tourism market and the freedom and business potential that being a vacation property owner brings, is a powerful motivation to enter the market.
But this is a big decision to make and there are important steps that must be taken before you come to choose and buy your luxury Bahamas vacation rental property.
Lou Jupp, founding director of Bahamas property rental management specialist, Shore Concierge, offers half a dozen important steps and advice to bear in mind when buying a property:
Thorough research
When buying a property, you would check on the local market, the best locations, what you can buy for your budget and more. The same is true with looking for a vacation property rental, but much more so, as this will be your business. So, research comparable properties. Search out properties in the best positions that your budget can afford. Ensure you have enough space for your vacation rental property and check out that the building doesn’t need too much work. Then, turn to the business financials to work out if you can make a decent living from your Bahamas luxury vacation property rental.
Financials
First, draw up a detailed list of your estimated costs and then work on an estimated list of your income. This includes buying, maintaining and running your vacation rental property business. Compare similar properties to get an idea of pricing and demand. This needs to cover year-round data for pricing and occupancy levels. Also, factor in any exclusive features or special locations your vacation property has. Include staffing costs, professional services and allow some time for your vacation to recharge your batteries and don’t forget about purchase fees and taxes, too. Run these plans by a financial specialist and sector professional to check how realistic they are. Obtain professional advice about any financing you may require.
Legals
Consult with a legal professional and carry out checks to see if there are any restrictions or regulations that will prevent you from opening and running your vacation property rental.
Sales and marketing
Consider how you will market your property, persuade guests to book and actually manage the bookings. Think about your staging needs and photography requirements. Consider copywriting and creating and running a website, featuring direct booking to market your vacation rental and bring in business. Draw up a plan for social media, online travel agency listings and advertising.
How much do you want to work?
Running a vacation property rental business requires commitment, determination, dedication and hard work. Do you want to open up your property right the way through the year, or close for some of the season? Can you carry out all the work yourself or do you need staff to help? As well as the physical running of your vacation rental property, don’t forget that managing the business will also take time.
Professional advice
If all this seems too daunting, don’t worry! Help is at hand from Shore Concierge, and we offer a full range of support services for vacation rental property owners. Whether you want support with the financial aspects of running the business, sales and marketing, guest management, or checking in and out, we can help. Email us on contact@shore-concierge.com or call +1 242 805-1500.
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