With some hard work, planning, and entrepreneurship, it is possible to launch your very own vacation rental portfolio.
In areas where short-term holiday property rentals are permitted, you can get your foot on the ladder and begin your vacation rental business by searching out properties that would make ideal vacation homes, according to some industry professionals.
Of course, when starting any business, you should always carry out extensive due diligence to review market opportunities and to see if the venture is right for you and will be profitable.
Short-term vacation rentals can, sometimes, be much more lucrative than long-term agreements and can generate two or three times extra revenue per night. If you apply that to several properties, then profits can quickly add up.
Properties in tourist areas and islands, in The Bahamas, are likely to generate more interest, maintain a higher occupancy, and fetch a premium price per night.
As Shore Concierge offers a full range of vacation property management services, you could seek our help with any part of the operation you cannot cover yourself.
Be aware, there are a lot of areas to cover when running a vacation property business. This includes settling on competitive but profitable pricing, accurately estimating expenses, keeping to a budget, running an effective sales and marketing campaign, carrying out effective guest and owner communications, keeping the property clean and tidy, managing arrivals and departures, ensuring security and safety and reaching target profit levels.
As the business becomes more established and owners gain confidence, they can take on more host assignments, and it is possible to build up extensive portfolios.
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