My family has been staying and enjoying vacation rentals in Bend since 2010. As a growing family, traveling from Austin, Texas, we loved being immersed in the community and having a kitchen and full house to unload into when we came to town. Even after purchasing a home in 2011 my former husband and two little humans would come and stay in vacation rentals. We stopped once we were able to finally make the move in 2017 and settle into this wonderful place to live and work.
Due to shifts and transitions in life and the market, many of the vacation rentals we stayed in are no longer vacation rentals today.
So, this got me thinking… what makes a vacation rental property stand the test of time?
Well, I had to do what
any forward-thinking real estate broker would do and I asked ChatGPT. After reading the extensive answer, I asked the software to summarize and here’s the Top 10:
- To maintain a successful vacation rental property over time, it’s crucial to have:
- A prime location in a desirable, safe and accessible area.
- Consistent high-quality maintenance and cleanliness.
- Unique and memorable features that set your property apart.
- An effective pricing strategy that adapts to market changes.
- A commitment to delivering an outstanding guest experience.
- Impeccable cleanliness and well-equipped amenities.
- Positive reviews and a strong online reputation.
- Adaptation to evolving market trends.
- Efficient property management for availability and marketing.
- Compliance with local laws and regulations.
This was great information, but I wanted to take the question one step further. I called a good friend and industry partner, Jess Schum at Vacation Rental Collective (VRC). She is an expert, successfully managing over 60 vacation rentals in the area. Our discussion added more value than the convenient and fast AI response.
Schum was especially surprised that the Top 10 list didn’t include being aware of and servicing the top-searched amenities in the area. She proceeded to tell me that this is a crucial tool to have when establishing a vacation rental.
Did you know that in Bend, roughly 25% of searches for vacation rentals are looking for pet-friendly options and hot tubs? If you are a vacation rental owner looking to turn a profit, this is important information to have! In fact, these two amenities could increase a property income by more than 15%! This also sets you apart in the off-season in a saturated market and therefore increases your revenue by two main factors—nightly fees and additional bookings.
In our short call, Schum convinced me that staying closely connected to the experts in the industry is the most “crucial” need for maintaining a successful, long-term vacation rental.
Another important piece of information if you own a vacation rental in Bend: air conditioning is a very high-searched amenity for summer stays.
If you are interested in vacation rentals and what they can add to your investment portfolio, I’d love to discuss the possibilities in our market.
This article appears in Source Weekly October 12, 2023.
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