Do you want to know one of the top secrets for turning your real estate investment into a thriving business?
Millions of people worldwide have made money renting out homes they own to tourists from out of town. Turnkey vacation rentals can make you tens of thousands of dollars each year. If you live in an area that lots of people want to visit, you might make more.
But if you don’t start off on the right foot, you might struggle to make a profit on your property. Below, we’ll get into a step-by-step guide for investing in turnkey rentals. Keep reading to learn more so you can make more money right away!
1. Identify Where You Want to Invest
The success of your turnkey vacation rentals investment depends on where your properties are located. To figure out which property will make the most bang for its buck, look at the areas around it.
Figure out how many people visit the region each year. Look at whether they generally prefer to rent hotel rooms or if they go for vacation rental properties.
Then, look at the cost of housing. The lower the cost of the houses you buy, the more potential profit you can make.
Memphis is a great place to own turnkey vacation rentals. About 10 million people visit Memphis every year. They come for both vacation and business, and many prefer to stay in a home. Tennessee also has a low cost of living. Because of this, you can make a lot of money by owning a Memphis turnkey property.
2. Start Looking for Properties
Once you decide where you want to have your turnkey vacation rentals, you should start looking at properties.
The best turnkey rentals will come with no repairs. You should essentially be able to purchase the property, clean it, and furnish it. Then, you can advertise it as a vacation rental.
If you have a lot of repairs, the property isn’t necessarily a turnkey. You should have a professional inspector look at the property before you buy it. These people will assess the property for any unseen damage. Then, they’ll give you a full report on the home’s condition.
If you have to spend a lot of money on repairs, don’t close on that property. Look for another place.
You should also consider how many other vacation rentals are in the area. Read reviews and see what other people have said about them. This will give you another
3. Decorate the Home
The interior of your turnkey vacation rental will determine how satisfied your guests will be with their stay. A well-decorated home will have a distinct personality. So, you should pick a theme and decorate around it.
If you need inspiration for decorations, consider the personality of the area around your rental. For instance, if you’re in an area with a lot of mountains, you might choose a more rustic, cabin-like decor.
Memphis has a lot of culture and history which owners can use as inspiration, including a vibrant music and creative scene.
Once you’re ready to rent the home out, you need to start advertising.
You can do this in several ways. First, you can list it on a vacation rental website. There are many different types of sites like this, so you should do your research to find the best one for your property.
For these listings, you should take lots of pictures of the home. You’ll have more people interested in your vacation rental if people can picture themselves relaxing in the space. Posting pictures will help people imagine themselves in the home.
You should also advertise your properties on social media. Ask your friends and family to share information with anyone interested in visiting the city.
5. Stay on Top of the Rental Properties
Turnkey rentals need consistent maintenance in order to continue to attract renters. Make sure you have an easy way for renters to report damage to the property.
Conduct periodic inspections of your rental properties to ensure they remain in top shape. If you look at your properties every once in a while, you might catch problems early on. That way, you’ll have a chance to fix them before they become too costly.
You should also purchase insurance so that you won’t have to deal with as many unexpected expenses. This is especially essential if the property is an area that experiences a lot of natural disasters. Likewise, you should get an insurance plan that covers you in case someone gets injured on your property.
6. Get a Property Management Company
A property management company will help you with the business of managing your property. That way, you can focus on attracting clients and keeping everything running well.
When it comes to choosing a property management company, you should do your research. If you want property management help in Memphis, check out what we do!
Ready to Get Started with Turnkey Vacation Rentals?
Turnkey vacation rentals can serve as a great way to invest in real estate without having to do a lot of the heavy lifting that comes with other forms of investment. Because you won’t have to spend so much time repairing your properties on the front end, you’ll be able to start turning a profit quicker.
Our team is here to help you get the most out of your Memphis real estate investing ventures. We provide full-service property management to entrepreneurs in the real estate business.
Want to learn more? Contact us today!