It’s hard to imagine anything more exciting than deciding to turn your Galveston home or property into a one-of-a-kind vacation rental. Stepping into this dynamic industry can be life-changing on many levels and for guests, it’s a chance to enjoy an unforgettable journey that just might be the beginning of an annual trip tradition. Galveston is an amazing place to own a vacation rental thanks to the plethora of activities and attractions for guests to enjoy during their getaway—not to mention the mesmerizing views. Those who book their getaway in your Galveston vacation rental will find it simple to round out itineraries with stops at Moody Mansion, the Galveston Island Historic Pleasure Pier, Galveston Island State Park, the Strand Historic District, and more. Of course, before your journey successfully gets underway, there are plenty of things to think about. You want to be set up for success from the beginning, so making sure to keep the following 10 things in mind as a new vacation rental owner in Galveston now is key to reaching your goals in the long run.
Get Comfortable with the Idea of Initial Investments to Make a Profit Down the Road
It’s easy to assume that your Galveston home is ready to go once you decide to start renting it out. However, even the most inviting property requires some upkeep, changes, and improvements prior to hitting the market and these costs are something you’re going to want to get comfortable with from day one. Any good business venture requires some initial investment and a vacation rental in Galveston is no exception. The goal of a vacation rental property is to appeal to as many potential guests as possible, and that means paying attention and investing in the basics and extras that are going to make all the difference along the way. Some of the fixed costs you can anticipate when you’re a new vacation rental owner in Galveston include services like enhanced internet, higher utility bills as the home is used more often, and the cost of keeping your property stocked with various essentials like towels, paper goods, kitchen basics, and beyond.
If you’re working with a property management team, there are startup costs there to consider as well. Beyond these fixed costs, it’s good to keep an open mind around one-time costs that are typical when getting a new vacation rental set up in Galveston. You’ll likely need to attend to minor home repairs to have the property looking new and this could include painting, re-papering walls, fixing floor nicks, upgrading kitchen cabinets, or installing modern appliances, or purchasing furniture that will photograph well for marketing too. Taking time to familiarize yourself with these costs and make a plan will give you leeway in the beginning that can be offset with future profitable earnings as your rental welcomes more and more guests over time.
Consider the Aesthetic and Experience You’re Looking to Create
Before you can rent your vacation home in Galveston out to guests, you’re going to have to start thinking like one. This can be tricky if as a new vacation rental owner, you’re really attached to the aesthetic and décor you’ve maintained in the home. That said, sticking to personal preferences when it comes to interior and exterior home design isn’t always the key to reaching the widest audience of potential travelers. There’s a lot to be said for upgrading your home towards an immersive Galveston-inspired aesthetic that many visitors are looking for when they head this way. Creating a welcoming and unique environment for your guests is a must. This might include replacing furnishings with something more modern, enhancing outdoor living spaces if your property has a great view, or adding a hot tub if you’re finding travelers to this area are looking for something a little more lux to enjoy along the way. From upgrading kitchens so that they include comprehensive appliances to customizing bedrooms with quality mattresses and plenty of closet space, the difference lies in the details, even if those details wouldn’t be your personal first choice.
Going Above and Beyond Is Important
Galveston is a destination packed with opportunities for fun and entertainment. Travelers who come here alongside family and friends have plenty of reasons to head out and enjoy their surroundings. That means that as a new vacation rental owner, you’re going to need to find ways to go above and beyond to provide them with just as many reasons to stay in and enjoy their rental experience. This could take the form of all kinds of features, upgraded amenities, or extras that stand out in the minds of travelers.
In a competitive marketplace, giving your vacation rental something to showcase is important in keeping your occupancy numbers high year-round. Additions to your home rental experience could be as simple as the inclusion of a wine fridge in the kitchen or a grill outside so guests can pick and choose between indoor and outdoor dining. If you’re looking to go bigger and attract more attention to your Galveston rental, amenities like pools, hot tubs, and customized lounge areas are always a good option. Indoors, properties with fun features for families like game rooms and upgraded entertainment centers give guests a reason to spend quality time together while themed kids’ rooms can be the key to getting families to return to a home-away-from-home their little ones love time and again.
If your property is fortunate enough to be close to the sand, or near a preferred trail or area attraction, it’s important to highlight this as often as possible. Upgrading your technology to smart devices throughout is a sure way to appeal to modern travelers looking for convenience built into their stay. To expand your potential guest reach further, it might be worth your while to consider making your property a pet-friendly residence so those heading to Galveston with a canine companion in tow will know they’re welcome with you when other local properties have restrictions in place. Making your vacation rental a place where guests can count on a unique and unforgettable experience is what will inevitably set you apart from the crowd.
Home Care and Maintenance Needs to Be Streamlined
As with any business, there are a lot of unknowns that go into owning a vacation rental. When you have many people settling into your property throughout the year, the chances for potential property damage, the need for repairs, and general maintenance are going to increase. The same can be said for enhanced cleaning practices that keep your property pristine and a healthy and welcoming place for guests to enjoy year-round. While you can certainly attempt to take these tasks on yourself, at Porter, we always recommend working with our property management team as a way to keep on top of these essential tasks. Instead of spending too much on individual services, working with a property management team is a way to streamline your maintenance and home care in a stress-free and efficient way.
The property management team at Porter partners with a variety of local vendors which means guaranteed great rates for our homeowners. We set up scheduled property cleaning and maintenance schedules for homes and specialized amenities like hot tubs and pools as needed. This means no heavy lifting for you, or wondering if the team you hired will show up on time. Additionally, a dedicated maintenance team will be able to get ahead of potential problems before they arise during regularly scheduled walk-throughs. They’re also on hand to handle any maintenance emergencies that might arise during a guest stay. For guests, this is the peace of mind they deserve when it comes to knowing they’ve booked a stay in a clean, safe, and well-maintained home no matter when they arrive. For you, the homeowner, it’s peace of mind knowing your property is well managed and you can focus on the aspects of the business you truly love.
Make Sure You’ve Got Marketing Under Control
Even the most appealing property in Galveston won’t enjoy the occupancy rates it deserves to see if a new vacation rental owner doesn’t take time to make sure every aspect of efficient and successful marketing is considered upfront. It begins with details as seemingly simple as high-quality photos that showcase your staged vacation rental at its best. It ends with making sure your property listing is available across multiple digital channels, and updates to the listing are made in real time as seasonal factors come into play. In a market-driven business, how your home is presented online is vital. It’s essential that professional photos are captured of your home’s welcoming exterior in Galveston as well as all of the unique features that set your property apart.
From there, you’re going to want to make sure that your listing is represented across a diverse portfolio of rental sites. This could include a property management page as well as VRBO, Airbnb, Expedia, Orbitz, and beyond. Once you know where you want your listings to go, masterful marketing comes down to a seamless reservation process. You’re going to want to fully understand how those sites process booking requests and have a full grip on any and all fees that are included so you can be upfront with your guests when they have questions or inquiries.
Understand the Local Marketplace so You’re Pricing Competitively
Pricing is super important when you’re a new vacation rental owner in Galveston. This popular tourist stop sees people heading here all year long, but the seasons certainly set those numbers apart. You’re going to need to understand the dynamic tourism marketplace here in order to make sure your property is priced appropriately and competitively at all times. This requires real-time analytics of your marketing standards as well as a willingness to compete with other rentals nearby. An overpriced home in a busy season is going to be quickly overlooked, while an underpriced property during high season will have you losing money with each reservation. It’s vital to take time to analyze the local marketplace and see where other properties in your area are pricing out at different times of the year. You’ll want to remain flexible enough to adjust prices as needed when things change unexpectedly. This is a specific aspect of business that many new vacation rental owners are happy to hand over to an experienced property management team. When you partner with professionals at Porter, we offer personalized strategies for your return on investment taking your home’s location, traits, and your personal goals into consideration to create a tailored plan of action.
Keep Customer Care a Priority
Running a successful vacation rental in Galveston is never as easy as booking a stay for guests and letting them have their run of the house. It’s a commitment to superior standards of customer care that leads to five-star reviews and guests recommending your home to others in the future. To achieve this, it’s vital that new vacation rental owners make customer service a top priority at all times. This means being available to help answer questions at every step in the booking process as well as during a guest’s visit and beyond. They need to know who they can go to for peace of mind and if you have insider tips and tricks to offer up that personalize their itinerary further, this is another win. You’ll also need to be prepared to handle customer complaints, one-off negative reviews, or property damage during a stay. If you prefer to leave this to professionals who are well-versed in handling any and all customer care situations, partnering with a property management team is a good choice.
Reach Out to Porter Today
When you’re excited to step into the vacation rental industry and see just how much potential your home in Galveston has in such a dynamic marketplace, the property management professionals at Porter are here to help. Reach out today to learn more about our comprehensive property management services and to get started.
