If you are thinking of buying a rental property on Cape Cod, there are certain things you can do to be successful as a landlord. Here are our 4 things to consider when buying a Cape Cod rental property to ensure a successful rental season and many successful seasons to come.
Enjoy Yourself
You own this beautiful property on picturesque Cape Cod, enjoy it! It is important that you take a little time to yourself to go to your home and play tourist. Not only will you benefit from this little vacation but your rental property will also benefit from this trip. Getting away from it all on Cape Cod is what people pay a lot of money to do because it is a one-of-a-kind and gorgeous place to be. Buying a rental property on Cape Cod gives you the ability to disconnect from your every day and relax whenever it works for you. You do not have to check a rental property calendar online and coordinate your vacation around someone else or check with a hotel to see what dates are available for you to stay.
Staying in your Cape Cod rental property benefits your investment property just as much as it benefits you. By spending some time in the home, you gain the perspective of the tenants that pay money to be in your property. It allows you to ask yourself how you would feel if you spent your money to stay in the home. Is it what you would expect? Are there any repairs that need to be made or renovations? Maybe the time you spend in your home makes you realize the potential for updates that could bring in more money next season. Buying a rental property on Cape Cod is a job. Check out our blog, “Thinking of Becoming a Landlord? Here’s What You Need to Know.”
Marketing Costs
Marketing costs money, but it is so important! Marketing your Cape Cod rental property is very important. It is how you can stand out among all of the other properties in the area. Not only do you have to compete with other private homes available for tenants during the summer season, but you also have to compete with campgrounds, hotels, and resorts in the area. Buying a rental property on Cape Cod seems like it would be a big moneymaker, but if you can’t get the tenants to your property, it can easily become a money pit. Working with a Cape Cod rental agency, like Leighton Rentals can help with your marketing costs because they can take care of your marketing needs for you.
Leighton Rentals has been renting vacation properties for their owners, providing them with the exposure to bring in tenants. They’re so successful in bringing in tenants because they have the experience to know what works and what doesn’t. Do not waste money on marketing that will not work, work with professionals that will market your property for you and get it rented! For more information on why it is in your best interest to work with an agency instead of renting your property on your own, check out our blog, “4 Reasons You Should Rent Your Home with a Cape Cod Rental Agency.”
Customer Service
We all know that in customer service, the customer is always right. In vacation rentals, the tenant is always right. Keeping your tenants happy and responding to their needs in a timely manner if there is an emergency is key in repeat rentals. Tenants love finding a vacation rental that they feel comfortable with, that fits their needs and they can come back to every year. They do not want to search for the right rental every season, they want to be able to go to the same place year after year, building memories. Repeat tenants are appealing to you as the landlord because they are known to you. You do not have to worry that they will destroy your property or skip out on paying. Taking a look at the big picture, keeping your tenant happy will keep you as the landlord happy.
Keeping your tenants happy means responding to emergencies no matter how big or small with a sense of urgency. If you are renting your property through an agency, most agencies deal with issues. You could also rent the property yourself, which would mean that you would deal with the issues or you could always hire a property manager. Customer service for your tenants will make your property stand out against other properties that this family or individual has rented in the past. For more tips on how to make your property stand out, check out our blog, “How to Make Your Cape Cod Vacation Rental Stand Out Among Its Competition.”
Quality Costs
When buying a rental property on Cape Cod it is important that you know where to spend the money because the quality of the furnishings in the home makes a difference to tenants. If you spend your money on inexpensive and poorly made furnishings, your guests will know it. Not only will it turn the tenants off from your property, but there is a good chance that they could break, ultimately costing you more money to furnish your property than it would have if you spent the money in the first place. Chairs, couches, and tables are used all of the time by guests, so invest in the quality. Stain-resistant materials are a good idea since most guests are spending a good amount of time on the beach and outside.
Buying a rental property on Cape Cod
When buying a rental property on Cape Cod, you need to think about how to get tenants to your property, how to keep them happy while in your rental, and how to get them to come back the following year. Marketing your property successfully will bring the tenants to your home. Providing an experience that brings tenants to come back year after year will not only guarantee income to your property, but it will provide peace of mind because you will be familiar with the people that are spending time in your home. Enjoying your property yourself will not only give you a much-needed break but help you see your property in a whole new light.
