If you own a home on the Jersey shore, you have a potential profit machine on your hands. With flocks of families across the northeast spending their summer weeks on the NJ coast, you have the potential to make a substantial returns on your investment—here’s the catch.
You only have 10 weeks to do it.
Sure, there’s the “shoulder” season, winter rentals, and Memorial Day Weekend travelers. But let’s face it; your entire success or failure as a short-term renter on the Jersey Shore depends on your ability to rent those 10 premium weeks from Mid-June to Labor Day.
Here are a list of 5 tips from an industry expert on making sure you get top-dollar for those weekly slots.
Okay, so we can’t all own a beach front in the heart of town. There are thousands of renters looking for that perfect home for their summer vacation. Are you located within walking distance to downtown, with shops and restaurants nearby? Are you in a quiet neighborhood where families can relax and get away from the bustle? Nearby playgrounds or fishing piers? Think about your location and market your home to renters who will be looking for your ideal vacation spot.
This one seems obvious, but you’d be surprised. Potential tenants will be looking online for their ideal vacation home, and with thousands to choose from, you need to stand out. Cell phone photos just won’t cut it these days. For the price of one night out, you can have high-resolution, professional real estate photography that will last you a decade or more. Seriously, don’t skip this step. It is a worthy investment to make sure each of those weeks is filled.
In Ocean City, NJ, most rentals are listed by the local real estate agencies. As a homeowner, it is crucial to fill each and every week, so list your property at as many agencies as possible. This includes online listing sites like VRBO, Airbnb, and VROCNJ. Just make sure they are all coordinating their bookings to ensure they don’t double-book.
Make sure your price is comparable to other similar homes. It is better to miss out on $400 because you priced low than to miss out on $4,000 because you priced too high and the home sat vacant for a week.
Your tenants chose not to stay in a hotel because they want to feel at home—so make them feel at home! Easily accessible Wifi, plenty of cookware and toiletries, games and beach equipment, a book of local recommendations—these are basics that will lead to happy tenants and repeat business.
Make sure your home has regular maintenance, including professional weekly cleanings, landscaping services, HVAC tune-ups, and linen arrangements. A bad online review can have a lasting impact, so make sure your home is properly maintained and cleaned for each arriving guest.
If you own a rental home, you are in the hospitality business. Your job is to keep your guests happy and coming back each year. Sometimes things happen—broken appliances, an incomplete cleaning, a miscommunication with check-in. The best thing you can do is to avoid these things. The second best is to fix it…fast! If you are not nearby, make sure you have someone responsive and available to fix any and all issues that may arise. If you don’t live within 30 minutes of your rental, you may want to consider hiring a property manager (shameless plug, we know). Fixing a problem quickly will show your guests that you care about their money and time, and they will be sure to appreciate the extra effort.
Did we mention we can handle all these things for you? We can help you market, list, clean, and maintain your property, while acting on your behalf for your guests. Give us a call today to hear everything we can do for you and your property!
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