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Austin is the state capital of Texas, so it's expected to be the center of a buzzing culture. With it being known for its live music scene and nightlife, people from all walks of life travel to Austin just to experience the vibrant locale.
As a property owner, you can take advantage of this and appeal to tourists with money to burn. How? By turning your property into a luxury vacation rental, of course.
Why a Luxury Vacation Rental?
The standard vacation rental can also be lucrative, but having luxury guests as your target market can lead to bigger profits. Tourists don't always look for beach vacations. Sometimes, they prefer the night scene, where they can have a cocktail while good country and blues music is playing in the background.
For tourists traveling with their family or friends, it makes more sense to rent a home than stay in luxury hotels, which is where you come in. A luxury vacation home with two bedrooms in Austin can earn up to $203 per night.
With a booked month, you can earn up to $6,293. By comparison, the average monthly rental rate for two-bedroom residential properties is about $1,849.
What Should Luxury Vacation Rentals Have?
You might be surprised to know that a luxury rental property typically has what a residential home does. It's a matter of quality, such as premium amenities. Of course, there are a few additions that will truly set your property apart from regular homes.
Here are some of the luxury vacation rental amenities that most luxury guests look for in a vacation rental.
Smart Features
With smart features like automation systems, luxury guests can really say that your property comes with premium amenities. High-end rentals nowadays have features like keyless entry, smart thermostats, automatic Wi-Fi connection, and smart lights. They may not be wow-factor amenities, but luxury travelers will still appreciate the improved guest experience.
Luxury Furnishings
One key difference between the average home and luxury vacation rentals is that the latter has more upscale furnishings. That means high-thread-count sheets, decorative rugs, marble kitchen counters, and more. You can look at short-term rentals in the luxury sector to get an idea for an interior design plan, or hire an interior designer to spruce up your luxury property.
A Welcome Gift Basket
Many residential rentals offer a welcome kit for long-term tenancy, and the same can be done for short-term rentals. You can put together a luxurious welcome package that can make their stay more comfortable and indulgent, such as high-end toiletries, a regional bottle of wine, scented candles, premium-grade coffee beans, high-quality crackers, luxury brand shampoo and conditioners, and other luxury freebies.
Well-Equipped Kitchen
It's not all about the interior design. Functionality is also a crucial aspect in high-end rentals. Even in luxury travels, guests don't bring their own appliances, which means you need to provide them as well. You should provide just as good, if not better, equipment than the next dream luxury Airbnb. That means cutting-edge coffee machines, high-end refrigerators, multi-feature ovens, and more.
Outdoor Amenities
Although Austin has a humid, subtropical climate, a hot tub and a sun deck complete the summer aesthetic. It can attract even discerning guests, seeing as high-end amenities are big selling points for them. It enhances the guest experience, and the mere idea of the guests taking photos with a hot tub or a fire pit in the background is already enticing enough for them.
Updated Features
A short-term rental should not have outdated furnishings and appliances to succeed in a luxury market. A new linen couch, the latest appliance models, game rooms, and the newest exercise equipment can be a significant investment, but these unique amenities can help you attract potential guests faster, even with many competing luxury rentals.
Room Service
Nothing says "high-end rental property" like an included room service. Even a pillow refresh and room delivery can highlight the luxury experience for your guests. As an added bonus, you can earn more money by charging for the room service, and guests are typically willing to pay a little extra for the convenience.
How To Market Your Luxury Rentals
The way you market your rental listing is as crucial as the interior design and luxury amenities you can provide guests. If you want to go the extra mile, you can hire a professional interior photography firm to really capture the opulence of your rental property. It's a small investment that can provide a huge impact.
However, professional photography can only go so far. Even with growing demand, you still need to implement good marketing strategies to find the right guests and see profitable booking trends. You can do your due diligence and apply the right advertising practices, or hire a professional firm to do it for you.
A Service That Covers All
You can choose to hire several experts in the field, or you can hire someone like Austin Property Management to handle everything. A property manager can market your property well and ensure that your guests' stay exceeds expectations.
We also aim to protect your property, so our guest screening process ensures that your guests will respect your rules. With our services, you can earn passive income, even when you're not in the same state.
Call us, and you can be closer to being a worry-free property owner.
