The vacation rental industry has grown into a multi-billion dollar industry by providing a lodging alternative that has rapidly become preferred by many travelers who want the comforts of home while on vacation. Even with the recent economic downturn, demand has continued to increase for vacation rentals thanks in large part to the many online sites that help owners market their properties. The most popular of these sites is VRBO.com which stands for Vacation Rental by Owner. Homeaway.com and GreatRentals.com have also become widely used by both vacation homeowners and travelers.

While these sites have certainly made it easier for owners to market their rentals online, turning a home or condo into a luxury retreat that will generate top dollar requires significant preparation, planning, and attention to detail. Certainly, not every property can be transformed into a five-star rental. However, every vacation rental owner can follow the steps below to significantly increase their property’s marketability and comfort level for their guests.

High End Furnishings/Fixtures

Of course, it’s tempting to just head to Ikea for everything you need to furnish your vacation home, and yes, many owners go this route. This can save money upfront, but it may also prevent you from getting top dollar for your property. Instead, take your time to invest in a few quality pieces or antiques, and mix them with lesser-priced furnishings to create a one-of-a-kind environment that your guests will appreciate and remember.

You don’t want to over-furnish with nick-knacks, but your guests will notice details like well-chosen art on the walls, coordinating pillows, and appropriate lighting.

Sofas and chairs are usually the first items to show wear and tear, so consider leather pieces that can be wiped clean or washable slipcovers that can be cleaned and replaced on a regular basis.

Latest Technology

One of the main benefits of choosing a vacation rental over a hotel or resort is the availability of a home’s electronics. Having the right items can allow you to charge your guests’ a premium. A flat screen, high definition TV with cable or satellite and movie channels is essential, as well as a DVD player and a library of movies. A video game system is a smart idea if you’re catering to families, and a surround sound stereo system and an iPod docking station will also be appreciate by visiting music lovers.

A computer with internet access is another must. It will give your guests the opportunity to check email, search for restaurants and activities in the area, and it can even serve as the home phone.  By downloading VoIP software from an internet phone provider such as MediaRing Talk, guests can make free long distance PC to phone calls anywhere within the United States and Canada.

Quality Linens

High thread-count sheets and fluffy bath towels communicate to your guests that you care about their comfort. They won’t cost you a fortune and will dramatically improve the appeal of your rental. 

Create a Gourmet Kitchen

Having access to a kitchen is another key reason why travelers stay in a vacation rental. Some will be happy with just using the kitchen to prepare their morning breakfast. Others will be whipping up gourmet meals and entertaining guests. Providing the right kitchen appliances, cookware, and tools can even be the deciding factor for some travelers.

Stainless steel appliances, granite countertops, center islands, and built-in wine coolers will make your home stand out. Smaller items such as a bread maker, espresso machine, and top-of-the-line pots and pans can be equally as important. A well stocked kitchen will also have all of the basics such as sharp knives, measuring cups and spoons, kitchen towels, casserole dishes, potholders, wine glasses, cookie sheets, and cake pans. Extras such as a selection of cookbooks, a wok, a waffle iron, and a coffee grinder are also nice touches.

Provide Resources

Most likely, your guests will want to explore the area while staying in your vacation home. Having a resource guide that includes local restaurant menus, brochures of nearby attractions, and a guide to parks, hiking trails, museums, historic sites, shopping destinations, and tourist attractions will be appreciated. A list of grocery stores, farmers’ markets, pharmacies, houses of worship, hair salons, spas, and dry cleaners is also a nice way to show your guests that you care about their comfort.

No, you can’t turn a two bedroom vacation condo into a luxury estate by following these steps. But, you can maximize the value of what you do have to offer by focusing on the details that will maximize comfort and convenience for your guests. With a little effort and investment, you can transform your property into a rental that will consistently generate you income for many years to come.