Building wealth through your investments and planning for your retirement by investing in real estate is a great way to increase your current cash flow while creating passive income, ensuring you will enjoy your golden years in style, living life on your terms. However, Rhode Island real estate investors with an eye towards the future growth of their investment business must remain vigilant of market trends to stay ahead of the curve.
Changes brought about through new personal preferences due to societal norms regarding health have created a desire for an increased social distance between guests, driving the demand for private residential accommodations. Therefore, as you plan your investment strategy for your real estate portfolio, consider the short-term rental sector, keeping the importance of diversification in mind. Short-term rentals are a great addition to any real estate portfolio with great potential for returns and efficient management that saves investors time and money. To that end, we will discuss how to make money with short-term rentals in Rhode Island.
No matter what type of real estate you purchase, location is the number one factor to be considered. For example, to make money with short-term rentals in Rhode Island, look for investment properties near vacation attractions or downtown centers with medical or business facilities. If you are not familiar with the Rhode Island real estate market, do your research on comparable properties and review the nearby crime rates.
No longer limited to the major hotel chains, travelers planning their accommodations typically hop online to seek short-term rentals. If you want to make money with short-term rentals in Rhode Island, consider that the reviews matter a great deal, many guests only view 5-star review properties in their searches. While there is a desire for privacy, small personal touches you add can make all of the difference in setting the atmosphere for your guests, who often desire the perks of higher-end hotels in a home environment. These upgrades may be in the community itself, such as gated communities or the property, through high-end furnishings, fireplaces, a spa, or even a resort-like pool and recreational area in the backyard. Most importantly, keep everything crisp and clean.
Check out your competitors; if their property is booked solid, and your accommodations aren’t, maybe you are doing something wrong. First, take the time to compare your properties and see what guests are saying about their stay. Then, consider making changes to suit your potential rental pool better to make money with short-term rentals in Rhode Island. Often, people don’t complain; they just do not return, so if you aren’t getting reviews, try reaching out to past guests personally and asking for an honest review. Additionally, check out what sites they advertise on; maybe your property just isn’t getting enough exposure.
Investing in time-saving and energy-efficient systems is another way to make money with short-term rentals in Rhode Island. Often featured as amenities for guests, keyless entry and no contact check-in and check-outs mean much less work for landlords in the short-term rental sector. In addition, contactless stays mean that guests maintain the property during their stay, so leave clear instructions on using appliances and plenty of supplies readily available.
With I Buy Your House as your team, you will be working with professional investors who know how to help you make money with short-term rentals in Rhode Island. Working with I Buy Your House means access to the most reliable professionals on our full-service team. From locating properties with our professional buyers, property managers, and every walk of the real estate industry, I Buy Your House can provide any service needed for your investment properties. Contact I Buy Your House at 401-240-1313.