Many people understand the benefits of vacation rental properties but feel overwhelmed at the prospect of finding the perfect one. If you’re in that group, then a turnkey vacation rental could be an ideal fit.
Unlike the average house or condo with little or no rental history, a turnkey vacation rental has already been maintained and furnished specifically to house short-term tenants. If you use a turnkey real estate company, they’ll often also provide you with a property manager, taking care of most of the rental’s day-to-day needs.
Below, we’ll take a look at three advantages of turnkey properties, along with a few best practices to get started.
Already Built to Be a Rental
If you want to invest in a vacation rental far away from where you live, it can be hard to know how to pick a property. Which landmarks are the most important for vacationers to be near, and which neighborhoods will make your renters feel safest? The property’s former owner or a good turnkey real estate company will have done this homework already. They’ve spent their time and money on properties that will appeal most to renters.
That said, it’s still important for you to do your own due diligence. Take a trip out to see the property and get a feeling for the neighborhood. Since you’ll be visiting as a tourist yourself, it should be easy to sense how your renters will feel about safety and distance from important destinations.
Take a look online and see what previous renters already have to say about the property. Some turnkeys, like this available B&B in New Jersey, or this villa in Cancun, Mexico, will already have a website and a large presence on social media, which saves you a ton of steps.
Well-Maintained and Ready to Go
Turnkey properties are already furnished for short-term renters and maintained for those specific needs. A high-quality turnkey company will have also renovated the property by the time you see it. In some cases, a vacationer may already be staying there! This takes a huge burden off of you to prepare the rental for its first visitors.
On your end, you should still invest in a full property inspection. That way, you can make sure that the current owner or the turnkey company has done everything properly.
Property Managers to the Rescue
Many turnkey real estate companies will also set you up with a property manager. As we talked about in our article about the pros of property managers, these professionals handle maintenance requests, cleaning, and the other daily needs of your guests. They also often take care of marketing your rental.
Property managers can be an enormous help, especially if you live hundreds or thousands of miles away from your new rental. Just check the property manager’s reviews and ask for client testimonials.
There’s a lot to like about turnkey vacation rental properties. These rentals should be fully furnished, in great shape, and ready to welcome guests. As long as you follow through with your own due diligence checks, you’ll be well on your way to a successful and hands-off investment.