Photography of kitchen courtesy Mark Jackson
The Local Tourist
Mary Beard Grodsky
One of the most common avenues I see being used for investing or enjoying a vacation home at Pickwick Lake is to offset the monthly costs and prolonged downtime of not using the property by renting it on Airbnb or VRBO platforms. With soaring real estate prices and inflation, owning a secondary home has become tougher to achieve. And while some consider it a gamble to rent their property out, many have had extreme success with this strategy and prefer it as the turnover is quick and the renters are out enjoying the lake for most of the day, minimizing wear and tear on the property.
With an Airbnb rental, you are collecting income from short term renters on a regular basis. Each renter represents a very small percentage of your total income, so if any of them cancels at the last minute, it might not have as much impact as compared to a traditional route of renting. The biggest challenge on using a Pickwick Lake property as a rental is managing the seasonality of renting the property. Peak rental season runs Memorial Day to Labor Day, but I will have upcoming interviews with experts who have figured out creative ways to keep their properties rented year-round.
If you want to impress potential Airbnb tenants, you need to invest in stylish decor and comfortable furnishings. This doesn’t mean you need to break the bank, but renters want to relax and have everything they need for a comfortable stay. Restful mattresses, cozy pillows, soft sheets, and nice bathroom towels are critical in gaining those 5-star host reviews that move your listing to the top of the search criteria.
With the world of technology, relying on a large platform to manage bookings and communication is usually the easiest way. These services take a portion of your rental income (usually 3%), but ultimately, they make life easier for renting and also expose your listing to the rental community. Wi-fi at the rental is also a necessity as many people now work remotely and want to maximize lake life by being able to maintain communication while away. If you are considering renting your home, having smart thermostats to control temperatures remotely along with an electronic keypad entrance makes turnover run smoothly. Resetting a code between guests keeps the home safe between stays and, depending on which code was used, you can easily track down who was there last.
While you won’t be cooking for these guests, keeping some commonly stocked items in the pantry and refrigerator will go a long way in keeping your guests happy. Coffee, basic baking goods, and bottled water are all necessities. Don’t have time to shop between guest turnovers? There are concierge services offered at Pickwick Lake that can make this a completely hands-free investment should you choose this route.
The most critical key to success in the short-term rental space is a reliable cleaning crew and a competent maintenance helper or handyman. These people become your eyes and ears between turnover and can help things running smoothly at the property. Nobody wants a delay on check-in because the home isn’t ready or to arrive and find the home to be substandard in cleanliness. A handyman can also help resolve issues quickly and keep downtime minimal, which is crucial for keeping guests happy and your home rented.
In my upcoming 6 part series, I’ll be introducing you to some of the best lake properties that are on the rental program along with the owners or property managers who have successfully figured out how to share lake life with visitors and also keep their properties lucrative in rental income.
