Vacation Rental Owners

Looking to get ahead of the competition? Even the smallest improvements can have a massive impact on your vacation rental income.  Here are some ways to increase revenue and maximize bookings:  Offer more amenities Stand out from the competition by offering amenities and thoughtful extras that add value to your guests’ rental experience.  By investing in features such as high-speed Wi-Fi, Smart TVs, gaming consoles, and docking stations you already put yourself ahead of the curve. Guests also value having access to a washer and dryer, dishwasher, and a hairdryer.   Make your property Instaworthy and memorable for guests by adding a unique feature like a photo wall. Consider making space on one wall that has a cool background for selfies. A great budget option is patterned wallpaper, a custom wall decal, or a fun phrase painted on the wall or drawn in chalk like – Having a Whale of a Time, #Lakelife, or Out of Office.   Offer a bonus play area for kids of all ages. If you have unused space, even if it is in the garage, consider adding a ping pong table, air hockey, or foosball. If your home is by the beach or a lake, provide plush beach towels, beach toys, bikes and kayaks. These thoughtful extras can really take your home – and your reviews – to the next level.   Consider making your property pet-friendly Properties that allow pets have the potential to earn more revenue due to the fact that many people choose short-term rentals over hotels so they can bring their beloved pets along. We suggest including a designated food and water bowl, toys, and a dog bed for the furry guests.  Don’t neglect your outdoor living space A deck or patio with durable and comfortable outdoor furniture, a BBQ, fire pit, and a hot tub are all investments that will quickly pay off in the form of higher-dollar bookings. If you have the space, consider upping the fun ante with a putting green, corn hole, a croquet set, horseshoes, a hammock or porch swing.   Make sure your grounds are well-maintained.  Upgrade your decor Upgrade your home’s decor to create a welcoming and comfortable atmosphere. The ambiance and visual appeal of your vacation rental can play a significant role in attracting and retaining guests. Invest in stylish and durable furnishings that not only look great but can also withstand the wear and tear of frequent use.  Pay attention to details such as lighting fixtures and decorative accents that enhance the overall aesthetic. If you choose a theme – nautical, mountain-chic, etc. – we recommend not going too overboard or kitschy. Remember the mantra, less is more. Many guests prefer a non-cluttered space.   Cater to guests that like to cook  Make sure your home has enough glassware, coffee cups, silverware, and serving utensils to accommodate the number of guests you are hosting. We recommend taking inventory and restocking at least twice a year. Replace pots and pans before they start looking too worn, and add additional items like foil, saran wrap, Tupperware, Ziplock bags, a spice rack, oven mitts, and dish towels.   Listen to your guests’ reviews Reviews are a free way to evaluate your rental business performance. Whether positive or negative, feedback of any kind can highlight what’s working well for your guests and where there is room for improvement.   If a guest comments about the amenities you provide, you’ll know it’s worth maintaining and something that enhanced their rental experience. Similarly, if several guests mention an uncomfortable bed, it may be time for a replacement Create a home away from home Make your guests feel at home with a welcome basket with a bottle of wine or an assortment of local snacks/goodies. A thoughtful touch could be including a welcome note where you can also highlight a special feature about the home. Guests also appreciate recommendations for things to do, see, eat as well as operating instructions for fireplaces, hot tubs, sound systems, thermostats, etc.   Meredith Lodging Meredith Lodging prides itself on being an “owner-first” company. Our expertise and experience in the vacation rental market can help maximize your profits and increase bookings. Our team can audit your home and read through your reviews to help you identify the upgrades that will make the biggest difference for your bottom line. To get started, reach out to your Owner Experience lead, or email us at [email protected]. We look forward to partnering with you!     

They say that everyone always ends up in the kitchen at a party…it is the natural gathering place of every home, including a vacation rental. And making sure your kitchen is well-appointed is a wonderful way to garner rave reviews and repeat guests for your vacation rental. How can you make your vacation rental’s kitchen one that keeps guests coming back again and again? We’ve captured the kitchen upgrades guests rave about the most:  Invest in high-end and new major appliances for your vacation rental Think of a gleaming stainless steel chef’s oven and stove, a sleek refrigerator, a silent dishwasher. Choosing an item of this quality will not only earn your kitchen rave reviews, the appliances will last much longer, too.  Good coffee = great vacation! Guests love it when it is easy and fun to make that perfect cup of coffee in the morning. Popular additions in this area include Nespresso machines, French press or pour over options, or a high end (but automatic and easy to use) espresso machine. A solid coffee maker is always popular, too, especially one that grinds the beans fresh for each pot.  Make small appliance choices guests love in your kitchen vacation rental design Small appliances can be a real treat to guests staying in your home. The list of most popular items includes an electric griddle for pancakes in the morning, a toaster oven, a blender strong enough to make smoothies and margaritas, a crockpot for warm chili après ski, a good hand mixer or stand mixer for baking cookies, and a small food chopper.  Make sure your kitchen is well-equipped for chefs, bakers, and merry makers Choose high quality pots and pans that will last for several years or longer…guests who love to cook will rave about them in reviews! Offer your guests a quality knife block, well-made knives, and a sharpener…so many homes have dull knives! Make sure you have high quality bakeware and utensils, too…investing in these pieces will delight your guests and save you money in the long run. Be sure to include several platters and serving pieces so your guest can create memorable celebrations and meals while staying in your home.   Don’t forget the drink part of eat, drink and be merry Drinkware is so important…and homes that get the best reviews have plenty of quality drinkware for their guests to enjoy. Offer twice as many well-made coffee mugs as your house requires (and even a few thermal mugs so guests can hit the slopes or stroll on the beach with their morning cuppa). Offer lots of low ball and highball glasses for water, juice, or cocktails. And make sure to have lots of wine glasses, too…and a few different varieties for reds and whites. Investing a small amount in extra drinkware can result in a big return when it comes to reviews or repeat bookings.  Ready to take your kitchen to the next level? Your Meredith Lodging team is ready to help. Our team can audit your home and read through your reviews to help you identify the upgrades that will make the biggest difference for your bottom line. To get started, reach out to your Owner Experience lead, or email us at [email protected]. We look forward to working with you!  Meredith Lodging is an Owner-First organization, with a unique business model driven by what is best for Owners and their homes. When Owners and their homes are well cared for, our loyal guests will want to continue to #StayWithMeredith for their treasured vacations. Learn more at MeredithLodging.com 

To Invest in Vacation Rentals or Not – that is the question! So, you’re considering investing in real estate and want to know if purchasing a vacation home is a good investment or not. There are many factors to consider when making this decision, and there is no easy answer. However, in general, if you purchase a vacation home in a desirable location and rent it out when you’re not using it, it can be a good investment. According to AirDNA, a company that analyzes the performance of over 10 million Airbnb and Vrbo rentals, the average annual revenue of short-term vacation rentals reached the highest level ever recorded at $56,000 at the end of 2021. In addition, the same study forecasts that demand will grow another 14.1% in 2022 over levels seen in 2021. Of course, there are also risks associated with vacation rental properties. For example, if the market for vacation rentals in your area diminishes, you may have trouble finding renters and may even end up losing money on the property. Before making a decision, it’s important to do your research and weigh all the potential risks and rewards. In addition, consult with a vacation rental management company to see how they can mitigate risks and maximize rewards. The Pros: Benefits of Investing in Vacation Rentals First, let’s cover the potential benefits of investing in a vacation rental property. Extra income The most obvious benefit of owning a vacation rental is the extra income it can generate. If you purchase a property in a popular vacation destination and rent it out when you’re not using it, you can cover the cost of the property and even make a profit. Tax benefits Another benefit of using your home as a rental is the tax breaks for which you may be eligible. For example, in the United States, you can deduct mortgage interest and property taxes on your vacation rental. But, one thing to take note of, however, is that those tax deductions are subject to the 14-day rule, which is a statute in tax law that limits the amount of time you as an owner can spend in your vacation property while still claiming it as a rental property. Appreciation Another potential benefit of investing in vacation rentals is appreciation. Just like any other type of real estate, vacation rentals can increase in value over time. That is especially true if you’re investing in a property in which the market demand is growing. If you purchase a property in an area with strong future growth prospects, you could see a significant return on your investment when you sell the property down the road. Less Risk During Recessions For a number of reasons, house rentals in domestic leisure destinations have historically done well during recessions. During a recession, drive-to leisure pursuits near major cities benefit as travelers choose more affordable family travel and provide a budget-friendly alternative to overseas travel.  The Cons: Risks of Investing in Vacation Rentals (and Some Solutions!) Now that we’ve covered the potential benefits of investing in vacation rentals, let’s take a look at some of the risks. Up-front costs One of the biggest risks of investing in vacation rentals is the up-front cost. Not only do you have to come up with a down payment on the property, but you also have to pay for any necessary repairs or renovations. In addition, if you’re planning on furnishing the property, that will add to your up-front costs. And, if you’re not paying cash for the property, you’ll also have to factor in mortgage payments. All of these costs can add up quickly and put a strain on your finances. Potential Solutions to Offset Risks Associated with Up-front Costs Some vacation rental management companies, like Meredith Lodging, offer sign-on bonuses that mitigate the financial strain of getting your home vacation-rental-ready.Look into different kinds of loans, like rehab loans, that can help you make the necessary upgrades to your property without breaking the bank.Research government grants and tax breaks that may be available to you as a vacation rental owner.If you are looking at purchasing a vacation rental, look for homes that are existing rental history and already come furnished. Upkeep and maintenance One of the biggest risks of owning a vacation rental property is the responsibility for upkeep and maintenance. Unlike traditional rental properties, which are typically leased to long-term tenants, vacation rentals are often rented out for short periods of time. That means you need to do more frequent cleanings and repairs between renters.  Here is a list of the expenses associated with running a vacation rental: UtilitiesLawn careConsumablesExtra linens and towels (Meredith Lodging offers a linen program)InsuranceRepairsHosting fees (for OTAs, such as Airbnb and Vrbo) Additionally, if something breaks while a renter is staying on your property, you may be responsible for the repair costs. If you don’t have the time to keep up with the maintenance of your property, or if you live far away from your rental, you may want to consider hiring a professional vacation rental management company. A good vacation rental management company will take care of all the details for you, including marketing, bookings, housekeeping, and repairs. Potential Solutions to Risks Associated with Upkeep and Maintenance Hire a professional vacation rental management companyTake advantage of preventive maintenanceEnroll in a home warranty program Legal issues Another risk to consider when investing in vacation rentals is the potential for legal issues. There are a number of regulations and laws that vacation rental owners need to be aware of, including zoning laws, occupancy limits, noise ordinances, and tax laws. If you’re not familiar with the laws in your area, you could find yourself in violation of them and facing costly fines. Potential Solutions to Risks Associated with Legal Issues Research the vacation rental laws in your areaPurchase liability insuranceEnsure that your property is up to code Seasonality of Vacation Another risk to consider is seasonality. In many cases, demand for vacation

Owning a vacation rental property can be an excellent source of additional income; however, there are a lot of factors to consider before making such a big investment.   Whether you are looking to invest in a rental property or interested in renting your own vacation home which can help offset monthly expenses (mortgage, utilities, HOA fees) this blog can help answer some of your initial questions about what it takes to create a profitable rental property.  How Do You Make Money with a Vacation Rental Property?  Do Your Research: Know your market – Learn as much as you can about the vacation rental industry, and what renters are looking for in your market. Depending on the location of your home, certain types of vacation rentals may be more in-demand. For example, beach cottages, cozy mountain cabins, modern condos or townhouses, ocean-front villas, lake view luxury homes, etc.   Location, location, location Homes that are near popular attractions (ski slopes, the beach or lake, local points of attraction) are great choices for an investment property.   Size Larger homes with more bedrooms and bathrooms typically correlate to higher nightly rates.  Seasonal appeal You’ll see a better return on investment if you choose a destination location that is accessible and desirable year-round. This could be due to weather (like Palm Springs), or seasonal activities (Central Oregon).  Regulations Check on local city, county, and HOA (homeowner association) ordinances about vacation rentals. Some regulations limit the maximum number of guests, impose strict parking restrictions, or simply outlaw short-term rentals.  Consider a Vacation Rental Management Company  We understand there are many factors when deciding to invest in a vacation rental property, and everyone has their own reasons – whether an alternative source of income, or a second home to enjoy with friends and family on holidays and vacations. Whatever your motivation, a vacation rental management company can help guide you through the vacation rental process, offer assistance with monthly reporting, tax forms, pricing analysis, increase your visibility through strategic marketing and advertising, and partner with you to maximize your investment.  At Meredith Lodging, we pride ourselves on our owner-first business model, and work tirelessly to provide attentive care to our Owners and their valued home. We guarantee our industry-leading experience and market knowledge will help maximize your profitability.  What kind of amenities should you make an investment in?  Guests typically search for certain amenities more than others, so you’ll improve your home’s visibility and profitability by offering these perks:  Welcome pets – Our data shows that properties that allow pets earn an average of 8–12% more revenue than those that don’t. We also recommend making your home truly pet-friendly by providing designated water/food bowls, a spare leash, waste bags, etc.   Add a hot tub – This is especially true for homes with ocean or lake front views, or homes located in colder climates.  Provide WiFi – Internet access is a basic expectation of guests today, and you may miss out on bookings if you don’t provide it. If your home is too secluded to offer WiFi, we recommend marketing your home in the property description as a lovely place to relax, unplug, and recharge.   Other amenities that guests look for and value in a vacation rental:   Fully equipped kitchens Smart TVs with streaming services Bikes, pool tables, foosball, darts, board games Plush towels & high-end bedding Smart mattresses  Find a Vacation Rental Insurance Provider   Your rental property is an important asset and investment. Protecting your valued property from any future damage or unforeseen losses should be a top priority.   We recommend contacting your personal insurance provider to explore homeowner or landlord insurance options best suited for your vacation rental property.  List Your Property on Airbnb, Vrbo, and Other OTAs  Listing your property on OTAs (online travel agencies) such as Airbnb, and VRBO expands your visibility and market reach.   Provide a detailed description of your home as well as updated photos highlighting your home’s best features (ocean views, spacious gathering areas, hot tub, chef-style kitchen, etc.   Meredith Lodging will promote your home across multiple platforms and third-party websites using SEO-enhanced home descriptions, and professional and high-definition photos and 3-D tours (when applicable). These marketing techniques result in a higher booking rate.  Know Your Tax Benefits   You’re Running a Vacation Rental Business, So Use the Tax Benefits   When it comes to making money with your vacation rental, it’s important to understand the tax deductions you can claim as a vacation rental homeowner.  According to the IRS, you can deduct “ordinary and necessary expenses” related to your rental property, including advertising, cleaning and repairs, insurance, mortgage interest (depending on your state), professional services (like CPAs or accountants and lawyers), rent collected, supplies, taxes, travel expenses, and utility bills.  As a vacation rental homeowner, you can deduct a wide variety of expenses from your federal taxes. These deductions can help offset the costs of owning and operating your rental property, making it more profitable in the long run.  In addition, property management fees are another deductible expense. By working with a property management company like Meredith Lodging, you can maximize your deductions while also having all the help you need to maximize your profit.  Know Who Will Be Cleaning & Maintaining Your Vacation Rental Between Stays  Whether you are cleaning your vacation rental between stays, or hiring your own cleaning personnel, we recommend creating a check-list to guarantee thorough cleanliness and consistency.   Meredith Lodging prides ourselves on taking exemplary care of your valued investment by investing in our staff. Our employees undergo a full background check and extensive training, and each home undergoes a walk-through pre-check-in and post check-out inspection to ensure our standards of safety, quality and cleanliness are being upheld.  Ultimately, successfully managing a vacation rental can take a lot of work. It is up to you to determine how involved you want to be. If you would rather enjoy a profitable income without the operational headache, you may want to consider partnering with a vacation rental management company. 

As we say goodbye to summer, and hello to cooler temperatures, fall is the perfect time to start protecting your vacation rental home before winter arrives.  Some repairs—especially those involving your home’s exterior—are much harder (and unpleasant!) to tackle bad weather. Not to mention, delaying them can lead to serious and costly issues. If you don’t fix a roof leak, for example, water damage and mold removal can cost you thousands of dollars later on.  Check out this list of exterior tasks to help winterize your home:  Paint Your Home  Cooler temperatures and lower humidity make fall a great season for painting the outside of your home. A fresh layer of paint can help protect exposed wood siding from winter moisture that can lead to mold, mildew and rot.    Inspect Your Roof  Check for damaged or missing shingles or tiles and replace them. While you are up there, pay special attention to areas around chimneys, skylights, and vents. Don’t wait to discover a leak when water is dripping through your ceiling.   Clean Gutters and Downspouts  If gutters and downspouts are blocked with leaves and debris, rainwater may overflow, causing water damage to the interior and exterior of your home. Clean gutters and downspouts after leaves have fallen, but before the heavy winter rains begin. If the gutters look like they are sagging, make sure to tighten brackets and supports.   Pro tip: Since your ladder is already set up to clean gutters, why not hang up the holiday lights, too? It’s the perfect time, before the weather gets too wet and cold!  Keep Out Pests  When colder weather arrives, rodents and other critters seek food and refuge indoors. Keep them out by filling small holes in the siding and foundation with hardware cloth or wire mesh, and expanding foam sealant.  Clean and Winterize Outdoor Grills  Keep your BBQ from rusting over this winter. Clean the grill, then coat it with cooking oil spray. Store the grill in a garage or shed, or under a covered patio. Make sure to disconnect the gas tank, and store it somewhere safe.  Store or Protect Outdoor Furniture  Once it is too cold to spend time outdoors, store patio tables, chairs, and other outdoor furniture, or protect them with weather-protectant covers.   Stack and Cover Firewood  If you have a wood-burning fireplace in your home, place your firewood order, or pick up some at local retailers. Price will vary based on wood type, availability, and delivery distance. If you prefer to DIY, split and stack the wood, then cover with a tarp to keep the wood dry.   Do you own a second home and are considering turning it into a vacation rental? We can help! Make sure to get a consult from Meredith Lodging. Just head over to our vacation rental management page!

tax deductions for vacation rental

Hi, it’s Jill from Meredith Lodging, here to give you our top five most loved kitchen items from guests. Number one: sharp kitchen knives. Number two: good pots and pans, preferably nonstick. Number three: a fully stocked kitchen, things like wine glasses, drinking glasses, plates, dishes, and utensils. You’re going to want two for each person staying in your home. As an example, if your home sleeps eight, you want 16 of each. Number four: small appliances, things like Crock-Pots, blenders, coffee grinders, and waffle makers. Number five: Tupperware, Saran Wrap, and foil. Invest in your own property like you would your own home. We recommend taking inventory of your kitchen at least once a year, specifically after the busy to replace or replenish items as necessary. We hope you enjoyed watching and don’t forget to check us out on MeredithLodging.com for more.

Top Five Upgrades Vacation Home Owners Can Make that Guests Love – Central Oregon Edition! Vacationers looking to book Central Oregon Vacation Rentals have more choices than ever, and a home’s first impression (usually made online) is crucial to that home’s success. Meredith Lodging believes in truly partnering with our Oregon Vacation Home owners to help make their homes as successful as possible. We even employ an in-house design team who is constantly keeping an eye on what home features Guests look out for the most, and sharing that information with our Owners. We have put together a short-list of the smartest upgrades you can make to your Sunriver or Bend vacation home that will give you the most “bang-for-the-buck” when it comes to attracting guests.  TV’s and Technology Modern, flatscreen televisions make every home look modern and up-to-date – and old school giant TV’s have the opposite effect. This is a cost-effective upgrade that guests really notice and look for when booking online. Updated TV’s also make it easy to add TV-related extras that Guests love – such as Netflix, Hulu and the ability to set up an Xbox for the kids. Beds and Bedding Guests want to feel wrapped in luxury on vacation, and a cozy bed is a great way to make a great impression on your guests. If a vacation rental has rave reviews that mention comfortable beds and luxury bedding, potential guests take note. Time and time again we have guests get down to choosing between two houses, and quality beds, luxury linens and plush pillows will get the booking every time. This is an investment that pays immediate and significant dividends. Outdoor Furniture/BBQ Outdoor living is a big deal in Oregon, and especially in Central Oregon, where the sun shines much of the year. Investing in inviting Outdoor dining and lounge furniture, as well as a nice BBQ is the kind of extra that really draws Guests to your home. Outdoor living also greatly extends the living and gathering space of your home, too. One thing to always remember when choosing outdoor furniture? Make sure your table and/or seating offers enough seats for the number of Guests your home sleeps – your Guests will appreciate it and their reviews will reflect it! Everybody into the Pool – or Hot Tub Is your Central Oregon vacation home in a neighborhood that offers access to a community pool or recreation area? For example, in Sunriver, home owners may have access to the SHARC – and Meredith Lodging will pay for your yearly pool passes! Guests LOVE pool access. And if you can provide some approved pool toys and some extra-large pool towels, all the better. No pool access available? A Hot Tub is a great investment and the single-most asked for amenity from Meredith Lodging Guests. Central Oregon – Themed Extras Family vacations in Bend and Sunriver are all about getting outside and when you stock your home with equipment to help them enjoy the outdoors, Guests remember! A great first step is offering bikes for both kiddos and adults. If you want to offer more, consider adding in some seasonal fun – a canoe or innertubes for floating the river…or sleds and snowshoes for having fun in the snow. We can help you showcase these extras in your online listing and help your home truly stand out. Meredith Lodging can help you identify all the ways we can work together to make your home stand out from the rest, when it comes to appealing to Guests. Our in-house Design and Owner Support Teams will work with you to help make your home more successful than ever. Ready to get started? Reach out to your Owner Experience Team to get started.