Recently, there’s been a dramatic rise in the popularity of independently owned vacation rentals. These spaces give holiday-goers the freedoms and authenticity that come with staying in a local apartment or house. Renting is also becoming increasingly popular for wealthy Canadians who don’t enjoy the responsibilities or commitment that come with owning their own property.
If you plan on operating a luxury rental property in Ottawa — whether you’re renting it to vacation goers or catering to long-term tenants — there are a few ways to make it stand out from the crowd and give you the best return on investment.
Invest in Quality
Often the immediate inclination when styling a rental property is to opt for cost-effective solutions, such as easily replaced furniture and homewares. This is counterintuitive; not only does quality décor dictate a luxurious feel, but if a rental property is styled with robust, superior pieces, your tenants or guests are more likely to treat them with respect, meaning that it’s less likely you’ll need to replace items regularly.
Support and showcase local talents by investing in home décor and light fixtures by seeking out high-quality wood furniture in Ottawa.
Similarly, install high-end media packages, the fastest internet service, and modern comforts (like automatic blinds) to make your guest’s stay as relaxed and seamless as possible.
Use the Power of Media
Ninety-five percent of marketing strategists say that video has allowed them to better represent their brand — take this cue and apply it to your rental property by hiring a videographer to record a top-tier tour of the property.
Videos not only add a level of credibility but they also allow potential renters to interact with the space. When viable, use a drone to record both the interior and exterior of the space. Style rooms as though they were in use: a bottle of champagne in the kitchen, a lit fire, or a drawn bubble bath will allow guests to visualize their luxury stay.
Consider launching your own website and social media pages. Doing so allows you to reach as many people as possible while dictating the tone and message you’d like to convey. It also allows you to share content regularly, including how the space looks each season, testimonials from past guests and news about a special event that’s happening nearby. However, only launch your own communication channels if you’re confident you’ll keep them up to date; a lacklustre social media page doesn’t inspire renters’ confidence.
Provide a High-Quality Manual
A manual will be beneficial to long-term tenants and temporary guests. Break the manual down into categories.
Information Pertinent To The Accommodation:
Here, includes technical information such as how the TV works, WiFi information, how to use the coffee maker, and so forth. Don’t skirt over things that might seem trivial; be as detailed as possible since doing so offers your guests as much independence as possible.
Information About The Ottawa Area:
While accommodations play a considerable role in guests enjoying their stay, ensuring they get the most out of the surrounding areas also sets them up for a successful, five-star stay. In addition to the usual tourist offerings, provide a weekly schedule with current, seasonal Ottawa events like the local farmer’s markets or an annual street festival.
Contacts:
Provide contact information for practical connections like the local walk-in clinic. Also, provide numbers for contacts that provide comfort, like luxury grocery deliveries, a laundry collection service and a white-glove car company.
Little details in a thoroughly considered manual will resonate with people and show you’ve gone above and beyond to ensure they enjoy the property and the Ottawa area.
Conclusion
Converting a space into a luxury rental property is no mean feat, especially as the permanent luxury rental market continues to expand and competition climbs. However, with careful, considered touches and the most up-to-date technologies and marketing techniques, you’re guaranteeing year-round rentals from two types of renters and thus cross interest from different demographics
More Stories
What Canada’s Underused Housing Tax Act Means for Taxpayers