If you have dreams of opening your own vacation rental, you might want to consider how having a boutique rental property could be a great way to achieve your dream and make a decent amount of money from this venture as well.

To help you learn how you can get yourself set up with this type of business and business property, here are three tips for opening a boutique vacation rental. 

Buy Your Own Property Or Work With A Property Owner

Once you know that you want to be operating a boutique rental property, you then have to determine how you’ll do that. For most people, there are two options: buying your own property or working with a current property owner.

If you choose to buy your own property and then convert it into a boutique vacation rental, you’ll just need to find the property that you want, purchase it, and then turn it into the boutique destination that you think people will want to stay in. If you want to work with someone who already has a property, you’ll need to approach them about using their property as a boutique vacation rental and then having you manage everything about this deal for them.

There are pros and cons to both options, so you’ll need to think long and hard about what you really want and how to best accomplish it. 

Create An Experience People Want To Share

To have a boutique vacation rental that will prove to be financially successful for you, you have to create a vacation rental experience that people will want to have and will want to share with their social media followings. So much of your business is going to come from referrals and posts by other people online. 

To get these going in your favor, you need to include things in your vacation rental that will set you apart. This could include things like themes that people want to experience, luxury amenities like beautiful outdoor living spaces with outdoor heaters and gorgeous views, and more.

Balance Your Price With Your Reviews

When you first get your boutique vacation rental available for bookings, it can be hard to know how to price your listing. 

A good rule of thumb is to balance your pricing with the reviews that you’ve been able to get. The most reviewers and the higher the reviews that you get, the more you’re going to be able to charge for your vacation rental. So in the beginning, be prepared to price your rental similarly to other rentals in your area. But once you get some good bookings and reviews, you’ll quickly be able to up your prices. 

If you’ve been thinking about opening a boutique vacation rental, consider using the tips mentioned above to help you know how to best get this done.