Ready. Set. Booked: Holiday rental success in 10 simple steps

By Rebecca Cribbin

HAVE YOU BEEN THINKING ABOUT A SHORT-TERM RENTAL AS AN INVESTMENT STRATEGY, BUT COULD BENEFIT FROM SOME ADVICE ON HOW TO START?

DO YOU ALREADY HAVE AN INVESTMENT PROPERTY AND HAVE THOUGHT ABOUT CONVERTING TO SHORT TERM?

DO YOU HAVE A HOLIDAY PROPERTY AND WANT TO EARN INCOME FROM IT?

The world of short-term rentals is complex. S

• Language: English
• Publisher: Holiday Rental Experts
• Release date: Sep 28, 2022
• ISBN: 9781922553133

Rebecca Cribbin

Rebecca Cribbin is a trusted expert advisor who has spent the last 12 years building one of Australia's most trusted holiday rental management teams. She has created this workbook to share with you her tips and tricks for getting it right the first time and launching a successful short-term-rental business.

Book preview

Step 1

The location

Chapter 1

Of course, yet again – it’s all about location, location, location

We watch television programs about it, it’s what most of the experts say, every article about purchasing property suggests this is the key to property success and YES! with holiday rentals, it is the same. 

Location, location, location.

Where should I buy?

So, you might be asking yourself, how can I possibly afford the best property in the best location? The good news is, just as not every property purchaser can afford to buy the best house in the best street, not every holidaymaker can afford to rent luxury waterfront locations for their annual holiday or a weekend away. Everyone has a different budget, and as far as location is concerned, success is more about finding a town or suburb that attracts lots of tourists rather than the location of the property within that town or suburb.

If you plan to manage the property yourself then it’s easier if the holiday property is close to where you live – you will likely know local cleaners, housekeepers and tradespeople who can assist you with the day-to-day stuff – however, you are unlikely to want to holiday around the corner. Therefore, if you do buy locally you will miss out on one of the major benefits of owning a holiday rental – taking holidays at your own property. There is a benefit that family and friends can come and visit and stay nearby should you choose this option. Keep in mind that in all holiday rental areas you will be able to find a real estate agent or holiday rental management company that can manage the property for you, and then the distance from your home is not an issue.

If you will be using the property for your own holidays, then you will want to make sure that the property is in a location you want to visit regularly. If you won’t be using the property, then you can concentrate on finding a location that will provide you with the best return on your investment. (For more on whether you should holiday at your own property, see chapter 2.)

Create a list of a few towns or suburbs that you think might be good holiday rental areas and then do some more research. To help you do this, I have included in this chapter the most important questions to ask, and the easiest way to find the answers to those questions.

Is the area you are considering an established tourist area? You don’t want to be the first holiday house in the area. Pick a location that is well established with numerous holiday rental properties.

Once you have done this, research on the major holiday rental websites like Stayz.com.au (now Vrbo.com), Airbnb.com and Booking. com. Check how many listings there are in each of your areas. (Make sure you search the whole area; for example: ‘Southern Highlands’ in NSW rather than just ‘Bowral’, or ‘Sunshine Coast’ in Queensland rather than just ‘Maroochydore’ – that way you get the complete picture, not just an individual