As more travelers turn to vacation rentals over traditional hotels when it’s time to book a customized stay in the Poconos, opportunities to invest in a rental property of your own become even more appealing too. The vacation rental industry continues to grow with impressive momentum and for those who are looking to expand business options by purchasing a property to be used as a vacation rental, the opportunities are endlessly exciting! That said, owning a Poconos investment property is different than investing in a second home for yourself. There are market trends to be aware of ahead of time, and decisions you’ll want to have made well before you sign on the dotted line. The following are 5 tips for investing in a vacation rental property in the Poconos that you’ll want to keep in mind from the outset.

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1. Make Sure to Consider Specific Location Benefits

When you decide to invest in a vacation rental property in the Poconos, you’re putting your hard-earned money toward creating exceptional guest experiences. The more amazing of a stay you can create for guests, the more likely it is that your business will grow and thrive for years to come. That success all begins with picking a property that sits in just the right location. While it’s relatively simple to change up the curb appeal of a property, alter interior aesthetics, or add and remove features and amenities as needed, that one factor that can’t be changed from the start and is vitally important to prospective guests is location. While all of the Poconos has something amazing to offer travelers, it’s important to decide ahead of time what type of experience you specifically want your property location to provide your guests. The Poconos is a place for world-class skiing in the winter, lake-hopping in the summer, and exploring amazing trails in every season. The more you can invest in a property that keeps visitors within easy reach of these activities, or certain area attractions, the more inviting your marketing prospects will be and the more eye-catching your rental home will become to those who are looking to enjoy the region to the fullest while on vacation.

Winter scene in the Pocono Mountains

2. Understand Your Seasonal Goals

The vacation rental industry is a dynamic one and the ebbs and flows of travel season can make a big impact on your profit margins when you own a vacation rental. The income you can expect to bring in is highly dependent on how you want to market your property. While some vacation rental owners are looking for a summer or winter retreat exclusively, others aim for a year-round guest destination in the Poconos. No matter what option you go for, you’ll need to take insurance and maintenance considerations into account ahead of time. If you’re maintaining a year-round rental in the Poconos, you’ll want to plan for increased maintenance and housekeeping schedules. You’ll also need to work more consistent home marketing into your agenda to ensure you’re reaching a prospective audience of guests in all seasons. If you’re planning to maintain a seasonal vacation rental, it’s important to plan ahead for insurance changes that might come with a home remaining unoccupied for a portion of the year. You’ll also need to consider how you’ll prep the property for those unoccupied months to maintain its overall integrity.

3. Don’t Shy Away from Market Comparisons

While some undertakings in life are best enjoyed without comparing yourself to others, investing in a vacation rental property isn’t one of them. In fact, it’s important to not shy away from your marketplace competitors when you’re looking at such a significant investment. When you’ve narrowed down your potential locations to a few you love and you think guests will too, it’s time to take a look around and see how other rentals in the area are faring. Checking in on other local property reviews by guests and keeping a close eye on how those properties are priced in varying seasons can give you a better idea of trends to anticipate for your own business. It’s worth your while to talk to other vacation rental homeowners to better understand their experiences and some of the pain points they might have encountered along the way as well. In this case, embrace the competition and let those comparison points help you pick a location and a property that sets you up for success starting on day one.

4. Plan for Additional Investment Expenses Upfront

Even if you feel very confident in your investment budget, it’s important to remember that chasing a vacation rental in the Poconos comes with added upfront expenses you don’t want to overlook. Setting up a personal home and a vacation home are two very different experiences. The property you buy is going to need to be set up to appeal to a wide range of prospective guests who come to the Poconos with varying ideas of what makes a home-away-from-home experience great. Taking steps like painting interiors a welcoming, yet neutral palette that pleases visitors with varying tastes and styles is pretty standard. You may need to swap out older appliances for those that are newer and more energy efficient to appeal to travelers looking to adventure more sustainably. Many homes are better served in the market when they include the addition of family-friendly features like hot tubs, cozy indoor furnishings, outdoor grills, great patios for gathering on, fireplaces, and windows throughout the home that continually frame the best views. These are all upfront expenses that will need to be handled before your vacation rental ever hits the market if you want to provide travelers with the unforgettable getaways they deserve to enjoy in the Poconos.

5. You’ll Want to Partner with a Professional Property Management Company

Investing in a vacation rental property in the Poconos is packed with amazing potential, but you’re definitely going to want to have professional help to keep every vital detail in place and your goals on track. That’s where partnering with a property management team like the one at Poconos Mountain Rentals comes in. Owning a vacation rental in this area demands time, energy, and market know-how to ensure your property thrives. A property management team can handle everything on your behalf from home evaluation and upgrade recommendations to guest inquiry response and vetting. They also handle customized marketing, home maintenance, housekeeping schedules, concierge services for travelers, and more! This frees up time for you to focus on the aspects of the business you truly love while knowing your property is in good hands and always at its best.

Purchase a Pocono Mountain vacation rental

Reach Out to Our Pocono Property Management Team Today!

Reach Out to Pocono Mountain Rentals Today to Learn More

When you’re ready to take the leap and invest in a vacation rental in the Poconos, Pocono Mountain Rentals is here to help. Our property management team can help you make strategic decisions when it comes to picking the right property that not only allows you to reach your business goals but provides travelers with the trips they’ve been dreaming of. Reach out today to learn more!

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