Air BnB & VRBO have changed the way in which people look at property purchases in the Turks & Caicos Islands. They have provided an opportunity for property owners and investors to consider not just their personal usage but also an excellent form of return.
Here are 4 things to consider when looking at an Air BnB Property in the Turks & Caicos
Location
The simplest premise in real estate, location, location, location. When considering your investment look at not just what is in the area but also what is planned, Long Bay, for example, is now reaping the benefit of extra amenities at Southbank. Remember, proximity to the beach is always important when people are booking properties in the Turks & Caicos. Consider what you would look for and put yourself in the eyes of a tourist.
Property Management
Reliable property management is crucial, especially if you don't live on the island. Often times people look to limit overheads as much as possible, in order to improve their bottom line, but sometimes this can come at a long term cost. Remember that your property manager is the face of your property on Island and those interactions with guests can be key to good reviews, as well as identifying possible problems at an early stage and saving you costs on maintenance.
Market Demand & Competition
Do your homework. Analyze rental demand, average nightly rates, occupancy levels, and competition in the area you are looking at. Understanding where there might be a gap in the market is important to ensuring that your property will succeed in the long term. It is also important that you have income and usage expectations that are realistic in the market. Do you want higher occupancy, which comes with more wear and tear, or do you want to maintain higher rental rates, there is usually a correlation between these two. Bear in mind that you will likely need a couple of seasons of good reviews in order to establish guest confidence and increase rental rates.
Ability To Add Value
Look at where you could add value to your rental income. Whether that is including amenities on the Property, such as a pool or hot tub, construction of another rental unit, if the space allows, or investment in marketing, such as a dedicated website, priority hosting or new pictures/video, all of these help your property stand out against the competition.
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