Did you know that a well-designed home can lead to an increased return on investment (ROI) of 20%? This is due to two factors: the ability to increase your nightly rates and overall occupancy.
Our Director of Business Development Laura Forster sat down with Kristie Fenning, Co-Founder and Lead Designer of Envizzo, for a discussion on design strategies for vacation rentals that will lead to more bookable rentals and increased revenue (not to mention stunning spaces for guests).
You can watch the full webinar to learn what key design elements are needed to create a more modern vacation rental tailored to what guests want in 2020, specific interior design tips proven to increase revenue, and simple things you can try today to improve your listings and quickly upgrade your decor and furnishings with the modern traveler in mind.
Want to get all the tips?
Here are some tips to get you started:
1. Upgrade your furnishings and decor
Laura: Traveler preferences are changing, and to be ready for these shifts in the industry, vacation rental homeowners will need to understand the impact of modern decor on their potential revenue.
For instance, in this example from the webinar, you’ll see two comparable homes in the same location priced differently based on their ability to attract guests. If each property receives the same amount of nightly bookings and is rented out 80% of the year, the home on the right will earn $21,900 more in revenue. Convinced yet?
2. Select a unique focal piece
Kristie: A lot of people ask me: what is a focus piece? As you can see the credenza in the back, it is where the design starts. From that piece, you will see on the doors, there is a beautiful texture and there is that softwood grain.
You see those textures brought out in not only the chair and coffee table but also the lampshade and the wall art. All the colors tie in together based on that one piece, and that is what makes the whole space cohesive.
3. Prioritize functionality
Kristie: Right now, especially with COVID, I know that tons of families are traveling for extended periods of time. One thing to take into consideration is making sure there is enough space for everyone who is staying within the property or the unit.
To dive a little deeper into that, if you’re able to accommodate 14 people, within the diving area, and also the living room, you really want to make sure there are enough seats for everyone so they can all have a big meal and hang out comfortably without having to stand or sit on the floor. Also, with the work-from-home craze, due to Covid-19, you may want to consider bringing in a work station.
Laura: We’ve seen this request a lot more at TurnKey. We have 360-degree virtual tours for every one of our homes, so people usually have a pretty good idea of what they’re looking for. But we’ve never gotten so many calls from people looking for a desk at a beach house, for example. People used to just go for 5-7 days as a means to unplug. Now the trend is people are looking for longer stays.
We’ve seen higher demand than ever for a 2-week or month-long stay since kids are going to school remotely, and people are working remotely. People truly want to move into a house and more floor space – they want that functionality to make it feel like a home.
4. Localize your home decor
Kristie: When people are traveling, they’re traveling because they want to experience something new and different. Say for example you’re traveling to Texas, and you’re by a bunch of farms. It’s nice to play off of that. Adding that barn wood in the back wall adds some texture.
An easy way to bring in local flavor is to bring in black and white images and create a gallery wall. As you can see in this image, there is an abstracted horse body. It gives a feel of the barn without being over the top.
5. Work with an interior design professional
Laura: Many vacation rental homeowners simply do not have the time to completely redo or upgrade their vacation rental furnishings to keep up with modern-day trends. This is where hiring an expert to help fits in.
With Envizzo, you can get a one-on-one review of your listing, guidance on how to get started, and up to 60% off wholesale prices to help furnish your home. Their design team will work with you on a custom design plan that fits your budget, taste and goals all while handling the most tedious parts of the renovation process like shipment setup and installation. Talk about a worry-free collaboration!
From design to installation, Envizzo can help you create a dream listing that leads to more bookings and maximizes ROI.
Examples of well-designed TurnKey homes you can book:
Ready to design? Schedule a consultation with Envizzo here.
Envizzo is an interior design company that specifically helps property managers and real estate operations design and furnish their spaces with ease. With a well-designed space and a property management company like TurnKey, you can maximize your property’s revenue.