It seems like Whistler has been increasing in popularity each year. Hotels book up on almost every holiday weekend. The demand for nightly rentable (Phase 1 zoned) properties in town is continuing to increase. Websites like Air B& B and VRBO have made it easy to market your own property as a nightly rental and are a great way to generate extra income.

If your looking to get into the market for a nightly rental, or interested in generating more interest in your property check out these tips below.

1.) Make it as clean and modern as possible.

Where would you rather stay? A musty, dated room or a modern and fresh space? It’s definitely the second one, right? Your guests will be thinking the same thing. Making sure your property is rental-ready is key for success in the Whistler market. Paying attention to trends in home decor and interior design can make a big difference. Beautifully appointed properties tend to be the first to book out and can normally charge a higher rate.

2.) Keep it clean!

No one wants to stay in a dirty property! Stained linens, smudges on windows, smells and garbage can ruin a first impression. Invest in multiple sets of bleachable white hotel-quality towels and linens. Make sure your property is thoroughly cleaned between each guest stay to help keep your ratings high and guests happy. If you are out of town or unable to clean often, consider highering a reliable cleaner to come to your property.

3.) Get professional photos

High-quality photos can make all of the difference in renting out your property. Bright sharp images will appeal to your potential clients and make you stand out from your competition. Spending a bit more on marketing your property can pay off big in the long run.

4.) Pay attention to detail

What’s your favorite thing about staying in a 5-star hotel? Is it the fluffy robes? The crisp white bedsheets? Maybe it’s the signature scent in the lobby or the chocolate on the pillows. All of these small touches add to the overall guest experience and can create a custom memorable stay. Small added finishes can leave a lasting impression. Taking time to add little luxuries to your property can improve your rating and increase your bookings.

5.) Make it unique

Standing out is crucial to making your property as attractive online as possible. Consider adding something unique that no other hotel or property in town has. Maybe it’s an instagramable feature wall or unique art piece, maybe a games room, maybe a sauna, or a large selection of board games. Whatever it adding something funky, cool, or just plain fun in your place will make it stand apart. Past guests are more likely to tell others of their experience at your property if you give them something to talk about!

6.) Keep up with the demand

Running a successful rental property is a full-time job! Between responding to bookings and keeping up with maintenance and cleaning, it can be a challenge to keep up! It is important to be available to respond quickly to last-minute guests and any challenges that may arise. You may need some extra help running your rental if you work full time or live far away. If you are unable to run it yourself consider getting a rental management company to help lighten your load. Ask us for some recommendations of excellent local property management companies if you would like to get some help!

Thinking of buying your next income-generating property? If you ever see a listing that interests you please reach out to our team and we can help guide you through all of the zonings and answer any questions you may have!
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How do wildfires affect my real estate transaction?

In BC, wildfires have been an unfortunate re-occurring occurrence across the province. As fires can be unpredictable and sudden, it is important to be up to date of how a wildfire may affect your real estate transaction especially relating to insurance.

While almost every fire insurance policy covers for wildfires (you may want to check what any of your current policies state regarding them), being able to obtain a new insurance policy on when an active fire is happening will have an affect on your deal. There are some standard rules in regards to insuring properties/structures around active fires however you will want to verify with your broker of exactly what the rules are with your policy.

 

  1. The 50km radius rule.

The majority of insurance providers will not bind insurance policies within a specific radius of an active wildfire. Typically this radius is 50kms but you will need to verify exactly what it is with your provider.

 

  1. Think about the risks before writing a contract.

If you’re submitting an offer on a property that is in the typical wildfire “season” and perhaps one of the areas where wildfires are prone to occur, it is a good idea to ensure that a subject requiring the insurability of the property is met. Since lenders won’t mortgage and uninsured property, this could be very important as a part of your contract.

 

  1. Don’t just get a quote.

There is a difference between a quote and a binder, you’ll want to make sure that you request a binder. When a quote is requested and provided it will give a summary of coverages being offered and the annual premium cost. However a binder will actually bind a policy to a property, they’ve issues the policy and it will come into affect on the agreed upon date, which is typically the closing date.

 

  1. Don’t wait on sourcing insurance.

Since sourcing insurance can be more difficult during wildfire season, it is important to get on securing insurability and a policy as soon as you can in the process, don’t leave this detail until the last minute!

 

  1. Get professional advice

Like with every step in your real estate process, it is always best to seek legal advice to make sure that you are doing all of the steps properly and exactly how a wildfire may affect your transaction.

This information and more can be found on the BCREA website you can find here.