When you decide to buy an RV, you might not necessarily think of it as an investment. Instead, you may be thinking more in terms of the enjoyment it can bring to you and your family. However, a lot more people are being strategic with their RVs and turning them into a source of passive income by renting them out. There are plenty of people willing to pay well to rent an RV, but there is a lot of competition.
For example, if you visit Outdoorsy, a site that serves as a peer-to-peer platform for RV rentals, you can see how many options are available.
If you were to choose a location, for example, Virginia Beach, there are 176 RVs currently available.
If you’re planning to rent out your RV, what should you know to ensure you stand apart from the competition, so you’re able to maximize your earnings?
Be Transparent with Your Listing
When you’re listing your RV to be rented, it’s important to be honest and transparent. When you’re using an RV rental site, the people who rent from you are going to be able to leave their own feedback and reviews, and building up history is very important to continuing to get renters.
If you’re dishonest in your description and you try to make your RV seem better than it is, you’re going to have unhappy renters, and that’s going to destroy your RV business before it even gets started.
Be truthful in your descriptions and manage expectations. Even if your RV isn’t brand new or the most high-end model available, there are going to be renters who are interested if the price is right. If they feel like they knew what they were getting, they’re more likely to leave positive reviews.
Before you have your first renter take off in your RV, you should have it professionally cleaned. The importance of cleanliness can’t be overstated. Then, you might want to build in a cleaning fee for each rental so that you can continue having it cleaned each time someone rents it.
This is what property rental companies do with vacation rentals, and renters are going to appreciate a clean, fresh vehicle.
There are simple ways to add perceived value to your RV when you’re putting it on the rental market. For example, make sure it’s stocked with the essentials that travelers probably aren’t going to bring with them. This can include sheets and towels, as well as dishing and basic cooking items. You can keep things like oils and spices stocked, and you can add a coffee maker.
These things don’t cost a lot of money to include, but they’re something renters are likely going to value.
Finally, be strategic with your pricing. You may want to overprice your RV to earn more, but you need to do market research, be honest with yourself about how your RV stacks up and come up with a price that’s in-line with other RVs being rented out in your area.