You're thinking of getting into the short-term luxury rentals game? Good decision! With travel booming and people desperate for unique, 'gram-worthy experiences, there's never been a better moment to monetize that empty property and turn it into a cash machine.

Let's be honest, though – it's not just about putting some fancy sheets on a bed and calling it a day. However, it is totally doable with the right approach, and we’re here to walk you through all you need to know.

First of all: location, location, location. You must have a spot that has people going "wow" without even getting out of the car. Imagine secluded coastal hideaways or that cute penthouse with great city views.

Don't have a property yet? Don't worry. Just think about joining with property owners who want to make the most of their rent money or explore sub-lease agreements in high-demand areas. Just ensure that you're utterly clear on every legality first before you sign up.

Luxury isn't about thread count (though 400+ thread count sheets are a must). It's about crafting an experience that's both effortless and decadent. Heated floors in the bathroom, a fully stocked coffee bar with gourmet coffee beans, plush robes, and possibly even a welcome package filled with local treats come to mind.

Invest in quality basics: comfortable mattresses, blackout curtains, fast Wi-Fi, and a spectacular sound system. These are not just important things - they're what turn a good rental into an unbelievable one.

Luxury pricing is an art form. You're not playing in the same ballpark as budget hotels here – you're peddling an experience. Research similar properties in your marketplace, but don't be afraid to price higher if you're offering better amenities or locations. Dynamic pricing software can help you fluctuate rates based on demand, seasonality, and local events.

Remember that it's always preferable to have fewer guests at higher rates than to fill your schedule with discounters who might not value (or be gentle on) your luxury facilities.

Professional photography is not optional. Seriously, this is not the area in which to skimp. Those photos are doing 90% of your selling, so spend money on a photographer who is familiar with capturing luxury. Imagine golden hour lighting, staged areas, and shots that tell a story.

Your listing description needs to be a narrative, not a checklist of amenities. Instead of "has hot tub," say "relax under the stars in your own hot tub." Invite potential visitors to visualize themselves living their best life in your property.

Now to the less thrilling but equally important details. You'll need proper coverage insurance that covers you for short-term rentals, and to find out what your local laws on short-term rentals are. There are regulations in certain cities for short-term rentals, so do some research early on.

Speaking of homework, don't snooze on learning about tax hacks for your short-term rental. Expenses like depreciation, furniture fees, and cleaning supplies can all qualify as tax write-off business expenses. Sit down and have a chat with an accountant who's familiar with the rental scene – they might keep thousands in your wallet.

Unless you're planning to be available 24/7, you'll need systems. Property management software can handle bookings, messaging, and payments automatically. For cleaning and maintenance, build relationships with reliable local vendors who understand your quality standards.

Create detailed check-in procedures and house manuals. Guests should feel like VIPs the moment they arrive on the property, so include silky-smooth operations for everything from how to get the Wi-Fi password to where to find the good glasses.

The dream is to have a business that runs easily without consuming your entire life. Start with one property, get control of the systems and guest experience, then consider growing. Some of the most successful luxury rental owners started with one property and grew from there.

Ready to turn that dream property into a business success? The luxury rental industry awaits what you have to offer.