Renting is tough, even if you’re renting a vacation home. Now, vacation rentals may seem more like a hobby than actual job, but you would be wrong in this thinking. A vacation rental should be taken just as seriously, if not more so than any other renting venture. This is because of vacation rentals are based upon how often you can get a booking. (Unlike with a traditional renting experience, where your renters are contracted for at least 6 months to a year.) So, if your vacation rental is not appealing or you yourself don’t put in the proper work to give your guests a positive experience, you may come to find that your failure is inevitable.
But, this does not have to be the case. In this article we will disclose our 6 secrets to success with any vacation rental.
1. Check out your competition
The first thing you want to do when coming up with your rental strategy, is check out your competition. Go online and see their listings. See how they set up their ads, as well as check out the houses themselves. If tools such as real estate virtual tours are available use them to your advantage. And, take a lesson from your competition if they’re using real estate virtual tours and apply them to your own listing. This is because real estate virtual tours will allow your guests to take a tour of your vacation rental via the Internet. This is an awesome feature, because it allows them to experience the home and see all the wonderful things it has to offer.
Also, do your best to outshine your competition. Whether this is by using real estate virtual tours, having professional photos, a better laid out listing, or stronger ad campaign. Education and experience of the best teachers, so, do your due diligence and be aware of your competitors.
2. Be prepared
Procrastination has no place when it comes to vacation rentals. So, prepare all your materials in advance as well as prepare your home in advance. This means fixing up any quirks your rental might have, including toilet handles that need to be jiggled, a refrigerator door the needs to be slam shut, a door lock that sticks, etc. These are things your guests should neither have to worry about, nor deal with.
Also, make sure that you have all of the proper information and welcome packet that your guests will need ready and in a location that is easy to find. Make sure you tell them everything from where the circuit breakers are located to where the manuals for the TV are kept.
3. Consider hiring a caretaker
If you work a full-time job or just don’t have time to maintain your rental, consider hiring a caretaker. They will make sure that your house is up to par before any house guests arrive and all the time in between. While this does add an extra expense, it will be well worth it in the end to know that your rental will be in top-notch shape for your guests.
4. Have repair people on speed dial
Just like in life, things are bound to go wrong with your rental. So, make sure that you have a full list of repair people at the ready so you can call, should they be needed. Make sure that you have a repairperson for each element of your home. This includes a plumber, electrician, a carpenter, etc. Again, you never know what may go wrong, so be prepared.
5. Be professional
Nothing is more of a turnoff to guests than a landlord who acts unprofessionally. So, always respond to your guests in a timely manner, be courteous, be respectful, and always remember that the customer is right. Just like with procrastination, there is no room for pride when it comes to renting out your vacation home. So, be as accommodating as you can to give your guests the best experience possible.
6. Obtain bookkeeping software
Organization is also key in running a successful vacation rental business. So, either enlist the help of QuickBooks or something as simple as Excel to keep track of your finances and know where you stand at a moments notice. Plus, by having all of this financial information at the ready, you’ll be ready for dreaded tax season.
Vacation rentals can be an awesome opportunity to make extra money. You just have to be willing to put in the work and effort it takes to make it successful. So, follow these tips and we guarantee you that with a lot of work, and a little luck, you can have your very own successful vacation rental business. Happy renting!