Managing vacation rental properties seems easy enough for those who aren’t in the business. They think it’s just a matter of posting information about the vacation rental online and waiting for interested parties to start renting. But in reality, there’s so much more happening in the background.
Vacation rental properties have to be managed the same way you would manage any small business. You have to stop looking at it as just a mere property that sends money in every so often. You have to look at it as a fountain of profit, especially when you keep the following tips in mind:
- Keep it secure.
We’ve seen a few vacation rental managers and owners who see security as an expense. In reality however, this is an important investment. Think about the state of your property right now, and how it might look like if you give trespassers full access to it. Even worse, think about the business you’re potentially losing just because people don’t feel safe in the property you’re renting out.
When people look for a place to rent, it’s not just about looking for shelter. It’s also about looking for security. If you are unable to offer that, it’s easy for them to go somewhere else.
- Customers first, profits second.
A lot of managers and owners of vacation homes for rent stick to one question – how do I make the most profit? But try prioritizing this question – what would make my tenants happy? You’ll find that the profits would come automatically.
The beauty of small businesses is the fact that you can provide the kind of personal service that huge companies are unable to give. That’s something you can do with your vacation rental as well.
Think about your customers’ needs even before they realize they need it. Security, as we mentioned, is one. You can think of other conveniences that tenants might enjoy, like automation or cable service. Once word spreads around about how wonderful you are as a landlord, you’ll find that you’ll rarely find your property vacant.
- Keep track of your reviews.
You can’t take a devil-may-care attitude while managing a few vacation rental properties. Reviews are everything, because potential tenants will always look at these before shortlisting what they feel would match their needs. One bad review can change the way potential clients look at you and your home. So you have to fashion your business in a way that bad reviews would seem impossible.
Of course, you can’t please everybody. There will always be times when no matter how hard you try, a few complaints come in. In this case, be gracious. Don’t retaliate. Don’t answer a past tenant’s pissed off comment with another pissed off comment. If anything, the ability to respond to such behavior in a professional manner could turn that bad review into a good thing. Potential tenants could see you as someone they would appreciate doing business with, given the character you’ve shown.
- Know the trends.
There’s a set of trends in every field and niche, and this includes the vacation rental industry. It’s not just about what you have to offer. It’s also about what everybody else is offering.
Always be on the lookout for new trends. They’re popular for a good reason – clients love them! Here’s another motivation for you to start following industry trends. They also give you the opportunity to think of something better, allowing you to come up with an entirely different trend that everyone else will follow. And once you become known as a trendsetter, clients will be lining up on your doorstep and the competition will be seeing you as an inspiration.
- Keep everything presentable.
You may think that an old property has its charms, but trust me, the paint that’s starting to peel off the walls and the creaking sound on the doors and stairs would remind someone of a horror story, and not a cute little fairy tale.
Make sure everything about the property is presentable. If you have a garden, make sure it is well-maintained. Attend to the smallest repair work right away. Potential tenants will see the state of your property as a reflection of how you would treat them. Treat your property poorly, and they would immediately think that you will not care for their safety, security or comfort as well.
Now, don’t start seeing managing vacation rentals as such a burden. It has its rewards too, believe me. When you’ve got all these things down pat, you’ll find that the smiles on your tenants and their eagerness to refer your vacation rental to their friends makes all the hard work worthwhile.
