1. Fill Your Rental Calendar With Last Minute Travelers
While most people rent vacation homes in advance, some wait until the last minute. You can position yourself to scoop up those travellers by making a few adjustments to your marketing and rental procedures. Then, you will make more money, as you will be able to keep your calendar full throughout the year.
2. Amenities for Golfers
Is your vacation rental located near a golf course? If so, you should make the most out of your location. Include golf amenities in your home so renters will be more likely to stay with you. By including certain amenities, you will be able to keep a full rental calendar.
3. Enhance Your Listing with a Virtual Tour
Vacation rental owners need to have the best listing possible. Part of providing a great listing is including a virtual tour. A virtual tour is a tour that is filmed and then put online so others can view it. There are many benefits to include.
4. Finding the Right Vacation Rental Management Agency
If you are a vacation rental owner that wants to use a management agency, you need to be sure you pick the right one. There are lots of agencies available that are competing for your business. You need to narrow down the prospects by examining each company.
5. Avoid Vacation Rental Bans
Bans prevent in some states and provinces, owners from renting their property to short-term guests. State and local governments, as well as home owners associations, can initiate vacation rental bans.
These bans are devastating to owners. However, they can be avoided. Those who follow a certain set of guidelines will form good relationships with the community, and thus be able to continue renting their property to guests.
6. Insure Your Vacation Rental Property
Your vacation rental property is an investment, and thus it is important to protect it. One of the best ways to protect it is with insurance. There are many different types of insurance for owners to consider before advertising their property to renters.
7. Lower Prices Mean Fewer Customers
The vacation rental industry is booming, and the boom has caused some owners to re evaluate their pricing strategy. They feel they have to lower their prices to remain competitive, when in fact lowering prices can lower their chances of renting the property. When vacation rental owners lower their prices, they fall victim to a variety of problems.
8. Increase Bookings in the Off Season
The off season presents some challenges to vacation rental owners. Business slows down a bit, and owners have to become more creative in order to keep their bookings steady. One of the best ways to make bookings in the off season is to market to couples.
9. Finding an Investment Property
Return on investment and location are important for investors who are buying vacation rentals. Investors want to make money from renters, and they want a property they can spend time at during their own vacations. Because of that, people have to be careful during the property selection process. They must find a home that meets their personal needs, as well as their business needs.
10. The Art of the Headline
The headline is one of the most basic, and yet most important, aspects of creating a vacation rental listing. It is essential for owners and managers to write a headline that is both compelling and informative. In order to do this, they must master some basic copy writing and research skills.
Happy Letting and Investing!!
Business Tip 7: No matter how big your profits become, always budget as if you were still a start-up. Be frugal. Click To Tweet