Photo by Adam Winger
A person may choose to rent a property rather than sell it, or they might choose to purchase a property specifically to rent it to travelers. Either way, the owner wants their venture to be a success. The following tips help make any vacation rental business successful.
Work with the Pros
Many rental property owners find they benefit from working with a management company. This company handles the pricing of the property and the marketing. They have experience in these areas and will ensure the property gets in front of the largest audience. Furthermore, potential guests see the management firm as a sign of professionalism. Inexperience often leads to setbacks, and the management firm allows the owner to see a positive return on investment with less effort on their part. The benefits of working with this provider easily outweigh the expense of the management firm.
Provide an Outstanding Guest Experience
Many travelers today choose vacation rentals over hotels. They want a home away from home. However, rental property owners need to learn from five-star hotels and make the guest experience outstanding in every way. Speak to your vacation property management provider and learn what they do to provide this experience. Once the guest books the property, for example, they may send a welcome message and a guide to local attractions, restaurants, and more. Ask if they provide a welcome gift, such as a souvenir or a bottle of wine. Little touches such as these will lead to a better guest experience and the likelihood of an excellent review.
Smart Home Technology
Vacation property owners need to invest in smart home technology. Doing so adds value to the property while protecting it from unauthorized users. Guests love smart locks, as they no longer need to keep track of keys. They can carry the code on their mobile devices and use it when needed. Another option involves using noise monitoring. With this technology, the property owner can monitor the property without violating the privacy of the guests. When guests become too loud, the owner can step in to protect the property and the community. These serve as only two of many smart home options available today.
Spend the Money
People often cut corners when first offering their property as a vacation rental. They do the work themselves to generate more profit or don’t make upgrades that would appeal to a wider range of tourists. Invest in the home and bring in more rent. This includes everything from adding the smart home technology mentioned above to hiring a cleaning company to refresh the property after guests leave. This is one time when you need to spend money to make money.
Allow Pets
Most people treat their pets as family members and want their companions to travel with them. Today, many pet owners state they choose their accommodations based on how pet-friendly they are. People stay longer when they can bring their pets along, and one in five pet owners say they have smuggled their companion into a hotel room. Don’t force them to take drastic measures. In fact, 52 percent of pet owners today say they won’t stay at a property that doesn’t allow their companions. Allow guests to bring their pets and see more bookings.
Make your vacation rental successful. With these tips, doing so has never been easier. Implement one today and see how it helps. Once you do so, you’ll want to implement the rest and learn more about how to help the property take off. It’s worth it when you see the income you can bring in by offering your property to others.
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