Preparation— Deciding What You Want from a Vacation Rental Property
In addition to renting your property to travelers and vacationers, you may also want to spend time there yourself. By having clear objectives in the beginning, you can focus your marketing efforts and attract the kinds of visitors that will make your vacation renting business a positive experience for everyone. Ask yourself these questions:
* What are my financial objectives?
* How often do I want to vacation in my property?
* What types of renters do I want to attract with my marketing?
Furnishings and Equipment — Make it Comfortable, not Costly
Remember that this is a rental property! Furnish the home with good quality, sturdy furniture and equipment that can be easily cleaned. Do not use delicate, high-maintenance items or anything that would cause you to be upset if it was broken. The rental rates you can charge will reflect the standard of your furnishing and equipment. Spend a night in the property and in each bedroom to check everything out for yourself.
Preparing an Information Pack — A Good Practice
An information pack has two functions. First, it protects you by providing guests with important information about the property and a list of “ house rules” to follow. Second, it can add to guests’ enjoyment of the property and surrounding areas.
Make an Inventory List
The inventory lists all of the furniture and equipment items in the property. While an important document to maintain for insurance purposes, it also serves as proof if items from the property go missing.
Create A Guest Manual
A Guest Manual can provide a tremendous boost to guests’ enjoyment of their vacation by offering a wealth of useful information.
Vacation Rental Management Services
If you do not live nearby, do not have the time, or do not want management responsibility, there are professional management companies that can help with various aspects of your vacation rental.
Full-service Vacation Rental Agencies
A local rental agency can handle everything for you for a service fee, which can range from 30 to 50 percent of the rental income. You receive the rest of the money for the vacation rental. Talk to other property owners in the area to see if they can recommend a good agency.
Managing Rentals Yourself
Booking Calendars and Availability Charts
Decide on your changeover date and stick with it. Otherwise, you will be left with a series of part-weeks that you cannot rent. Remember that vacation rental bookings, like hotels, are done on a nightly, not a daily, basis.
Responding to Inquiries
Rapid response to inquiries is not only professional, it’s essential. Potential guests who inquire may quickly book another property if they cannot learn more about yours. Last minute travelers need to quickly secure accommodations before committing to air travel plans.
As soon as you receive an e-mail inquiry, reply with a confirmation of availability (or booked status), answer specific questions posed, and offer to send a complete follow-up pack that includes booking deadlines, payment conditions, arrival and check-out times, and other information.
It is also perfectly acceptable to ask potential guests a few questions to assure that they will be suitable renters:
* How many people in the party?
* Are there any children or pets?
* Is the vacation for a special event?
More information: homeaway
