If you’re considering getting into the vacation rental business, congratulations! Vacation rental properties can be a great source of income. However, it’s important to remember that managing a vacation rental property is slightly different from managing a traditional one. Here are tips to help you successfully manage your vacation rental property:
Screen Tenants Carefully
The first step to successfully managing a vacation rental property is to screen tenants carefully. Because vacationers are typically only looking for a short-term stay, they may have a different commitment to the property than a traditional tenant. As such, it’s important to screen tenants carefully to ensure they will take good care of your property and respect the rules you set forth.
There are several different ways to screen potential tenants. Still, one of the most effective is requiring them to submit a security deposit and their application. This helps to deter would-be vandals and ensures that you’ll be compensated for any damage that does occur during the tenancy. Screening also assures tenants that their fellow renters will be respectful and considerate, decreasing the likelihood of problems during their stay, so it’s a win-win.
Be Responsive to Tenant Needs and Concerns
Another key to successfully managing a vacation rental property is being responsive to tenant needs and concerns. Because vacationers typically only stay for a short period, they may need to become more familiar with the area. They may need assistance with things like directions or restaurant recommendations. Additionally, because they’re only staying for a short period, they may need to be more tolerant of issues like noisy neighbors or a slow internet connection.
As a property manager, you have to be available to address these concerns quickly and efficiently. The best way to do this is by having a property management software system that allows tenants to submit maintenance requests or other concerns online. You can address the issue quickly without needing a face-to-face meeting. The system also reminds tenants of their payments, check-out date, and other important information, so you don’t have to worry about overstaying their welcome.
By being responsive to your tenants’ needs and concerns, you can help ensure they have a positive experience while staying at your property. They’ll be more likely to rent from you again and recommend you to their friends.
Stay Up-to-Date on the Latest Trends in the Vacation Rental Market
To successfully manage a vacation rental property, it’s important to stay up-to-date on the latest trends in the market. The vacation rental market is constantly changing, so what worked last year might not work this year. The global vacation rental industry is expected to grow at a rate of 10% per year, and by 2025 it will be worth close to $20 billion. This growth is only expected to continue in the coming years. It’s safe to say that it is the best time to invest in the vacation rental market.
As an investor or property manager, you need to be aware of these trends to make the necessary changes to your property to stay ahead of the competition. For example, one of the latest trends is the rise of millennial travelers. This demographic is now the largest group of travelers, and they have different needs and expectations than other demographics. They’re more likely to use vacation rental sites, so if you want to attract this demographic, you must make sure your property is listed.
A trend popular with millennial travelers is the rise of the sharing economy. This refers to the trend of temporarily sharing vacation rental sites or transportation with other tourists, often facilitated online.
Finally, another popular trend among vacation rental property owners is the rise of technology. More and more vacation rental property owners are using technology to automate the rental process and make their properties more appealing to potential tenants. For example, some property owners are using smart locks to allow tenants to access their rental units digitally without a key.
Consult a Professional Property Management Company
You can consult a professional property management company if you need help managing your vacation rental property or need more time to learn about it. Bryden Johnson business advisers will be your go-to source for all your business questions. They can help you develop a property management plan, find the right software, and even train you and your staff on the latest trends. Professionals can also help you stage your property for advertising, suggest upgrades, and set the right rates.
In a Nutshell
Managing a vacation rental property can be a great way to earn extra. By following these tips, you can help ensure that your vacation rental property is successful.