A jaw-dropping 450 million people book vacation rentals worldwide.
It's clear that there's a huge pool of travelers who prefer these rentals over hotels. This is why owning a vacation rental property is a brilliant idea.
There are plenty of things you should and shouldn't do to run a successful vacation rental business, though. Keep reading to unpack the do's and don'ts of vacation rental property management.
Do Choose the Right Property Manager
One of the most critical decisions you'll make is selecting the right property manager. Look for someone with experience in vacation rental management and a good track record.
Don't Neglect Screening Guests
Don't skip the process of screening potential guests. Verify their identities and check for any red flags. This could include past negative reviews from other hosts.
It's best to avoid troublesome guests.
Do Take Professional Photos
High-quality photos of your rental property are a must. Professional images can make your property stand out and attract potential guests. Highlight the property's unique features, such as a beautiful view or an equipped kitchen.
Don't Neglect Property Insurance
Don't underestimate the importance of property insurance. Regular homeowners' insurance may not work for a short-term rental. Consider purchasing specific rental property insurance to protect your investment.
Do Have Clear House Rules
Clearly define the house rules for your property and communicate them to your guests. Rules can cover these issues:
- Noise levels
- Smoking policies
- Check-out procedures
Having rules helps avoid misunderstandings and disputes.
Don't Overspend on Amenities
It's imperative to provide a comfortable experience for your guests. Don't overspend on amenities that may not yield a good return on investment, though. Focus on items that enhance the guest experience, like quality bedding and an equipped kitchen.
Do Set Competitive Pricing
Research similar vacation properties in your area to determine competitive pricing. Be realistic about your rates, taking into account the season, local events, and the property's amenities. This will enable you to attract more guests.
Don't Ignore Feedback
Guest feedback is valuable. Pay attention to reviews and suggestions from your guests.
Use their feedback to improve your property and service. Ignoring feedback can lead to declining bookings.
Do Regular Maintenance
Ensure your vacation property is maintained. Regularly inspect and clean it so it stays in excellent condition. Address any maintenance issues promptly to provide a positive guest experience.
Don't Micromanage Guests
Avoid being overbearing with your guests. While you want to ensure a pleasant stay, remember that guests value their privacy. Strike a balance between being accessible and giving them space.
Do Use a Rental Agreement
Create a full rental agreement that outlines terms, payment schedules, and cancellation policies. A solid agreement can protect both you and your guests.
Do You Need Help with Vacation Rental Property Management?
Being a property investor can be a tough job if you're working with vacation rentals. By following these vacation rental do's and don'ts, you can navigate this rental market with confidence.
Are you in need of vacation rental property management services in the Long Island area? Contact PMI Eastern Long Island to learn how our team will make your vacation rental business flourish.