inding an Investment Property is just the beginning of the exciting voyage of owning and
operating a vacation rental for
profit. 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. The following eight strategies can be used to enhance your vacation rentals.
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.
Finding the Right Vacation Rental Management Agency
If you are a vacation rental owner who 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.
Avoid Vacation Rental Bans
Bans prevent vacation rental owners from renting their property to short-term guests. Provincial 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.
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.
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.
Fill Your Rental Calendar With Last Minute Travellers
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.
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.
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.
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.
The vacation rental business is seasonal and in order to increase business in the off season, the owners face various challenges.
The off season can present some opportunities that when business slows down a bit, the owners will need to become more creative in order to keep their bookings on going. One of the best ways to increase bookings in the off season is to market to couples. Marketing romantic getaways, and all inclusive packages is one strategy that will help increase bookings. These are a few ideas to think about before you purchase or think of purchasing a vacation rental.
By Maria Rekrut
Strategies to Enhance your Vacation Rentals
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Inns E-Magazine / Winter 2013