Tips for Successful Ownership of a Vacation Rental
Its a Real Business
This is a business not a hobby. Owners of rentals will need to learn how to effectively market their rental. There is a wealth of information at your fingertips on the internet on rental strategy and techniques used to operate your rental. Marketing takes time. There is too much competition to think your property will be chosen by travelers without proper marketing.
What are your Goals
Owners need to set goals. How many rentals do you need each year to reach your financial goals of ownership. Know your ROI and calculate what it takes to run your rental at a profit or break-even point. Have a clear plan on how much income you need; how many weeks need to be rented; and the return on investment for all their marketing activities.
Someone always know more than you and they can help
The internet can be a wonderful resource for owners of vacation rentals. Many owners share information on how they run their rental business. Tap into online forums where owners discuss everything from rates to reviews.
Tap into Local groups and share local information with your traveler base
On Facebook there are many location based groups who share information about vacation rental ownership in their area. Different areas can require different marketing strategies. Knowledge is power.
Build your own website
Travelers have little time to parse through hundreds of properties to find the right rental. Build a website to market your rental more effectively. Make it easy for a traveler to find out about local events, restaurants, shops and more by posting this information on your rental website. Make sure your rental can handle bookings and process payments. You must take advantage of having someone interested in your property by giving them easy access to book.
Use Listing Services that do not charge service fees to travelers
Every traveler has a budget. Stay away from listing services that charge service fees to travelers. This additional fee can range from 5 to 12 percent of your rental rate. Travelers are savvy, they look for ways to avoid service fees. Many travelers list with traditional listing services like CapeMayVacationRentals.com to avoid service fees. More travelers are likely to search locally for rentals without fees. List your rental with a local listing service.
More and more travelers are searching locally for a vacation rental. Whether its through a realtor or a local listing service travelers can get better information about the area and its rentals. Local owners and realtors know the area better than any national listing service.