There are over 1.9 million vacation rental properties in the U.S., collectively generating about $15 billion annually.
If you're looking to invest in a vacation rental, or you already own a few, you're on a profitable path. The COVID-19 pandemic and the travel restrictions that came along with it are now a thing of the past, and revenge travel has taken over.
However, proper vacation rental property management is the key to being a successful investor. In this guide, we're sharing a couple of short-term rental management dos and don'ts to help you maximize your returns while improving guest satisfaction.
Let's dig in:
Do Optimize Your Online Listing
The growth of the vacation rental industry can be attributed to vacation rental sites like Airbnb, Vrbo, and Booking.com. These platforms have made it a lot easier for travelers to find short-term rentals and for hosts to market their properties.
You can list your property on the site of your choice, but that's not enough. It's vital to optimize the listing so that it gets maximum visibility to potential renters. Listing optimization involves giving a detailed description of the rental and posting many high-quality pictures and videos of the various amenities.
Don't Self-Manage Your Rental If You Don't Have Adequate Time
For the uninitiated, managing a vacation rental might look easy. After all, what could be harder than receiving guests, cleaning up the unit once they leave, and preparing to receive new guests?
Well, vacation property management is a full-time job. From handling guest complaints to making repairs, you're not going to hack it if you don't have a lot of time on your hands.
Do Hire a Reliable Housekeeper
Many vacation hosts hire housekeepers to clean the properties and take care of other household tasks. If you don't live near your vacation rental, ensure your housekeeper is super reliable.
You need someone you can count on to show up for work on time and when needed. There are days you'll have as little as two hours between check-out and check-in. A good housekeeper will always be on standby, ready to swing into action and get the unit ready for new guests.
Don't Fail to Automate Home Systems
Home automation is here, and you should not be hesitant to use it in your vacation rental. Although the initial installation costs can be high, automating systems like lighting, and heating and cooling, will save you money in the long run.
Some guests will check out and leave the AC and lights on. Having the ability to remotely control these systems will help keep your utility costs low.
Conclusion: DO Hire a Professional Vacation Rental Property Management Company
Effective vacation rental property management is the secret to high booking rates, guest satisfaction, glowing reviews, and a happy host/investor. There are many dos and don'ts you need to keep in mind, but there's one do that trumps all: hiring a professional manager.
Calling all Elliot City, MD, vacation property investors. Contact us for expert short-term rental management services.