Owning a second home is a dream come true for most people, and making money off that second home is a bonus by turning it into a vacation rental. Owners that are successful in the vacation home business don’t settle with hoping to see income come in. They take the business of vacation rentals seriously by setting SMART goals and work hard to achieve them. Below are some habits that successful vacation rental owners follow.
KEEP YOUR LISTING UP TO DATE
Successful owners keep their calendars updated while maintaining competitive rates for twelve months into the future. They check the competition regularly to compare rates and adjust accordingly. While pricing the lowest isn’t recommended, showing the customer there is a value in what they are spending will give you the least amount of vacancies.
Updating the photos seasonally is a must, especially if you own up north in a state like New York. Successful owners update photos and toss in a few photos of the property in different seasons of the year. This is especially necessary when you have made updates in your vacation rental (e.g. changing furniture or repainted walls). And do not take the photos yourself. Make sure to hire a professional photographer and videographer to get the best shots.
CLEANLINESS IS A MUST
Keeping your vacation rental clean and orderly is a must to be successful in the business, especially now with the pandemic upon us. Be clear with housekeepers on the level of cleanliness required and make sure things are sanitized according to CDC guidelines. Cleaning checklists help staff stay on track before and after guests stay.
Successful owners recognize the big help a vacation rental listing company does in marketing their vacation rentals to their target audience. More importantly, they choose a reputable company in listing their vacation properties. They pick one that has values aligned with their goals and works closely with them in making them successful with their vacation rentals; and, complements, if not boosts, their marketing efforts. BUT they don’t leave all the marketing efforts to the listing company. They also market on social media and everywhere else possible using the best photos of their vacation rentals.
ALWAYS SEEK TO IMPROVE
Successful vacation rental owners acknowledge that they cannot do it all alone. They delegate tasks to others. They team up with their staff or cleaner and plumber and treat them well. These people can very well extend to your guests how you treat them. Join forces with them in achieving your business goals.
Successful owners learn from others. They network with other owners and learn from their experiences and mistakes. They pay attention to guests’ feedback and suggestions and they don’t take negative feedback personally. You must take the feedback and constructively fix any issues to get better feedback in the future.
Success comes to those who work hard. The vacation rental business is a serious job and can be a lucrative business. If you want to know more and learn how you can become an owner and earn some passive income, contact me to set up your FREE counseling session.