First time vacation rental owners do not have an easy job. It can be daunting to venture into the short term rental space, to say the least. If you have no previous experience, but you are passionate enough to want to make it work, you may be wondering how to succeed.
To help you get started, we have put together some tips that are designed with first time vacation rental owners in mind. Keep reading to find out how to get the most from your investment.
Top Tips for First Time Vacation Rental Owners
In addition to a few essential first time short term rental investor lessons that you will learn, there are many things to know about vacation letting. Some tips to keep in mind for new vacation rental owners include the following:
- Avoid becoming a disaster story. If you follow the news at all or stay abreast of vacation industry updates, you have likely heard a few Airbnb horror stories this year. From the couple who discovered a hidden camera in their bedroom, to the paedophile attempting to list a child-friendly apartment, the guy who died when a swing placed in a dead tree broke, and many others, this is exactly the way that you do not want to become famous. Do not assume that you have ‘made it’ simply because you have had a few guests. True success is not an accident. Instead, it takes endless effort.
- Don’t try to manage your own property. One way to become a disaster story is to try and manage your rental yourself. You may have the best intents. You may even do an okay job initially. Sooner or later, however, you will find that guests expect a certain level of quality when travelling. Even the charming ‘experience’ type rentals will not survive long if the property is not managed properly. Investing in a short term rental manager is the very best thing you could ever do for your future growth.
- Get smart about marketing. At the same time, another reason to work with a manager is that it gives you access to comprehensive marketing. Do not make the mistake of assuming that this is something you can think about further down the line. Starting with a clear vacation rental marketing plan is essential. You will need high quality, professional photographs, well-crafted listings, and active promotion across multiple channels. A good manager will handle all of that on your behalf.
- Listen to experts over friends. Your friends will all have plenty of advice to offer. Some know people who have made millions from their Airbnb. Others will try and tell you that you are doing things all wrong. A few will tell you that you are sure to fail by the end of next year. Ignore those friends. Instead, listen to the experts who have genuine experience in short term rental management and marketing. Those are the people who truly know what they are talking about. Those are the people you want giving you insight. Once again, this is where a vacation rental manager comes in handy.
- Focus on wowing your guests. If you are not putting guest experience first, all the time, you are losing out on the chance to impress your guests. Good vacation rental reviews come from good service. Under-promise and over-deliver and you will start to see the results. When you consistently work to wow your guests, you will always strive to improve. This is easily the most important thing that you could ever do to succeed.
Ready to find out more about how a short term rental manager helps you succeed? Get in touch with our team today and let’s talk about how vacation rental owners can take their results to the next level.