Tips to run a successful vacation rental
Updated: Feb 7, 2019
If you have decided to buy a vacation home and rent it out to cover your costs and make a profit, You need to treat your vacation rental home as a business. You need to have a business plan that defines your marketing strategy, drills down on the perfect guest that you want to attract that your location warrants, be clear about the cost of your expenses and have realistic income numbers. Set clear goals.
Surpass your guests’ expectations. The people that stay in your vacation home are not renters or tenants, they are your guests. You also need to treat them as your guest and make sure that you not only meet their expectation, you must exceed them. From the time you make first contact, you need to create a relationship and a connection with them. Relationships are creating bookings and being among the first to respond to an inquiry does as well.
Market wisely. Always make sure you can gauge the return an advertising campaign brings. Always perform A/B testing to learn your customers habits. For Airbnb, good reviews are key.
Constantly improve your product. Make sure you keep improving your product and that does not mean only your home. Your home needs to stay in tip top shape. Improve on all fronts; the way you market, sell, respond to inquiries and welcome your guest.
Constantly learn. Connect with other vacation rental owners and exchange best practices and learn what worked for them. Keep in mind however that the other owner might not market to the same vacationer that you are trying to capture.