Many vacation homeowners are intrigued by the prospect of entering the world of vacation rental management. The idea of developing a new revenue stream and offsetting mortgage and home maintenance costs is quite attractive. To determine if this is viable for you and your home, we have come up with the five pillars of successful vacation rental management.
1. Location, Location, Location
We’ve all heard this before, but what does it truly mean? Your home may be lovely, but the marketability of it as a vacation rental is completely dependent upon the desirability of its location. If the area you are in isn’t known as a vacation destination, you are going to have a hard time renting it out. If you’re uncertain, Trip Advisor annually publishes a list of top destinations chosen by their travelers. You can also check for listings in your area on HomeAway and VRBO. Seeing full calendars is a good sign that you too can enter the vacation rental management business.
2. Proximity to Amenities & Attractions
Unfortunately just being in a fantastic resort destination isn’t good enough. If you’re near the ocean, renters will be looking for a beachfront villa. If you’re in the mountains, they want ski-in ski-out. Proximity to the main draw of the area directly correlates to both the rental rate and the number of nights booked.
3. Wow Factor
To secure bookings, your home needs to stand out from other listings. It needs to show well, look well maintained and have a wow factor. Photos are one of the most influential factors in generating leads. They have the power to mesmerize and inspire action so we highly recommend hiring a professional photographer to bring the experience of vacationing in your home to life.
4. Expert Sales & Marketing
This is a highly competitive and complex business that requires vacation rental marketing and sales expertise. A savvy digital marketing team will ensure your vacation home is broadly marketed, well positioned and priced competitively to drive qualified leads. An experienced sales team will be responsive, educated on the latest trends in vacation rentals, and use a consultative sales approach to secure bookings. The rental landscape is ever shifting and vacation rental management pros know they must optimize their efforts regularly to maximize revenue.
5. Rave Reviews
At the end of the day, it all boils down to the guest’s experience. Therefore it is crucial that you hire reliable, service-oriented professionals for your vacation rental business. Delivering an exceptional vacation experience every time will earn you the reward of great online reviews and positive word-of-mouth, the most influential form of marketing for those in vacation rental management. However, even if you deliver an exception experience, reviews don’t come automatically, you need a follow up process in place.
Still wondering about the viability of your home as a vacation rental? Give us a call. Elite Destination Homes is a vacation rental management company that has successfully been marketing an international portfolio of multimillion-dollar luxury vacation homes since 2005. We can determine the revenue potential of your home, set you up for success with a custom sales and marketing program and help you secure those coveted reviews. Contact us today.