What’s an average vacation rental business owner like?
A vacation rental business owner is also known as an entrepreneur and due to this, they come in many shapes and sizes and one can vary from another completely.
They have a desire to grow that a lot of the other people out there do not have. This drive and willingness to succeed is what pushes them to keep moving forward. There always has to be something to perfect, to tweak, to work on or to excel at and they are going to find a way to do so.
Their work is never over and their desire to grow as a business or never-ending, making them continue to reach for the stars above. They want to reduce their risks but continue to take them if it means being able to reach the top of the ladder.
Vacation rental business owners are these goal-oriented, high reaching people.
Things you need to know before becoming a vacation rental business owner
Before you become a vacation rental business owner, you have to ask yourself some of the key questions that come up from time to time to find out if this is the right job path for you to take. Here are some of the essentials to keep in mind before you move forward with this type of business.
Understand and Evaluate the Risks
As with anything, it is important that you understand and evaluate the risks involved with becoming a potential business owner and investor. You need to know what it takes to successfully manage your own rental business, as well as the profit and losses that might come with it. You need to have your concerns listed out along with the preventions that align next to them. Take the time to research all avenues and find out if this is something you want to do.
Invest in Security
Ensuring that the safety of all customers is critical. You want to make sure that you know the importance of security at all times, which includes those rentals. The rental that you have isn’t your home so you shouldn’t treat it as such, it is your business. You should always consider investing in a business security system to protect your profits. This also reduces the chances of working with dishonest guests, as well.
Think of the Consumer’s Needs
Successful business owners are always thinking about their customers and consumers that they work with. They need to improve their offerings and provide something that their customers need and want before they even know that they need and want them. Think about what you would want to see in a home that you’re renting while out of town and then make these available to your guests.
Consider Hiring a Third-Party Cleaning Service
Having a clean rental is a must since no one is going to want to stay somewhere that is dirty and not well kept. Since you need to make sure that the home is up to par with almost every guest, hiring a cleaning service to come in and provide the cleaning that is needed can keep the place in the best shape, but also ensure that it is always clean, no matter what time of day it is. Plus, they usually hold a higher standard to clean than some others might.
Listen to What Consumers are Saying
When you actually listen to what they are saying to you then you’re easily able to benefit from this since you can adapt to their needs. When this is the case, you should always make sure that you listen to what they say, act on it and improve from it. You can always send out follow up emails or cards to find out what they thought of you and the services you provided them with.
Keep up on the Trends in the Market
Stay competitive and current in the market when you have rentals that are listed. You want to make sure to watch market trends and then move along with them. Find out what other listings in the area are offering and see if you can compete with that. Are you currently doing what the other places are doing for their guests? Can you get that listing out to others that might be interested in it? Being on top of the market as a business owner is key to success in many ways.
5 mistakes vacation rental business owners often make
There are many mistakes that can be made in all of life. The same is true for those that are being made for the vacation rental business and the owners that own them. Instead of worrying about the mistakes, know them, own them and if you make them, learn from them.
This is a somewhat new industry, so there are a lot of inconveniences and even complications that you’re going to come across. You have to find solutions to these problems along the way. Complaining is not going to help anything and it might actually make you more stressed. Instead, try to think of things in a new light, in a more positive way, so that you can feel good about moving ahead with the business. Don’t get caught up in the complaining aspect of it. Move on, move up and learn from it.
Those out there that assume that they are going to make a lot just because of this or that usually find themselves being upset when they do not. Don’t make assumptions and you won’t be let down if something doesn’t happen the way you planned it to happen. Don’t assume that everyone asking about it is going to turn into a renter. You also don’t want to assume that you know how one thing works or the next, especially if you’re new to this. Hope for the best and always ask fellow rental owners for help.
3. Treating the Renal Business Like a Hobby, Not a Business
Whether you’re doing it on the side to your full-time job or not, it is not a hobby. It is a business and it should be treated as one. You can list it up, respond to inquiries and do what needs to be done here and there, but it is not going to be especially fruitful to you to do this. This is actually the hospitality industry and it is a business of its own. You want to be as professional as possible when offering your place to others. You’re competing with hotels and you’re offering a premium service for a fee. This is a business.
4. Selling the Properties
While you can sell, no one here is telling you what to do and when to do it but there is a time and place for such things. You don’t want to sell those vacation rental nights in the wrong way. Selling is a privilege and you don’t want to ruin it by selling to the wrong people, during the wrong times, at the wrong place. Just don’t do it. Try not to be the salesperson, but the business owner that is offering something different to your guests.
5. Letting Your Fear Hold You Back
Everyone has anxiety and sometimes it gets the best of us. However, you have to step back and make sure it is not getting the best of you. You are kind of on your own out there since many people are your competitors but that doesn’t mean you shouldn’t be able to consult with someone. It is good to keep going and find ways to boost your ratings and your listings inexpensively. You’ve already calculated your risks and you did the research needed. You can excel in this industry if you’re smart about a lot of the things you do.