The Vacation Rental Dream
Vacation rental management is a unique blend of property management, real estate marketing, and hospitality services. With the right mix of knowledge, time, and effort, your vacation rental can generate enough income to cover expenses and possibly show a profit. Unfortunately, the real estate meltdown has forced many property owners into the rental market, unprepared for the realities of property management and internet marketing. In just a few short years the number of available vacation rentals has almost doubled while demand has barely kept pace. It’s not rocket science, but to be successful in the current rental market you really have to work at it or the competition will eat you alive. Your dream of a second home can become a serious drain on your finances and consume much of your free time.
From property staging and pricing to marketing and guest services, if one part of the equation is missing the whole process can fail. There’s nothing more frustrating than owning a well located, fully equipped, vacation rental property that’s only rarely occupied. It doesn’t matter if you rent one property or 500, if you don’t have a written business and marketing plan, something that’s followed closely and updated regularly, you will always be reacting to the rental market instead of creating it. If you’re not taking advantage of the new marketing trends, chances are your competitor is. There may be a negative review on your property floating around out there that you have no idea exists. It seems almost impossible to navigate the details and stay on top of industry trends.
As a property manager I am a firm believer that there is no substitute for the services of a professional to assist the owner in the rental process. Whether it’s a full service management company or just your cleaning lady, having the right help in your corner is the key to successful renting. If you try to do everything yourself; marketing, bookkeeping, inspections, maintenance, housekeeping, and emergency contact, you’re going to start resenting ever buying a rental property. The dream getaway spot you fell in love with is now taking up all your free time and costing you instead of making you money.
The focus of my blog, www.vacationrentalservices.net, is how to best manage and market vacation rentals in today’s growing market. The industry has changed dramatically in the last few years and has never been more competitive. When the real estate market tanked, many property owners were forced to find a way to cover their expenses on the properties they could not sell. The “for rent by owner” segment of the market exploded and now websites like VRBO.com and HomeAway dominate the search engines. Over 50% of rental property owners choose to market their vacancies themselves.
It is my goal to address the issues that drive vacation rental management and to inform my readers of the best practices in the industry. In return I’d like other property owners and managers to share their experience and knowledge in order to reach a common goal – profitable, well-managed vacation rental properties for everyone to enjoy. Happy Renting!