Because we are passionate about vacation rentals, we want to make sure that over time we cover some relevant topics that have to do with all different aspects of the industry, including some that are directed primarily to those of you who own a vacation rental property of your own or are considering the purchase of one. Getting into the standard or luxury vacation rental business can be very profitable if executed properly. Those who get involved do so typically to create for themselves an additional stream of income. But in order to turn a profit with a standard or luxury vacation rental, it takes more deliberate action than simply listing it on booking sights and waiting for people to pay you to stay there. When it comes to a luxury vacation rental, the most successful property owners treat this little side gig with the mindset of a small business owner. You have to be serious about your level of customer service as if you were running a storefront, for example. You have to find out what the people want and need and try your best to provide it for them. It isn’t quite as daunting as you might think. Consider the following suggestions to make your journey into owning a standard or luxury vacation rental a success.
Be Aware of Risks
When you own and/or manage a luxury vacation rental, it’s very important to be aware of potential risks so that you can prevent them before they occur if possible. What could cause profit loss, for example, and how can you prepare for that possibility? Many owners suggest making a list of concerns as well as how you can prevent them. Sometimes problems can be solved with more simple solutions such as specialty insurance, more security, modifying the contract, and perhaps just more research. Just be prepared and have a preventative mindset.
Making your customers safe needs to be a high priority for anyone who owns a luxury vacation rental. Do things like have a business security systems installed on the property. Your guests will feel safer and so will you as you’ll know that you’ve taken action to protect yourself from dishonest guests and break-ins.
Think Preemptively and Proactively
The most profitable owners of a luxury vacation rental (and small businesses in general) usually have this characteristic in common: they are always thinking of ways to improve their business. Put yourself in the shoes of consumers and figure out what they need and want. What specific things do you love about a luxury vacation rental that you’ve stayed at? Implement those things on your own. Make sure and go the extra mile for your guests. For example, if you live in a desert climate, provide complimentary water bottles in the fridge (for cold climates, provide hot chocolate). These are small examples that go a long way, but if there’s something larger that you can implement, do it!
Higher Someone to Clean
The hospitality industry has cleaning standards and chances are that you do not have the time to clean your luxury vacation rental every time you’ve had a guest. In almost every scenario, it’s worth it financially to higher a third party cleaning service to do it for you. This way you’ll know it will get done right and meet all standards. It will be money well spent. Trust us.
Read Your Reviews
Doing this will give you information in real-time regarding what you’re doing right and what you may be doing wrong. The reviews should be of the utmost importance to anyone who owns a standard or luxury vacation rental. Always strive for the 5-star review.
Know the Trends of the Market
To stay competitive in the luxury vacation rental industry, you must watch market trends as well as see what competitors are doing and providing. Are you properly using social media to market your listing? How are other successful property owners getting all of their rave reviews? Emulate them if necessary.
How To Create a Small Business Out of Your Vacation Rental
Luxury Vacation Rental
Article by Clear Content Marketing