Running a vacation rental business seems attractive and easy but it is not a cakewalk for most owners. You must be prepared to face stiff competition from not just hotels and hostels in your area but other vacation rental owners in attracting guests to your property. You must spruce up your property and provide amenities that appear attractive to potential guests.
Here are some useful tips to keep in mind when launching your vacation rental business.
I use two platforms for my properties. One is great in the west and the other is better in the southeast. The success of your vacation rental business depends upon whether you can reach your target group of guests or not. By using different platforms, one at a time or more, you can make sure that your property becomes visible to all tourists coming to your area whenever they conduct a search online. In addition to listing your property on Airbnb and other short-term vacation rental sites, many choose to promote their property on social media. You can advertise your property on not just Facebook but also Instagram, which is popular among Millennials these days. You can choose to have a website for your business and place links of your website everywhere you can online. One big advantage of having your own website is that you will start to get bookings directly from tourists and you will not be required to pay a service fee to other booking sites. The downside is that you have to do all of your own marketing. So once you begin scaling, you may rethink this option.
We’ve said it before and we’ll say it again. Get professional pictures taken of your property. We cannot stress this point enough. The difference is night and day. Also, don’t forget to put Key Features, like amenities, in your title or, at the very least, high up in your description. Close to the airport? Say so. Got a pool? That’s a headliner if I’ve ever heard one. People have got to know about what you have to offer in a few seconds. If you can do that before they’ve even clicked on your listing, then you’ve already won half the battle.
Just like you could recognize a coke can on the side of the road going 60 mph, your vacation rental guests should be able to recognize your brand. This is possible only if you indulge in the branding process for your business. Pick out a color scheme and create a logo. Place it everywhere and use your colors, if possible. Make beautiful business cards, flyers, brochures, and leaflets and distribute them to all the people you think can help you in attracting guests to your property. Do not forget to use your logo on all the stationery and other items used in your business. Create a brand your guests can recognize.
Make sure you protect yourself and your property with an LLC. Once it’s formed, get an EIN from the IRS (that’s fun to say). With your LLC papers and your EIN in hand, you can open a bank account and connect your Airbnb account to it, along with all your utilities and your cleaning company. Your deposits can be deposited automatically and you can do the same with your expenses. Make bookkeeping easy!
Hopefully, you’ve listened to Michelle’s podcast on insurance and you know how important it is. You also know and realize that your regular Rental Insurance, Landlord Insurance, and Homeowners insurance will NOT do the job. Go to our Insurance Article to read more or listen to Michelle’s episode on STR Insurance.
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for Short Term Rental Revenue
Proper Insurance has a GIFT for you. Download their 2-page Brochure (by clicking the image below) that will answer many of the questions you may have about Short-Term Rental Insurance. You can also contact Proper Insurance Risk-Free just to ask some questions by calling them at 888-631-6680. Remember, they're backed by Lloyd's of London, the oldest insurance company on the planet. If you already carry insurance, at a minimum, you can get a quote from Proper and get a free coverage comparison.
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