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...
When you are running vacation rental business, your aim is to get maximum bookings for maximum profit. Whether you focus on a high nightly rate or on high occupancy, you want a good return on your investment. If you start to experience cancellation problems or lower booking frequency, it can be a blow to your business. Cancellations are even tougher because not only do you lose out on the income you would have made but, depending on the timing, it may be more difficult to refill that spot. You may now find that bookings have slowed down considerably during that time frame. Ouch. Here are some tips to anticipate and prevent these types of booking cancellations.
Is it too easy for guests to book a reservation and then cancel their reservation with just a few clicks later on? If yes, then you need to make changes to your Cancellation Policy. We have ours set to “Strict” for a good...
Well, here is it. The truth about insurance that no one is telling you.
If you have a home that you are doing short-term rentals out of and you only have a regular Home Owner’s Policy, you probably are wasting your money because you are NOT covered.
If you have a Landlord’s Policy, you have the same problem. You are probably not covered.
If you are depending on Airbnb’s $1,000,000 policy, you are leaving huge gaps in your insurance needs.
So, now that I’ve scared the bejesus out of you and I have your attention, let me just add that’s it’s an easy fix.
First, you want to ask your agents some questions and you want to SEE, with your own eyes, meaning have your agent point out to you, specifically where in your policy that these things would be covered by a short-term renter.
Here are the stories and the takeaways...
Story One: Having your STR guests steal your furniture and electronics from you. Yikes! Imagine walking in and finding your place empty. How long before your unit is up and running again?
Takeaway: Only accept Guests with Government IDs and Good Reviews. Even then, there's always a chance this can happen, so make sure you have umbrella coverage to fill the gaps from Airbnb and Business Income Insurance to cover your lost revenue.
Story Two: You move into a place with really scary neighbors.
Takeaway: Real Estate Investors often talk to the neighbors before buying a property - at least two. You want to know what they know about the property AND the neighborhood. They'll tell you things that the Seller and the Agent won't.
Story Three: Troubled Young Man gets stoned and poops on your bed... gross!
Takeaway: Run a background check and take extra security measures for anyone staying in your home. It's not...
Here are the books that Michelle referenced in today's podcast. Note, these are Affiliate Links. Plus, you can try Audible for 30-Days Free and get your first audiobook free. After that, you can pay by credit or purchase a membership. With a membership, you get 1 audiobook and 2 Audible Originals each month for only $14.95 per month. Prime members get 2 FREE Kindle books this month (January 2019).
[00:00] Over the last two centuries, nearly 90 percent of the world's millionaires have created their wealth through real estate. Here to tell you how you can ride this wave with less risk and less capital while creating greater income is your host, best selling author and speaker, Michelle Russell.
[00:21] Hi, this is Michelle, the master of money mindset and you are listening to the short term rental revenue podcast and in today's podcast we're going to be talking about insurance and this...
You may have a Strict Cancellation Policy on your Airbnb listing but that’s not going to stop people from canceling and requesting a full refund. Nor is it going to stop some less-than-scrupulous characters from holding a negative review over your head in order to get their money back.
Unfortunately, this is becoming a thing. More and more, I find that I come across a feed in one of the Airbnb Hosts’ Groups that talk about these types of guest using extortion tactics (yes, it’s a real crime) to get money back although the guest read the policy and agreed to the terms that were stated clearly.
Well, aside from ignoring them, risk getting a bad review, and crossing your fingers during a long and drawn out back-and-forth with Airbnb to get the review removed – I find that you can avoid the entire situation altogether.
I bet you’re wondering how? Well, you are going to love me so...
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We've got something AMAZING in store for this year's class! You won't believe all of the trainings and videos that we've added... plus
We've added interviews with some amazing experts in all areas of our business. People to help you build and grow what could potentially be the very business that carries you to financial freedom!