Getting started in the vacation rental management industry may seem overwhelming. That’s where this guide comes in to help.
Mistakes to Avoid
Managing one or more vacation rentals is a great way to cycle through guests more frequently than long-term rental alternatives. Your short-term and vacation properties can be rented out for days or weeks at a time, without having to worry about longer contracts and all the hassle that accompanies those types of tenants.
That being said, there are plenty of things to be aware of when getting started as a vacation rental manager and plenty of mistakes to avoid.
Don’t Think You Know it All
One of the biggest mistakes aspiring short-term and vacation rental property managers can make is jumping into the game before they’ve read the rules.
Collecting information before you get started is a great way to begin your career as a vacation rental manager. Prior to opening your business, you should be well-versed in the risks of the industry, financial investments you’ll need to make, the rules and regulations regarding short-term rentals in your area, what it will take to have your listings succeed in your market and much more.
There is no such thing as too much information when it comes to running your vacation rental management business, and at no point should you think you’ve learned all there is to know.
Don’t Do Everything Yourself
To truly succeed, you’re going to have to put a lot of work into your business. With so much on your plate, it’s critical to know what not to worry about. One of the best ways to clear your schedule so you can focus on what truly matters is hiring a team or outsourcing your operations.
Hiring a third-party cleaning service, for example, will ensure that your listings are cleaned to the industry standard and that you’re not taking chunks out of your own time to complete this task by yourself.
Not all help is found in other people. A property management software can help simplify and automate a lot of the processes involved in running your business, saving you valuable time that you can invest into growing your business and tending to the aspects of your company that require a human touch.
Don’t Make Assumptions
Take a few minutes to scroll through an online forum or Facebook group of property managers and you’ll understand just how dynamic this industry can be. Assuming anything about your business, the process of managing vacation rentals, potential guests and the like can be a huge mistake when running your vacation rental management business.
Never assume every inquiry will become a paid guest. Never assume that guests will show up or leave on time and will be fully available when you’re trying to contact them. Never assume that what’s working for your business right now will continue working down the line.
In short, you need to constantly be learning and adapting in order to provide the best experience for your guests and to position your business to succeed.