Back in the day, renting a hotel for a weekend was just a no-brainer. These days, a hotel is something approaching a luxury. Americans spend about $256 each night on average for the privilege.
Fortunately, people now have a better alternative: vacation rentals. They're cheaper, more accessible, more plentiful, and have a friendly local running them. They're easy to find, but not quite so easy to manage from the backend.
If you are new to the vacation rental property management game, what are some property management tips to keep in mind? Today, we discuss the biggest dos and don'ts in Madeira Beach.
Do: Set Rules
You don't have to look far to find the horror stories that come with vacation rental ownership. Stories abound of guests trashing the place so badly that owners have to pursue legal action. A great way to subvert this is with good rules.
Focus on the core rules above all else: quiet hours, which part of the premises are off-limits, and when quiet hours are. Create a rulebook that is easily accessible on the property.
Address the guests' questions so they never run into any confusion about what they can and cannot do. Use a guide to setting rules in your Madeira Beach, FL rental if you're not sure which ones to include.
Don't: Ignore Messages
Guests are going to have a lot of questions, so expect to get a ton of messages at all hours of the day. It's understandable that you can't respond instantly, but make an effort to respond ASAP. Even if it's as simple as an inquiry about the best restaurants in the area.
Communication is key to guest satisfaction. If a guest feels you are negligent, they'll rate you lower. Lower ratings result in fewer bookings and thus lower earning potential.
Do: Outline Your Cancellation Policy
When it comes to managing bookings and reservations, you need a clear cancellation policy. Cancellations are inevitable; plans change, often when we don't want them to. Knowing what a cancellation entails avoids bad feelings, especially if the guest doesn't get a full refund for their booking.
Don't: Leave Your Prices Stagnant
Vacation rentals make up a dynamic, ever-changing market. There are high seasons and shoulder seasons, as well as holidays and religious holy weeks. Demand is likewise going to fluctuate in response to what people need at the moment.
Adjust your property pricing in relation to hotel and vacation rental competition. Make sure your online listing fits the niche market that you're in. For example, if you are a low-cost rental, try to approximate nearby motels and bed-and-breakfast-type properties.
Get Help With Vacation Rental Property Management
Vacation rental property management takes practice, so use this guide to hit the ground running. Focus on setting clear rules and keeping communication open. Don't leave guests in the dark about cancellation policies, and change your prices according to the changing times.
PMI Clearwater in Madeira Beach is locally owned and operated by a dream team of real estate experts. We have dozens of years of experience between us and offer a full suite of management services. Get a free consultation today to become a happy PMI customer.
