As a vacation rental property owner or manager, you have a lot of responsibilities on your plate.
You probably know that a little strategic planning now can reap big rewards for the next rental season. However, handling day-to-day matters can make it tough to plan ahead; that’s doubly true when you’re in your peak rental season.
Whether busy season for your vacation rental property is about to kick into high gear or is just winding down, it’s never too late (or too soon) to start preparing now for next year’s peak season. Don’t let the idea of making vacation rental updates overwhelm you. Even small actions now can help ensure everything goes smoothly for you – and for your renters – in the coming year. Giving your property some TLC can also help improve its marketability, which in turn can lead to higher rental rates while keeping your bookings calendar full.
- Refresh the Property. If you were lucky enough to have back-to-back bookings for your last peak season, take some time now in between renters to ensure everything is in working order and is still living up to the standards you set in your marketing. Go through the property room by room, and evaluate the condition of your appliances, fixtures, furniture, and the household goods you make available. If the last season left plates or glassware with chips or other damage, replace missing items or start fresh with a new set. Similarly, use this time to replace worn or outdated appliances, furnishings and décor.
- Refresh Your Marketing. After you refresh your vacation rental property, consider also updating and refreshing your marketing efforts. Look at your booking listings, photos, websites, and other materials. Do they accurately describe your vacation home? Even if you haven’t changed things like furniture, paint, or décor, consider taking new pictures anyway. Doing so can make vacationers who may have scrolled past your listing last year take a fresh look at it.
- Review Risk Management. Anytime you enhance your vacation rental property, you should also ensure you are still protected from potential risks that can arise from renting it out. First, make sure you’ve addressed and corrected any potential safety hazards identified during the room-by-room walk through, described above. Next, evaluate your vacation rental insurance. Do you have commercial insurance designed to cover damage during and between tenants’ stays, liability protection for you if you are the target of a lawsuit, and coverage for rental business income and extra expenses? If not, talk to a vacation rental insurance specialist who can help tailor coverage to meet your needs.
To learn more about how to make the most of your vacation rental property and how to safeguard your investment with vacation rental insurance, download our free eBook, 8 Essential Things You Need to Know to Protect Your Vacation Rental Property, today.