Nowadays more and more vacation rental properties are being listed around the country. It is easy to see the draw of owning a vacation rental; you’ll have a property you can use at various points throughout the year and make extra income when you are not there. However, the benefits and joys of owning a rental property can turn sour if you do not take the right approach to ownership. There are frequent mistakes that many rental owners make, so here are the ones you need to avoid in order to find success.
Ignoring Local and State Regulations
Many investors will buy a home to immediately turn it into a rental property. This can be an easy way to make extra income, but only if you know about the local regulations in your state. Many neighborhoods and cities have specific zoning laws that ban or place restrictions on short-term rentals. If any regulations are ignored, the state can give you a sizable fine or even close down your rental property. Vacation rental owners need to operate their rental legally to be successful.
Inadequate Listing Information
Presentation is always the most important part to your vacation rental, so having a great listing for the property will help it gather more eyes than ever. One of the most common trends we see in poorly managed vacation rentals is having a booking profile that does not sell the home. Potential clients will always see pictures first before diving into the home details so having high quality photos is most important. By having old or grainy photos, you will not be providing your potential client with a clear shot of the home. A first impression is always a lasting one, so make sure you use only high-quality photos. In addition to pictures, you will want to provide a great highlight of your home’s features. Let your guests get to know the property by listing out the different accommodations and features. Give them a reason to want to stay at your home. Potential clients will fall in love with your property if they know what they are booking in advance.
Ignoring Client Reviews
There is no more important that those who have already stayed at your property. Client reviews are a great way to see what you are doing right with managing your vacation rental. Frequent rave reviews mean you are doing something right that should be celebrated. However the opposite is something that many mismanaged vacation rentals tend to see. Whenever you see several client reviews on a listing that bring up the same issues something is wrong. Rental owners should be taking the reviews seriously knowing what they can improve on for future bookings. Do not ignore poor client reviews and instead use them to help make your property better than ever.
Underestimating The Cost of Property Ownership
Purchasing a vacation rental is more expensive than ever in today’s society, and this initial cost is what most homeowners will think about. When it comes to managing your rental property, you will also want to make sure you are not underestimating the cost of your day-to-day operations. The total cost of managing a vacation property will also include typical expenses such as utilities, taxes, and property service sees. Successful home owners will also know that maintenance on the home will also go a long way to lure in future clients. Owning a rental property really is owning a second home so make sure you are equipped with the cost of doing so.
Poor Market Research
Part of the common themes for property owners who are not successful is them jumping into owning a rental home and not being ready for it. Part of this also includes homeowners not researching the area of their home. Successful homeowners will want to purchase a home that is found in a busy travel area or found local attractions. Purchasing homes that are far from fun and not found in good neighborhood can only hurt your chances at frequent bookings.
Not Having a Support Property Management Service
At the end of the day, the most important omission any failed property owner will make is not utilizing a property management service. Luckily, we know what we are doing right here in Alabama. You will find that our property management team is more than willing and able to support your vacation rental. Our services include managing your online booking portal, taking care of interior cleaning and exterior maintenance, and offering support to your clients during every step of their visit. Do not go into vacation rental ownership alone and instead let our team support you with our tremendous service right here in the area.
