So you just bought a new vacation rental, now what?
Running a vacation rental is a lot of work. Many people now make it their sole job to keep vacation rentals up and running. There are so many parts to keep track of; from booking, to bookkeeping, to cleaning and making sure everything is as described in your listing- there’s no wonder this can become a full time job for some. But don’t worry! It’s not as hard as it seems.
Since you are now running a small business with your new vacation rental, any new business idea requires a business plan. By setting objectives from the outset, you have a realistic plan to adhere to, and to measure your success against. As part of this process, you’ll need to first define what you want to get out of your ideal vacation rental. Do you want it booked on the weekends so you can enjoy it during the weekdays? Or do you want a professional to rent it during the weekdays and you can use it on the weekend? Maybe you don’t want to use it at all and just want it to cash flow for you. Maybe this is just enough cash flow to cover the mortgage, or maybe you want to fully live off of this income. Whatever your goals are, you’ll need to set a nightly rate first. How? Take a look at your competition. Is your rental nicer than theirs? If not, how can you improve it so that you can get top dollar for your rental as well? One of the easiest ways to immediately add value to your property is to use a professional designer’s expertise to turn your property into a money making machine. That’s where I come in! You can contact me by clicking on the contact page on my website.
AllTheRooms will give you an idea of rental rates for all vacation rentals in your area.