As a vacation rental property manager, your goal is to make sure your vacation rental property is well-maintained and booked for revenue.
But there are mistakes that even seasoned professionals might be making that are causing revenue loss. Lucky for you, we’ve taken the guesswork out of eliminating vacation rental property management mistakes with this guide.
We’ll show you how to manage your property like a seasoned professional in no time. Read on to grow your revenue and increase customer loyalty.
Not Screening Tenants Thoroughly
Not screening tenants thoroughly can lead to a number of problems. This includes damage to your property, noise complaints from neighbors, and even legal troubles.
To avoid these problems, it’s important to screen tenants as thoroughly as possible. This means running a background check, checking references, and even doing a home inspection if possible. This can help ensure that your property is well-protected, avoiding any unwanted surprises.
Not Keeping Up With Maintenance and Repairs
Not keeping up with maintenance and repairs can cause problems like poor guest experience, lower rentals prices, and even legal issues. By staying on top of maintenance and repairs, you can avoid these problems and keep your rental property in top condition.
Not Being Properly Insured
Not being properly insured can be a disaster if something goes wrong and you are not covered. Make sure you are insured for the replacement value of your property and not just the market value. Also, don’t forget to insure any income you are counting on from your rental property, as well as any expenses you may incur if you have to cancel a rental.
Not Monitoring Guests
Not monitoring your guests can lead to a number of problems, including property damage, theft, and overall poor guest experience.
If you live far away from your rental property, it can be difficult to keep track of what’s going on day-to-day. Who’s staying in the rental unit? Are they taking care of the space?
These are all important questions that you need to be able to answer. And the only way to do that is to have a system in place to monitor your guests.
You can install a security camera system that gives you live streaming access to the property, or you can set up a check-in/check-out system with a keyless entry system.
Not Knowing When to Hire Professional Help
While you may be able to handle the day-to-day tasks of managing your property, trying to do everything yourself can quickly become overwhelming and can lead to mistakes being made.
Hire a vacation rental cleaning service, for example, they can help your property is clean and ready to receive guests anytime even if you’re away. It is important to know when to ask for help in order to ensure that your vacation rental property is being properly managed.
Avoid These Vacation Rental Property Management Mistakes
If you’re thinking of renting out your home as a vacation rental, there are some vacation rental property management mistakes you’ll want to avoid. From not having the right insurance to not screening your guests, these mistakes can end up costing you time, money, and your home.
Use this list to make sure you avoid these common pitfalls and have a successful vacation rental property.
For more helpful articles on running profitable businesses, keep browsing our site.
