1) Never expect a profit! Be happy with covering some of your costs while the underlying asset value of the property appreciates or until such a time ( as in our case) you can retire and spend more time in your second home
2) Continually invest in your property. This is one of the reasons that profit is unlikely. The property needs to be kept in tip top condition. The vacation villa rental market is competitive and if you want to have a high occupancy, at good rates, then a well maintained property is key.
3) The value of repeat bookings. If a property is well maintained and guests have a great time it goes without saying that they will want to return. The marketing costs associated with repeat bookings are lower and your occupancy rates will be higher. We also try and add some "improvement" each year so that there is always something new and better when guests return.
4) Put yourselves in the shoes of your guests. Each time that we spend time at our house we actively think about what would make the house even better. Maybe it is another shade area or maybe a table next to a chaise lounge on which to place a drink. Not everything has to be widely expensive it's just more a mindset about how one can achieve the maximum relaxation. After all it is a vacation home!
5) Equip the house well and tastefully but not with your highly valued treasures! Things will get broken and therefore you don't want to be devastated when an expensive personal possession is damaged. Today there is so much great design at reasonable prices that a house can look great without having to spend a fortune. Conversely, do not take the attitude that everything will get broken and therefore I am going to equip it in the cheapest, tackiest way.
6) If possible, and especially in the islands have a property manager or caretaker resident on the premises, preferably in a self contained unit, which insures the privacy of your guests. If this is not possible due to the configuration of your vacation rental then insure that you have a great property management company which checks very regularly on the property.
7) Do not grant "exclusive" marketing deals to any one company. The more entities marketing your property the better. Also leverage the internet. It is quite incredible, if done properly, how effective it is to market your property through the internet. It is also very cost effective.
8) Do have your own website with great photos whether you use the internet for marketing or not. This saves significantly on the cost of marketing materials and your information can be updated on a regular basis without rendering all your beautiful glossy ( and expensive) marketing materials obsolete.
9) Use the "low" or "off season" to perform in depth cleaning e.g. fans, ceilings, screens etc. so that your property is pristine for the beginning of the high season when hopefully you have back to back bookings!
10) Make your vacation rental property "unique" in some way. Maybe it's the location or the views. Maybe it's the decoration or the equipment. Study your competition to see how you might make your property even more appealing.
11) Go "above and beyond" for your guests. Exceed their expectations. Maybe it's the "welcome basket" you provide upon their arrival or maybe it's the provisioning service. Anything that speeds up their ability to relax and make themselves at home will pay dividends.
I am sure there are many more items but these have been the ones that have brought us success. Happy renting!
OrderCorner is a national online corporate food management platform with a "virtual food court" for corporate clients who order food on a frequent basis. We can partner with you to reengineer or implement a standardized food management process which would do the following: 1) Enable you to know your total food spend Please find our contact details at http://www.ordercorner.com/ordercorner/contact.do or call Jackie Bunn at 609 924 9431 or email jbunn@ordercorner.com Article Source: http://EzineArticles.com/?expert=Jackie_Bunn |  |
