Vacation Rental by Owner
Vacation in Canada is an enjoyable and fulfilling experience. The country has a lot of tourist attractions that soothe our eyes. These include Kitchener, Niagara Falls, London, Hamilton, Huntsville, Ottawa and a lot more. Indeed, there are several reasons to visit this country. The fact that Canadian tourism is globally recognized calls for a large number of vacation properties where tourists or vacationers temporarily stay at. Therefore, owners must consider renting out their vacation properties. This type of business is so profitable and satisfying. As a matter of fact, “vacation rental by owner” has been engaged in by hundreds of thousands of owners across the globe.
To succeed in this business, it is important to have a solid plan. Owners must know which operational activities and marketing strategies are the most effective. Their “vacation rental by owner” business is considered as a successful one if they are able to generate huge profits, get several positive feedbacks or testimonials and have high levels of occupancy. In this article, we will confine our attention to a list of tips to consider in putting up and running a vacation rental business successfully amidst this competitive industry in Canada.
The first tip for owners is to treat it like a business. Usually, owners become successful if they do so. They see to it that everything involved in the business is streamlined through creation of annual operational and marketing plan and earning sufficient budget. It is important for owners to have any means to measure what effectively works and what does not. Two other strategies are budget analysis and forecasting of cash flow. These enable them to get occupancy targets and income. The second tip is professionalism. If they are professional enough to take full responsibility as owners, they can be able to meet the expectations of rental guests and let the latter get value for the amount they have invested in vacation rentals.
Promoting and marketing effectively the business can be of big help to owners. It can be a challenge for them to find the right one among the hundreds of listing agencies and sites. Their starting budget must be 3% to 5% of their target income or revenue. To acquire more information, it is well for them to do extensive research. They also need to check blogs and forums for reports to find out what works effectively for other owners then followed by the checking of their Return of Investment (ROI). From every marketing channel, there are conversions and enquiries received that they need to count. This technique helps owners know what works and what does not. They must be knowledgeable and careful in choosing listing sites to use as a marketing base.
Building a booking system is also a necessity for a “vacation rental by owner” business. This is part of streamlining their operational activities. In this way, they can diminish the possibility of double booking and show their rental guests how professional they are as owners. The rental agreement must be accompanied by a set of Terms and Conditions to be agreed upon, post- rental follow up and statements of account. This can be started through creation and designing of a flow chart showing documents to be sent to their guests. Subsequently, you need to prepare a worksheet used for the tracking of progress of every booking they take.
Another way to attract customers or guests is to create a great package. A good package of services, features and facilities of their vacation properties can be very desirable for customers. Owners should show them photos of the properties that are astounding and appealing. There are more tips owners can consider apart from the ones aforementioned. If properly run, “vacation rental by owner” businesses can be very profitable and stand the test of time. Owners must keep in mind that vacation rental properties in Canada are in high demand by a large number of tourists who truly love the country.