Vacation rentals are increasing in popularity in the United States. Experts expect annual vacation rental bookings to exceed 56 million by the end of this year.
Owning investment property and renting it out as vacation housing is a great way to earn extra income. However, if this is your first time hosting a vacation rental, you should research short-term property management.
While it may seem straightforward, mistakes are familiar to those starting out in this industry. This way, you can avoid pitfalls and become a successful vacation rental host.
This article explains three common property management mistakes you can make as a vacation rental owner. Keep reading to learn more.
1. Not Listing Your Property in the Right Places
You want to generate income from your vacation property, right? Then, you must ensure it is listed on the right websites and apps.
Choose the Right Platforms
In today's digital climate, websites and apps allow you to list your vacation rental. Do some research to find the platforms most popular in your area and focus your efforts on those.
Make an Accurate Listing
Include all the essential information about your short-term rental. This could include the:
- Number of bedrooms and bathrooms
- Amenities
- Rates
- Nearby sightseeing opportunities
- Special offers
You want to give potential guests as much information as possible to help them make an informed decision.
Take Professional Photos
High-quality images are vital for attracting potential vacationers. Hire a professional photographer to take photos of your property and its surroundings. This will ensure you get the best quality images.
2. Charging the Wrong Rental Pricing
Another common mistake hosts make is setting the wrong pricing for your vacation rental property.
Consider rental pricing carefully. You don't want to charge too little and make no money from your rooms, but you also don't want to overcharge. That will lead to fewer bookings.
Instead, research other rental properties similar to yours and see what amenities they're offering and the rental prices they're asking. This will help you determine a fair price for your area, increasing your booking chances.
3. Handling Everything Yourself
Finally, managing a popular vacation rental property can quickly become a full-time job. Another mistake commonly made by vacation hosts is trying to manage everything on their own.
Save yourself a lot of hassle and hire a short-term property management company to assist you. They can take over all kinds of duties, including:
- Communicating with potential guests
- Organizing a cleaning crew between guest stays
- Restocking essentials before new guests check-in
Find the Best Short-Term Property Management Services In Your Area
As you can see, there are a few critical mistakes that vacation rental owners can make if they're new to the industry. These mistakes include not setting competitive prices, not being responsive to guest inquiries, not cleaning the property adequately, and not using short-term property management services.
If your San Fransisco vacation rental property is taking up precious time, contact us today. At PMI SF Peninsula, we're dedicated to providing our clients with excellent customer service in the property management sector.
