As either a property manager or individual property owner there are several things you should be doing on a regular basis to ensure you’re doing everything you can to increase your bookings and revenue. Being vigilant and diligent is key to capturing more bookings.
List All Your Rentals
A frequent mistake that many managers make is to list a small number of rentals online. Each vacation rental is unique so having a subset of your rentals online really limits the number of inquiries and bookings. Don’t expect that because you have your top performing rentals online that people who are interested in those will want something else. You will lose bookings. You should also list your rentals on several sites. The bottom line is that you want to cast a wide net so you catch the most number of renters!
Rapid Response
The #1 activity you need to stay on top of is rapidly responding to renter inquiries. Whether its by phone or email, if you are not responding to potential renters you’ll never get bookings. You also need to respond in a timely manner. Many renters are looking at more than one property and you could lose a booking because someone else was faster at responding to a renter than you. In this day and age, it is highly recommended you carry a Blackberry, iPhone or Palm so you can email renters back even when you’re out and about.
Make sure to keep your contact information (phone and email) updated. If you change your phone number, go to your listings and change it otherwise you’re missing out on bookings you never knew you had coming.
Calendars
Most renters look at your rental’s availability before they will contact you so make sure it is updated on a regular basis. There are web based calendars and tools you can use so you don’t need to update dozens of calendars. And of course, Surf to Ski Retreats allows you to embed a web based calendar into your listing! Keep your calendar up to date. If you’re getting inquires for a rental that is not available, you’re wasting your time and the potential renters.
Pictures
There’s nothing more important than showing renters what the vacation rental looks like and it’s critical to include pictures of both the inside and outside of the vacation rental, even if it’s a condo, house or townhouse. As the decor changes, take new pictures. Renters will be disappointed if they arrive and find the vacation rental does not match what they saw online.
Publish Your Rates
Many owners don’t want to publish rates but that’s a big mistake. Renters have a budget when they are looking for their next vacation rental and they are not about to send off dozens of inquiries to see if that “perfect” rental is affordable to them. Keep your rates updated when they change. Renters don’t like surprises and when they see one rate and are given a higher rate, you’ll lose them right there.
Policies
With the current economic situation we are seeing more and more renters asking about cancellation and deposit policies. When two or more couple get together to go on vacation together and one pulls out it generally means they need to cancel the entire vacation. Publish these policies so renters feel more comfortable renting from you as they know what they are getting into and how they can get out. We always recommend to renters that they purchase travel insurance, but they don’t always do.
Conclusion
All these items might seem simple, but so many owners and manager fail to execute them and miss out on thousands of dollars in revenue. Just remember to post all the information about your rental, frequently update it and immediately respond your renter inquiries. These 3 items will help you increase your rental booking and revenue!
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Michael
Surf to Ski Retreats - Vacation Rentals For Every Season
Sunset from the sea wall at Casa de Emdeko.