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Beginner Tips for Vacation Rental Management

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Beginner Tips for Vacation Rental Management

Congratulations! You’ve just started on the journey of owning and managing a vacation rental property. As a foreign investor, one of the first items on your to-do list for your rental is to make several decisions regarding how it will be managed, since you won’t be on the premises frequently (if at all). Take a look at these beginner tips for managing your vacation rental property.

Decide on your basic guest policies.
Will you allow pets? Smoking (which may be affected by local/state/federal laws and ordinances)? Early and/or late check-in? Remember that your guests will be looking at your rental more like a hotel stay than an apartment or house, so your decisions should be focused on providing hospitality and great service.

Choose a vacation rental management company.
Yes, you could try and manage the property yourself, but most international investors work with a property management service. Particularly if you’re using your rental as a source of passive income, you don’t want to be getting phone calls at all hours of the day and night asking you to take care of a maintenance issue...from thousands of miles away.

How to choose the right management company is a topic in itself, but suffice it to say that you should look for one that deals primarily with vacation properties, not residential rentals, and that has experience working with foreign owners.

Furnish and supply your rental.
If you’ve purchased a turn-key property, you may only need to stock up on toilet paper, dish soap, and other consumables. On the other hand, if your rental did not come furnished, you’ve got some shopping to do!

Your choices for furniture, bedding, and other essentials can easily range from cheap to luxury. What are other rentals in your area offering to guests? If you have the opportunity to visit a nearby rental, it may provide you with a clearer picture of the rentals market in your area. Again, remember that hospitality is the key, and guests reviews can make or break your profitability, so it is often worth the investment to equip your rental with higher-quality bedding and towels, a full set of dishes (if your rental has a kitchen), and so on.

Your vacation rental management company may have suggestions for furnishing your rental, so don’t be afraid to ask.

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Beginner Tips for Vacation Rental Management