Full-service vacation rental management companies will take care of everything, from marketing your properties and listing them across all major booking platforms to managing guests. Look for an online presence that showcases a strong brand identity and a solid track record of success.
Look for managers who are always available before, during and after guests stay. They’ll also know when to adjust rental rates to maximize revenue potential.
Marketing
A solid marketing strategy can give your vacation rental business a competitive edge. This includes staying up to date with industry trends. Using data from tools like Transparent or AirDNA can help you stay informed about pricing and booking trends in your area.
Social media can also be a useful tool for marketing your properties. Instagram is ideal for showcasing the aesthetic of a property to a travel-savvy audience, while TikTok can help you reach Gen Zers with entertaining video content that highlights the unique amenities your property offers.
Targeted email marketing can also be an effective way to engage past guests and encourage repeat bookings. This can be especially helpful for vacation rentals that offer pet-friendly homes or additional automation technologies such as facial recognition check-in.
Scheduling
Vacation rental management companies specialize in capturing bookings, delivering five-star guest experiences, and managing property maintenance. They typically charge a monthly fee that includes their services.
They understand the STR market, its trends, and how to best advertise your properties. They also know when to adjust prices, which channels to market on, and how to optimize your listing content.
They offer a variety of vacation rental management software tools that streamline tasks and improve profitability. These include unified inboxes, smart lock support, contactless check-in, and multi-calendars to manage reservations across different channels. They also have dynamic pricing tools that analyze data to help you set competitive rates.
Bookings
Vacation home rental management companies can help with booking strategies that maximize revenue for your short-term property. They can also assist with ensuring that all of your short-term rentals meet local regulations and requirements.
The best vacation home rental management companies are transparent with their costs and terms of service. If you find a company that hides fees or makes them difficult to access, trust your gut instinct and choose another provider.
The best vacation rental managers are constantly available to guests, before, during and after their stay. This may include offering a welcome gift, having staff on-call 24/7 and providing extra automation technologies such as facial recognition check-in.
Check-in
The key to 5-star reviews begins before guests arrive at your property, and it all starts with clear check-in instructions. This step can be done in many ways, ranging from an in-person key hand-off to using coded lockboxes.
Regardless of your specific method, make sure that guests are never left waiting for a greeting staff member or an unresponsive host. This will create a poor impression of your rental property management company and can lead to negative reviews for your business. It’s also important to stay in contact with your guests throughout their stays. This presents your company as a caring host and will increase customer satisfaction.
Maintenance & Cleaning
Vacation home rentals are a different beast than the average house. They require a cleaning routine that is more detailed, with high-touch areas like light switches and furniture requiring special attention.
Guests are quick to point out small flaws like a loose doorknob or a flickering light bulb. Maintaining your rental consistently can drive positive reviews and repeat bookings.
A good strategy is to develop a cleaning checklist and prioritize tasks that are time-consuming. Blocking out your schedule for maintenance tasks helps you stay on top of everything between guest stays. For example, start with laundry and then move onto other high-touch items.
Taxes
If you own a vacation home that is your primary residence and rent it out for the remainder of the year to generate income, you can claim a variety of tax deductions. However, there are certain rules and regulations that should be followed to avoid any misunderstandings during tax season.
For example, it is important to distinguish between repairs and improvements, as some repair costs can be deducted while other improvements may not. It is also crucial to keep detailed records and receipts.
Another key factor is to understand the difference between lodging taxes and income taxes. Some states and cities require owners to collect a short-term lodging tax from their guests while others impose income taxes on rental properties.