5 Tips to Run Your Vacation Rental like a Successful Small Business.

Jul 17 , 2017 by HomeEscape

The ultimate goal in listing your vacation home rental is to increase its potential for profitability. Ideally, place your offer on a site like HomeEscape, get in front of thousands of interested travelers, and start making money, right? Not exactly. In order for your listing to work properly, you’ll have to run your rental as a smart business investment. Your home and the customer service that accompanies it must provide the things your renters are looking for in order to optimize profitability. If you’re still new to the whole renting thing, don’t worry, we’ve got you covered with these essential 5 tips for running your vacation rental business and taking advantage of your vacation home rental listing.

1. Evaluate and Understand Potential Risks

Outlining and covering your risks as a vacation home owner is the most important step when beginning your business. Small business owners take time to understand possible cause for profit loss, and find solutions for any possibility. List your concerns first then pair each with a measure of prevention. Whether these prevention measures include modifying contracts, increased security, or vacation-rental insurance, take the time to research options for reducing potential risks.

2. Invest in Security

Being proactive about security is one of the most important steps you can take. Although this is relevant in every industry, it is especially important for consumers within the hospitality industry. Many homeowners fail to see the importance of a home security system. Investing in a business security system will help you provide the reassurance your guests need to enjoy a comfortable and safe stay. It will also help you protect from break-ins and unscrupulous guests.

3. Anticipate Consumer’s Needs

Successful business owners are constantly thinking of ways that they can improve their business to better accommodate their customer’s needs. Empathize with your customer – what will they need to have a nice stay? Think about what you would like when you travel out of town, and prep accordingly. To make a great impression, consider leaving a ‘welcome amenity’ such as a picnic basket with a nice bottle of wine, and insider local information highlighting the best in the area.

4. Invest in A Reputable Cleaning Service

Cleanliness is godliness… or something like that. A clean home is essential for happy guests and great reviews. A cleaning service can deliver a clean home for your travelers without requiring you to roll up your sleeves and get to work. Housekeeping.com is an example of an affordable housekeeping service that won’t eat up your profits, and there are many other companies available online (some even have apps for convenience!)

5. Listen to Your Reviews

The best way to meet (and exceed) your guest’s expectations is by listening to their feedback. Smart business owners understand the importance of reviews, and will strive to understand and act upon advice from guests. If you need more information, you can always follow up with guests and ask how you can improve your service or amenities for the next time they visit. Guests will always appreciate that you care enough to listen to them, and it is great for repeat business.

If you are ready to start improving your vacation rental business, start by listing your home on HomeEscape. HomeEscape does not charge booking fees or processing fees for guests, and does not restrict communication so guests can always contact you directly.