Time is money! especially when you are talking about downtime at a vacation rental. Even if you purchased a turnkey rental that is ready for guests, bringing a property onto the rental market takes work. Before your first renter comes through the door, you will need to make important operational decisions for the management of your vacation rental business. And on top of getting the place ready, there s a laundry list of other tasks that need to be completed before you can start renting.
Pick the Right Time to Make Changes
The best time to make major changes is before you ve started renting or in the vacancy of the slow season. Use this time to do renovations, deep cleaning, major improvements, and amenity and design changes. Getting the dust inducing construction out of the way before starting a rental schedule will make life easier in the long run, and you will be able to fetch top dollar for new features and amenities.
If you can t do it all before peak season, prioritize based on what will keep your guests happy (safety, cleanliness), and you protected (insurance, permits, taxes).
Getting the Rental on the Market Checklist
Cosmetics & Construction
Perform construction and updates to make the house a better rental.
Upgrade appliances, if needed.
Add new amenities.
Deep clean the entire home including windows and carpeting.
Paint the ceilings and walls with fresh paint in neutral colors.
Furnish the rental appropriately.
Decorate the home using a theme and color scheme as a guide.
Landscape and create curb appeal
Perform a security and safety evaluation.
Rental Turnover & Day to Day Maintenance
Interview and hire cleaning staff.
Interview and hire maintenance people.
Establish a backup plan for cleaning and maintenance emergencies.
Financial Planning
Plan a budget for expenses.
Research applicable taxes in your area
Find, learn and use a basic accounting program.
Marketing & Advertising
Stage and take professional quality pictures of the rental, inside and out.
Consider building your own vacation rental website.
Create marketing text.
List on vacation rental sites.
Research other online marketing methods.
Advertise the property offline to reach your targeted market.
Management & Legalities
Develop the policies and procedures you will follow with your property.
Set your rates.
Draw up legal documents such as rental contract and deposit form.
Seek legal advice on contract and other legally binding documents.
Research and retain appropriate vacation rental insurance.
Get proper licenses and permits.
Decide how to maintain rental records and handle bookkeeping for tax purposes.
Determine a rental scheduling process and set up a master availability calendar.
Establish how family and friend time will be handled at your rental.
Guest Services
Stock the home with necessities; like toiletries, paper goods, and cleaning supplies.
Create welcome packet.
Make a Guest Information Binder of local attractions, menus, maps and information.
Create an emergency contact sheet.
Conclusion
The tasks necessary to get a new vacation property up and running may sometimes feel never ending. The foresight to anticipate problems, and plan for them in advance, is the difference between a smooth start in rental vacation property and a rocky one. Planning ahead and being prepared will make being a new vacation rental owner more enjoyable.
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