It’s time to take a look at how well you are marketing your vacation rental property to the audience most willing to spend more money on a vacation than any other: Millennials. The growth of Airbnb and the like are certainly part of a larger trend the country is currently experiencing with the sharing economy, which is estimated to grow from $14 billion in 2014 to $335 billion by 2025. And as tnooz recently pointed out: “the Millennial now represents the majority of the traveling community . . . the percentage of the market that Millennials comprise is only getting bigger and bigger, so it’s important to go where the numbers are.” Here are 5 ways to get Millennials to book your vacation rental property. Read more
No matter what you do or how you try to accommodate a guest, some guests just won’t be satisfied. And when those unsatisfied guests leave bad reviews for the world to see, it can seem like a devastating hit. But a few bad reviews don’t mean you should give up. They can actually give you a chance to showcase your customer service and communication skills. Here are some tips on how to handle guest complaints and bad reviews for your vacation rental! Read more
The vacation rental industry is continually changing, evolving and growing. To help you keep track, here are some of the top vacation rental industry trends of 2018! We’ll take a look at what’s changing and what to add to your property management toolbox to stay ahead of the competition. Read more
Investing in properties can be exciting and overwhelming at the same time. If you’re new to the process, it can definitely be intimidating. But when you break the process into smaller chunks, you can quickly understand that investing is definitely something you can pull off with success. To help you get started, here’s our guide to investing in vacation rental properties for beginners. Read more
You’ve got the property, fixed it up, listed it on several reservations channels, and now you’re waiting for inquiries to come rolling in. But do you still have a feeling that you’re forgetting something? No problem. While you wait for your bookings, take a few minutes to review this vacation property management task list and make sure you’re not missing anything! If you can check off all the boxes, you’ll be one step closer to providing the ultimate vacation experience for your guests—and setting yourself up for plenty of bookings. Read more
While working in the vacation rental industry is very people-focused, it also comes with a lot of facts and figures. When you break down the numbers associated with rental income, marketing, scheduling, and maintenance, there are some things that may surprise you. Here are ten interesting vacation rental statistics that we bet you didn’t know. Read more
Bonus Material: Printable Inventory Checklist
Today, many travelers are choosing to rent a home for vacation over traditional hotels. All of the unique amenities and features that a vacation rental can provide are a big influencer in that decision—ahem, hello gourmet kitchen. Families want to feel comfortable and at home, no matter where they’re traveling. From a property manager’s perspective, however, it’s sometimes difficult to know if you’re missing some desired features or supplies until a guest brings it to your attention (#facepalm). Don’t disappoint your guests. Be proactive, and provide a rental that has everything their little hearts could desire. We’ve put together the only vacation rental inventory checklist you’ll ever need to remind you of all the essentials!
Get all this info in a printable checklist
When you buy an investment property with the intention of using it as a vacation rental, there’s a lot to consider. Should you manage it solo or hire a property management company? What should you charge? What’s tax deductible? etc… But before you drill down into the details, one of the most important questions you should ask is how to start a vacation rental business that actually makes money. Managing a single vacation rental or portfolio can be a great source of passive income—if done correctly. So make sure you get it right. Here are some key tips for starting a profitable vacation rental business. Read more
In a world where big hotel chains are continually trying to one-up each other to make more money and fill more rooms, it can feel almost impossible for smaller hotels to compete. But while the bigger chains may offer more space and amenities than the smaller hotels, boutique hotels can offer greater intimacy and charm. You have an advantage, but you may not know how to make your voice heard. If you’re ready to show your value and get ahead of the competition, check out these powerful boutique hotel marketing ideas. It’s time to take on the big dogs. Read more
Each year, anyone who makes money in the U.S. does so in one (or more) of three IRS categories: active, passive and portfolio. But how do you know when your vacation rental income is passive versus active? If you’re a property manager maintaining a client property, though, you’re looking at either passive or active income and knowing your vacation rental income tax code can make a difference.
As it stands now, all rental real estate activities are categorized as passive activities, so many property managers assume that funds from vacation rental properties will also fall into the passive income categorization.
It’s not that simple, though.