If you are a Do-It-Yourselfer, the content on this page will provide you with the basic steps required to do what it takes to be a successful Vacation Rental Owner!
On one of the Vacation Rental forums I visit; another VR Owner asked a good question. She and her brothers inherited a Vacation Rental home from their father. She asked advice on how she and her brothers should divide the proceeds when renting the Vacation Rental home. Since she would be doing all of the work, I wrote to her and encouraged her to write down the time it took for the task involved when renting their Vacation Rental home. I encouraged her to do that because I felt that doing so would really show her brothers what is involved in renting to just one guest.
The Vacation Rental business is not just a leisure pastime; it is, if done right, a business and it’s quite possible to be successful and subsequently profitable!!
If you’re serious about being a successful and profitable business you need to act like one!
Vacation Rental home owners all need to keep in mind that if we want families, couples and business travelers to consistently stay in Vacation Rental homes instead of hotels, we need to do a few things that will make their stay in a Vacation Rental home a positive one.
One of the biggest errors that Vacation Rental home owners make is thinking that they don’t need to accept credit cards.
In the present economy fewer people are willing to get into their savings for travel, like they may have in the past. With the rewards that card holders get when using their credit cards, you'll find more and more that your guests will want to use them. It's genuinely a win-win that is going to make booking a reservation a lot easier and a lot more convenient...for both you and your guest!
Accepting credit cards is a excellent business choice for so many reasons!
Have the right mind-set.
You are a host, not a landlord. Your objective is to make your guests feel comfortable and at home.
Doing so will almost always guarantee referrals and repeat business from the same guests year after year!
Use your personality to decorate and supply little "extras" that will draw guests to your Vacation Rental home. Make a list of the items that you know would make your stay a better one in a Vacation Rental home.
The cost of little extras is minor in contrast to the repeat guests and word of mouth advertising that you will get because you supply them.
Make it advantageous for your guests to pay for their stay in your Vacation Rental home.
Do you recall the commercial where a man is in line at a store and everyone stops moving and the room goes quiet because he tries to pay with cash instead of a credit card?
That commercial was great advertising on Visa's part because although it was exaggerated, it's a reality!
Using credit cards is fast, easy and convenient not just for the consumer but for business owner too!
INCENTIVES TO ACCEPT CREDIT CARDS:
REWARDS:
Another smart advertising move on Visa's part was offering rewards to the card holder!
Consumers are using their credit cards more than ever to earn the rewards and for some, it has really become an obsession!
Who doesn’t like rewards! For example; why do you put money in a savings account instead of a standard checking account? Because you earn interest!
It’s the same with reward credit cards... Why pay cash and get no reward when you can use your rewards credit card and earn the miles that will get you to your vacation destination!
SECURITY AND PEACE-OF-MIND:
In addition to the advantages your guest will get when using a credit card, as a Vacation Rental home owner you are more protected when you take a credit card for payment because in the event that a guest damages your Vacation Rental home, you will have a credit card to charge to pay for the damages.
Your rental contract will need to read as such with a statement that says that you reserve the right to charge the guests card if damage is done beyond the amount of the security deposit.
On your rental contract; ask your guest to provide credit card information (even if they pay by check) along with their billing address, the expiration date and ask for a signature recognizing that they understand.
A request like this to your rental contract will do three things:
eCheck is another fast, simple and convenient way to accept payment:
eCheck is a payment solution that allows Vacation Rental Owners to accept electronic check payments as fast and easy as processing a credit card.
eCheck is an ideal solution for Vacation Rental Owners because instead of waiting for a check to arrive you can simply enter the routing number and account number through the Virtual Terminal just as you would a credit card. No more waiting for checks and no more taking your Vacation Rental property off the rental market while you wait.
Although fund availability is not in real-time for eCheck transactions, the status and funding of eCheck transactions is now much quicker. Typically within 24-48 hours.
The eCheck.Net benefits include:
Pricing varies based on Monthly Processing Volume:
Processing Volume
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Discount Rate & Per Transaction Fee .75% + $0.35 .70% + $0.35 |
Getting set up to accept credit cards & eCheck:
There are dozens of merchant service providers that can set you up to accept credit cards, but why not work with a merchant service provider that focuses on the set up and subsequent support of VR home owners!
eReservation Solutions is just that!
With over 500 VR home owners already working with eReservation Solutions, a subsidiary of eCom Merchant Solutions; they have put together a specialized program that includes a discount rate and fees that you can live with (even in the slow times), extra money saving perks that most other merchant service providers don't offer and a surplus of tips on how to keep your costs down.
Credentials & Recommendations:
eReservation Solutions, a subsidiary of eCom Merchant Solutions , has been in business since 1997 and are members of the Better Business Bureau and Dunn & Bradstreet and enjoy sterling records with both of these esteemed consumer resources.
eReservation Solutions is also highly recommended by many VR experts!
Joe Godar Owner of ivacationonline.com, Alfred and Emily Glossbrenner Authors of one of the leading books on the subject of VR Ownership FullyBookedRentals.com, Eric Smith Owner of Corporate Housing by Owner CorporateHousingByOwner.com as well as over 500 VR owners.
Check out the "Testimonials" page to see what some current merchants and partners have to say about eCom Merchant Solutions.
TIP* It’s a good idea to facilitate credit card processing capabilities BEFORE you advertise; so when your guests contact you, you will be prepared to take their payment!
Find a housekeeper, handyman etc.
Finding your help:
Unless you live close to your VR property and plan to do the cleaning yourself; it's a must to find a good housekeeper that you can count on and one that does a great job… One of those qualities is unquestionably not more important than the other.
Finding a housekeeper? I found mine when I saw her cleaning the my neighbor's house in the resort that my Vacation Rental homes are located. I went to her and asked her if she could take on another home to clean. When she said that she would, I asked her to come over and give me an estimate on what the cost would be to clean my house. She came over; eagerly answered my long list of questions, the price was right. She was hired, and I had a housekeeper!
I’ll confess that I got lucky when I found my housekeeper; but it really doesn't have to be a grueling job; if you know where to look.
If the idea above doesn't work for you; go to the web site/s that you advertise your Vacation Rental home on (or plan to advertise on) and look for other homes in your local. Get in touch with other home owners and ask them who they use. Again word of mouth references can't be beat but keep in mind that what one vacation home owner considers a good housekeeper may not be what you deem as great at all…
You can also try www.CraigsList.com. Craig’s list has so many resources including marketing your Vacation Rental home.
RESEARCH:
Do some research. When you have some names, call or email the housekeepers and select one based on the promptness in which they get back to you, how they answer your questions, if they are eager to take on another property etc. You should have a list of questions prepared before you call or email them.
Handy-Men!
If you don't live near your Vacation Rental home or even if you do and you're not a handy individual or even if you are but you don’t have the time; it’s essential that you hire a handy man, a carpet cleaner, window cleaner, pool and hot tub maintenance service, etc. It is a good idea to have these service contractors ready before something goes wrong. To find them; follow the same steps you did to find your housekeeper.
Don't wait until you have an emergency! When you do find your housekeeper and service contractors, add their contact info to your cell phone and/or address book for easy contact.
Tip* Like setting up a Merchant Account to accept credit cards it's a good idea to have your housekeeper hired and find the service contractors that will help maintain your VR home BEFORE you book your first guests.
Advertising! How will your guests find your Vacation Rental Home?
Having a website is a great source but keep in mind that it’s just as important to work with a website designer that can assist in getting traffic to your site. I highly recommend www.AVIBEweb.com – you can also reach them by phone at 503.296.8499 and tell them that Kristie Kliese sent you!
Another great way to get the activity you’re looking for is by advertising on the Vacation Rental sites. There are too-many-to-mention that offer a way for renters to find the perfect Vacation Rental Home by state, number of bedrooms, amenities etc.
HomeAway and VRBO are the largest and most well known but don't ignore the smaller company's when advertising your home as (in most cases) the smaller the company, the better the service.
Most of them have an uncomplicated way of adding your Vacation Rental home; including space to describe your home, the amenities you offer and the opportunity to add pictures. Renters looking for the perfect home love pictures; the more the better!
Guests looking for longer term rentals:
If you plan to rent your house or condo for a longer term, two weeks or more, I advise that you ONLY promote your property on a rental site that is expressly designed for the longer term renter you are looking for. Putting your home or condo on a short term rental site and a long term rental site will result in a constant conflict. So choosing the rental time frame that best works for you is a good idea prior to spending the money on advertising.
I highly recommend CorporateHousingByOwner.com. Like the CHBO web site, the CHBO team is warm, friendly and uncomplicated. The cost is fair as well.
Have an organized "system" in place for booking your Vacation Rental; which should include a check list.
Move quickly for best results!
Once a guest has inquired it is vital to get right back to them!
Often people needing a place to stay will inquire with numerous Vacation Rental home owners at one time and in most cases, the first Vacation Rental home owner to get back to them will book the guests stay.
When you begin preparing for a vacation, it involves numerous tasks like purchasing airline tickets, a rental car, lodging, packing, care for your pets etc. If you can begin marking those tasks off your list, you will begin to relax and get mentally ready for the vacation! When potential renters are looking at the Vacation Rental sites for a place to stay, they find the ones that appeal to them and then email the owners waiting for a positive and timely reply.
Get an organized system in place:
Like a lot of us, you most likely have a job other than your Vacation Rental business so it is not always easy to manage time. If that's the case; there's an inexpensive, all-inclusive alternative!
That alternative is iVacationOnline.com! ivacationonline is owned by Joe Godar. Joe's site also has a plethora of ideas that will help your success in the VR business. Joe is a hands-on owner and will help you through the process step-by-step. He’s also just a great guy!
Knowledge.
Sir Francis Bacon wrote "Knowledge is Power" and when it comes to running a well managed, profitable Vacation Rental business; that quote could not be truer!
If it gives you a good feeling – go with it!
The Vacation Rental Forums can definitely help; however keep in mind that forums are full of opinions so I suggest that you read several entries on the same subject and do what makes the most sense to you.
If you become a member, you can exchange thoughts with other Vacation Rental home owners too!
