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How To Rent A Vacation Home By Owner
How To Rent A Vacation Home By Owner
How To Rent A Vacation Home By Owner
How To Rent A Vacation Home By Owner
How To Rent A Vacation Home By Owner
How To Rent A Vacation Home By Owner
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How To Rent A Vacation Home By Owner

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The vacation rental business is booming as more travelers choose vacation rentals over hotels and more vacation homeowners seek out rental income to offset expenses. …

The vacation rental business is booming as more travelers choose vacation rentals over hotels and more vacation homeowners seek out rental income to offset expenses.

If you are considering getting into the vacation rental business, it certainly can be daunting. That’s why we’ve created a comprehensive checklist for how to rent a vacation home by owner.

Yes, there’s a lot to get done, but there are numerous people you can partner with to make your rental business stress-free and extremely lucrative. If you’re looking for a comprehensive solution, consider us. Since 2005 Elite Destination Homes has been providing vacation rental management services for an international portfolio of multimillion dollar luxury homes. It all started with a few of our own.

Published in: Self Improvement, Travel
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  • 1. How to Renta Vacation HomeBy OwnerA comprehensive checklistfor owners looking to successfully rentout their vacation homesThe vacation rental business is booming as more travelers choosevacation rentals over hotels and more vacation homeowners seek outrental income to offset expenses.If you are considering getting into the vacation rental business, itcertainly can be daunting. That’s why we’ve created a comprehensivechecklist for how to rent a vacation home by owner.Viability1. Is Your Home Marketable• It is in a sought after location?• Does it show well? Is it up to date? Does it have a“wow” factor?• Do you have desirable amenities to tout? (i.e.beachfront)2. Balance of Personal Use and Rental Supply• Will you make enough weeks available for rent tomake it worth your effort?3. Financial Model• How much will you be doing yourself? Will you beengaging a housekeeper, property manager,concierge, rental agent?• Assess the marketplace, forecast potential revenueand determine the net incomeCopyright © 2013 Elite Destination Homes www.elitedestinationhomes.comElite Destination Homes is aboutique vacation rentalagency representing luxuryhomes in premier resortdestinations across the globesince 2005.
  • 2. House Set Up4. Rental Readiness• Property maintenance – all repairs are taking care ofand everything is in working order• Décor – home furnishings and accessories carefullychosen and well maintained• Technology – satellite or cable TV with DVD player,VOIP phone, WiFi, iPod docking stations• Supplies – paper goods, linens, kitchen and bathroomnecessities• Determine your cleaning schedule• Create a cleaning and inventory checklist• Create an entry system for guests - keyless entry,lockbox, property manager greets and provides key• Create a House Manual with household instructionsfor guests – how to operate the remote, etc.5. Legal• Check with home owner’s association and cityrequirements for rental licensing• Get the proper insurance in place• Write up a Rental Contract6. Positioning• Why should someone choose your home overanother in the area?• What is your pricing strategy?7. Set Your Rates• Analyze similar houses in the market• Analyze promotional activities8. Determine Your Promotional Plan• How much are you willing to discount?• How will you fill open nights in the short term andlong term?9. Conduct a Photo Shoot• Capture key features that set your home apart10. Write Your Property Description• Highlight what makes your home unique11. Create a Welcome Letter/Pre-Trip Planner• Build a list of information about the area along withyour personal recommendations for restaurants andother activitiesHow to Rent A Vacation Home By Owner A Comprehensive ChecklistCopyright © 2013 Elite Destination Homes 2 www.elitedestinationhomes.comAccording toTripAdvisor49%of US travelers are turning tovacation home rentals insteadof hotels. Read more.
  • 3. Sales & Reservation System12. Sales Management• Will you be in charge of sales or will you be assigningan agent?• Determine languages for taking reservations• Develop strategy for closing leads• Determine how you will accept and processpayments13. Choose a Calendaring System• Get it up and running• Block off your personal dates for vacation andmaintenance• Integrate with on-site service providers14. Choose a Lead and Reservation Management System• Get it up and runningMarketing15. Create a Website for Your Home• Optimize it for search engines so it can be found bypotential guests16. Build an Email Database• Segment the list• Determine your content strategy and plan forcontinual communication17. Promote Your Home via Social Media18. List Your Home With Rental Listing Services• Research your options and their terms, the best/biggest ones are VRBO, HomeAway, TripAdvisor,Airbnb. These are excellent vacation home rentalsites but like any marketplace (e.g. Ebay or Craig’sList) there is an art and a science to ranking at thetop of the listings and standing out among the crowd• Research your competition on these sites• Set up accounts and build your listings, renew listingsas necessary• Continually monitor your listing rank, view and leadvolume• Continually tweak your listings to maintain toprankingsHow to Rent A Vacation Home By Owner A Comprehensive ChecklistCopyright © 2013 Elite Destination Homes 3 www.elitedestinationhomes.comFrom HomeAway’s2012 Fall Report:92%of vacation home buyers planto rent their property within thenext 12 months. Read more.
  • 4. 19. List your home with a local villa rental agency• Research your options and their commission rates• Convince them to take on your home, negotiate rates• Provide information about your home to get theirlisting up• Stay in contact to keep your home top of mind20. List your home with international villa rental agencies• Research your options and their commission rates• Convince them to take on your home, negotiate rates• Provide information about your home to get theirlisting up• Stay in contact to keep your home top of mindRevenue Optimization21. Review Leads and Occupancy Regularly22. Review Channel Performance Regularly23. Continually Research New Channels24. Plan Promotions25. Assess Rates vs. Competition Regularly26. Update Promotions and Rates Across All Channels27. Determine Additional Tactics to Increase Reservations28. Continually Promote Via Outbound Calls, Email and SocialChannelsVacation Sales29. Check Email Continually for Leads30. Respond Quickly• According to the Harvard Business Reviewresponding to leads within an hour generates 7x theconversions• Confirm availability and rates• Put dates on hold31. Vet Guests• Talk to each guest on the phone, conduct onlineresearch as appropriate32. Sell Your Home• Tout it’s unique features and benefits• Paint a rich picture of the location, theneighborhood, the full experience• Differentiate it from their other options• Give them time to mull it over while staying incontactHow to Rent A Vacation Home By Owner A Comprehensive ChecklistCopyright © 2013 Elite Destination Homes 4 www.elitedestinationhomes.comRoughly half of owners reportthat their rental incomecovers at least75%of their mortgage payment.Read more.
  • 5. 33. Close the Sale• Verify reservation• Get a signed rental agreement• Block the calendar34. Collect Down Payment35. Generate a Weekly Reservation Report• Create a report with the details of all reservations onthe books• Provide it to your local property manager/concierge36. Collect BalancePre-Trip Planning37. Plan Airport Transit38. Communicate Home Access Details• Set meeting time for local property manager/concierge39. Gather Special Requests (i.e. highchair, crib)40. Provide Information About the Area41. Make Dinner and Activity Reservations42. Pass Guests Information to On Site Property Manager/ConciergeOn Site Property Manager/Concierge43. Stage Home• Attend to special requests (i.e. highchair, crib)44. Meet and Greet Guests• Offer Welcome Gift45. Provide an Orientation• Provide a tour of the home and walk them throughthe House Manual• Provide area information and activityrecommendations46. Make Dinner and Activity Reservations47. Attend to Any Additional Needs48. Oversee Housekeeping• Ensure house is cleaned and supplies restockedbefore, during and after stay49. Inventory and Damage Check• Immediately after guest departureHow to Rent A Vacation Home By Owner A Comprehensive ChecklistCopyright © 2013 Elite Destination Homes 5 www.elitedestinationhomes.comThe total U.S. Vacation RentalIndustry is expected to reach$25.8billion by 2014Read more about the researchconducted by PhoCusWright.
  • 6. Trip Follow Up50. Collect Repair Costs if Necessary51. Contact Guest After Their Stay• Thank them• Request feedback• Request a review52. Watch For and Respond to ReviewsFinancials53. Deposit Money From Renters54. Deduct Expenses55. Pay Service Providers56. Pay Taxes57. Create a Monthly Revenue Report• Track financial performance• Adjust financial model, sales and marketing strategyas necessaryRenting your vacation homedoesn’t have to be a second job.Yes, theres a lot to get done, but there are numerous people you canpartner with to make your rental business stress-free and extremelylucrative. Check out our analysis of the different types of vacationrental agents.If you’re looking for a comprehensive marketing and rental salessolution, consider us. Since 2005 Elite Destination Homes has beenproviding vacation rental management services for an internationalportfolio of multi-million dollar luxury homes.It all started with a few of our own.How to Rent A Vacation Home By Owner A Comprehensive ChecklistCopyright © 2013 Elite Destination Homes 6 www.elitedestinationhomes.comContact us.Call Kathryn at 651-389-3838to learn more or click here to submityour home for consideration.“Elite quickly and efficiently broughtmy Vineyard Estate home to a level itwould have taken me much longer toachieve, and that includes rentalrevenue.  Guests love their experiencehere.  Elite added value to my realestate.”- Mike F, Owner in Sonoma County, CA

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