If you’re like many people in the Vail Valley, you’ve been considering short term vacation rental investment property. Perhaps this means renting out your own property that you only use part-time. Or, it may mean purchasing new property to use exclusively for income; either way, the areas in and around Vail are the ideal location for such an investment.
The next question comes down to the logistics: how will you take care of your property? What’s the best way to manage short term vacation rental investment property? Take a look at these points to ponder.
Keeping a Short Term Vacation Rental Occupied
The key to a successful investment property is keeping it occupied. Long stretches without tenants can mean ending up in the negative at the end of the year. No one wants a money-losing investment. So the goal is to keep it rented as much of the year as possible. This means marketing and advertising.
Marketing your property is one of the most important ways you can keep tenants in it year-round. Proper marketing includes getting the best photos and listing it in the right places. Also, you must make sure it’s in front of the proper demographic. You could do this yourself, or you could consider hiring a property management company who can and will do all the marketing and advertising for you.
Managing the Tenant Process in Your Short Term Vacation Rental
Once you have your potential customers lined up, you need to be sure you’re covering all your bases when it comes to managing the occupancy process. This means you need to be sure you’re getting complete applications so you can screen potential tenants. It also includes collecting deposits and credit information in case of loss or damage.
Once that’s complete, you can’t forget about customer service and satisfaction. Your tenants are your customers, after all. Supervising the check-in and the check-out process is important. So is making sure they have what they need during their stay. Vacationers in luxury communities such as Vail and the surrounding areas expect accommodations that match the standard of the community.
Customer service isn’t just about being available to answer questions and taking care of their needs. It’s also about making sure the property is clean and well maintained, that there are clean sheets and plenty of towels. They want WiFi and a functioning television. Also, they want to know they’ll have a place to park once they get there. This is all critical to good reviews and repeat business.
Don’t let any of this deter you from your goal of investing in a rental property, or using your personal property for short term vacation rental. Instead, hire a reliable and reputable property management company who can take care of all these details for you. The right management company will allow you to reap the rewards of an investment property without making it your full-time job. To manage your short term vacation rental property the right way, contact the team at Fireside Properties today.