First Time Vacation Rental Owners: Common Mistakes

First Time Vacation Rental Owners Common MistakesAs vacation rentals are becoming increasingly popular, competition for customers is also amplified. Since the vacation rental space is relatively new, there is essentially a learning curve for owners and managers of these properties. In addition to avoiding these common missteps, consider TN Vacation Rental Insurance to protect your property and assets.

Unreal Conversion Expectations- Consumers have more options than ever for vacation rentals. As such, prices should be competitive and conversion rates should be aligned with similar properties in the area. Following these standards will ensure inquiries convert into actual bookings.

Frustration Over Slow Bookings- Although slow periods are inevitable, it is important not to throw in the towel at the first sight of struggle. Instead, focus on marketing your property. Bigger Pockets states “It’s important to remember, however, that vacation rental marketing is not an activity, but a culture. Spend time building and crafting your portfolio and ultimately the work will pay off.”

Stop Marketing Efforts- Even when rentals are consistent, don’t lose momentum.  Marketing your rental should always be a part of your budget. Simply determine what you are comfortable spending in both good times and bad and go from there.

Procrastinating on Website Building- In a digital age, this is arguably the most important facet to your rental success. Bear in mind that the older the website and the more pages it is, the more likely it will rank in Google. Therefore, the longer you put off building a website to showcase your property, the more money you’re losing.

Using Amateur Photos- It is critical to use professional photos. Even with smart phones, the quality of professional photos is unbeatable. First impressions are all you get, and having professional photos show off your property can give you the edge over a competitor.

Losing Sight of Loyalty- Repeat business is ideal for any rental marketing plan. Ensuring customer loyalty will promote not only your business but your reputation, as well.

At Barnes Insurance Agency, we specialize in insuring vacation rentals. We understand the inherent risks that are associated with the industry and the market, and we are here to provide protection for you and your properties. To learn more, we invite you to contact our experts today at (866) 733-5424.

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