While a vacation rental can be a great way to earn some extra income, it can also be a lot of work - especially if you don't live nearby. Between keeping the property clean, managing bookings, and dealing with guests, there's a lot to do!
If you find yourself in this situation, don't worry - there are plenty of ways to manage your rental remotely. With a little bit of planning and some help from technology, you can make sure your rental runs smoothly - even when you're not around. Here are a few tips to get you started:
#1: Consult a financial advisor
Before investing in a rental property, it is crucial to speak with a financial advisor to ensure that remotely managing your rental is a feasible option. They can help you understand the risks and potential rewards that come with being a remote landlord, as well as provide guidance on how to best manage your resource constraints.
It's also important to stay in touch with your financial advisor even after you've purchased your rental property. That way, you can ensure that your investment is on track and that you're making the most of it. Additionally, they can help you troubleshoot any financial issues that may arise and provide advice on how to best manage your money.
#2: Streamline the moving parts with digital tools
One of the best ways to manage your vacation rental remotely is to take advantage of the many tools and resources readily available online. For example, there are several websites and task management apps like Wrike or Monday that can help you keep track of bookings, guest communications, maintenance requests, and more.
You can also use video conferencing tools like Skype or Zoom to conduct virtual walkthroughs with guests before their stay or to check in with your cleaning and maintenance crew while they're on the job. And there are a number of handy accounting apps like Wave to manage your finances or set up a system for automatic bill payments. This will help you stay on top of your expenses and avoid any late fees or penalties.
To really get a handle on things, you need to find the right mix of digital tools that work for you and your business. But once you do, you'll be able to streamline the many moving parts of vacation rental management - even when you're not on site.
#3: Hire a property manager to take care of your rental
Another great way to manage your rental property remotely is to hire a professional property manager. Of course, hiring a property manager is not always an option, and it can be expensive. But if you can afford it, it's definitely worth considering.
A good property manager will take care of everything from finding and screening tenants to maintaining the property and dealing with any issues that might arise. Plus, they can also provide valuable insights into the vacation rental market and help you maximize your income. Just be sure to do adequate research to find a reputable property manager who will have your best interests at heart.
Alternatively, you could also hire a vacation rental management company. These companies will typically handle everything from marketing and booking to cleaning, warranty choice and maintenance. Of course, they will also take a percentage of the rental income, so be sure to factor that in when considering this option.
#4: Install smart locks for contactless check-in and check-out
If you've ever had to coordinate a key exchange with guests, you know how much of a hassle it can be. Smart locks are a great way to ease the check-in and check-out process for both you and your guests. With smart locks, you can generate a unique code for each guest that expires at checkout. This way, you don't have to worry about lost keys or guests with late checkouts.
There are a few different types of smart locks on the market, so be sure to do your due diligence before selecting one for your rental. You'll want to consider factors like price, installation, and compatibility with your existing door locks. Once you've installed your smart locks, be sure to test them out before listing your rental. Then, you can troubleshoot any issues and make sure everything is working properly.
#5: Use social media to promote your rental
Through social media, you can not only post about your properties, but you can also create ads and target a specific audience. This is especially useful if you have multiple properties in different locations. You can target potential guests who are interested in that specific location. However, when you have multiple properties, it can be tough to keep up with a consistent social media presence.
One option is to hire a social media agency that is local to the area where your property is located. They can take live pictures and videos of your vacation rental, and create more relevant ads because they are familiar with the area. This can be a great way to manage your vacation rental remotely and ensure that you are getting consistent bookings.
But if you decide to go this route, be sure to do your research and carefully vet your shortlisted agencies' social media proposals to find an agency that you can trust to represent your brand well.
Another option can be to use social media scheduling tools to help you plan and automate your posts in advance. This can be a great way to ensure that your social media presence stays strong, even when you're busy with other things. Ultimately, you want to find a system that works for you and helps you promote your vacation rental in the most effective way possible.
#6: Invest in quality furnishings
Choosing durable, high-quality furniture is crucial when furnishing your vacation rental. This is especially true if you have a lot of turnover or if your rental is located in a high-traffic area.
Plus, if you skimp on furnishings, you'll likely end up replacing them more often, which can be costly in the long run and may not be ideal for those who are managing their rental remotely. On top of that, cheap furniture can also make your rental look dated and less appealing to potential guests.
That's why it's important to invest in quality pieces that will stand the test of time - both in terms of durability and style. Scandinavian furniture brands like Ikea and Scandinavian Design Centre are great places to start your search for affordable, stylish, and well-made furnishing that will last for years to come. Look for pieces that are made with durable materials and that have a timeless design. This way, you can avoid having to constantly update your furnishings, and your rental will always look its best.
Wrapping it up
By following these tips, you can successfully manage your vacation rental remotely. With the right tools and systems in place, you can relax and enjoy the fruits of your investment without having to be on site all the time. So if you're considering renting out your property, don't let the thought of managing it remotely hold you back. If you plan ahead, it can be just as easy (and even more rewarding) than managing a property in person!