Tuesday, December 4, 2007

Vaction Rentals, End of year updates!

With the year coming to an end, now is the time to consider your next years business.

What needs to be updated? What are you going to do about your rates? Increase them or not? Any changes needed at the property?

These are all great questions most owners have. Anything I have done in my life, one principle holds true. The more time you put into something, the more you will get out of it. If you only advertise on a few sites, do not visit your properties, do not make improvements on a regular basis, then your gross rentals will reflect that.

The cabin pictured above is a new owner to the "BY OWNER" market. The owner has been taking the time to set up his "BY OWNER" business. Since he has taken the time, I know he will be successful in 2008. Be sure to check out his unit, 623 on ivacationonline.com.

I know we are all busy. So you must be honest with yourself to the commitment you can make. The owners we work with have many different ideas on how much time and money they invest in this business. We do see a trend. The owners that look forward to the future, paint the units, price them right, spend time researching what ad portals to advertise on and in general, just run a good business, are the ones that are the most successful

This is the perfect time of year for some self evaluation. Are you spending enough time to get the business you want? Are your rates for 2008 up on the ad portals you advertise on? Have you made any improvements to your properties?

Before you know it, Jan 1 will be here and for most of us, that is the start of another busy booking season and we are on our way! So get ready now. Make a list and work a little each day to make sure you are ready!

Look over your competition too. See what is going on in your area. Don't be the last to know something, be the first!

Your time spent on your vacation rental business will come back to you in rental dividends. Good luck in 2008!

No comments: