Investing in vacation rentals is a smart move; in fact, it’s the best financial investment. You can earn passive income by renting your space out.
The global vacation rentals market is anticipated to generate a revenue of $113.50 billion by 2028. That’s a whopping number. The research further predicts that the number of users will rise to 0.94 billion users by 2028. No wonder 4 out of 10 Americans own vacation homes. Florida, California, Hawaii, Texas, and Arizona are five popular destinations for owning vacation homes.
Do you also have vacation homes in one of these states? Or do you intend to purchase a vacation home soon in these states? Whatever the case, managing vacation rentals across the country remotely is challenging. It’s more so if you have multiple of them. However, the right strategies can help you manage them efficiently.
Here are some tips that will help effectively manage your multiple vacation rentals from afar.
#1 Install Home Security Systems
Far too many thefts and burglaries take place in the U.S. daily. You never know when your vacation rental properties might appear attractive to thieves or burglars. Therefore, installing home security systems is important to ensure your properties are safe and secure.
Each of your vacation rentals must have high-resolution surveillance cameras, so you can keep an eye on them. For enhanced protection, go for floodlight cameras. Their powerful lumens will deter unwanted visitors and help you identify potential threats.
Install motion detectors to enhance the security of your vacation rental properties. These devices will send an alert to your security system whenever the sensor detects motion. Your vacation rentals must also have burglar alarms. These alarms will notify the police and the nominated person in case a burglar breaks into your property.
Install smoke detectors and fire alarms, too. Should a fire break out at your properties, your guests will be alerted early on. This will allow them to take swift action.
#2 Automate the Check-In and Check-Out Process
Many vacation rental property owners prefer greeting their guests in person when they arrive. But this isn’t possible when you’re managing your vacation rental remotely. You can designate a person who will hand over your rental keys to your tenants. But if there is a travel delay, this will become troublesome.
Save yourself and your guests from the hassle of coordinating key handovers by automating the check-in and check-out process. An easy-peasy way to do that is to install smart locks. You can control these locks remotely and make sure only authorized people access your property.
You can lock and unlock your property remotely and generate new codes for different guests. Once your guests’ tenure is complete and they check out, you can revoke access and even change the code. This adds a layer of security to your vacation rentals. As smart locks offer keyless entry, there is no fear of losing keys.
#3 Keep a List of Quality Contractors
When managing your vacation rentals remotely, having a list of quality contractors is essential. What if the faucet stops working or the yard’s pipe bursts? You won’t be there when such things happen. All this will not only stress you out, but also make your guests angry. Neither will they return to your rentals, nor leave positive reviews.
Having a list of quality contractors handy will help you address these issues efficiently. Research quality contractors in areas where your rentals are located. Look for electricians, plumbers, or maintenance workers. Explain to them you don’t stay nearby and ask if they can be your point of contact if something goes wrong. Should there be a power outage or leaks, they will fix the issue right away.
#4 Look for a Reliable Asset Manager
Managing multiple vacation rentals across the country remotely is no piece of cake. Why not simplify the task by hiring an asset manager? An asset management company will manage your property efficiently.
An asset manager will take care of everything, from keeping your property in mint condition to finding suitable tenants. These days, with the rise of the digital nomad trend, it is easy to find long-term tenants. Look for a manager with a proven track record in the vacation rental industry, particularly in the locations of your properties.
Seek recommendations from locals and vet potential candidates thoroughly. Whoever you choose must have robust systems in place for guest communication, property maintenance, and emergency situations.
Asset management companies also screen potential long-term guests or tenants thoroughly and onboard only high-quality ones. They ensure shorter periods of vacancy. These professionals are skilled at sourcing new guests in short periods.
The RMR Group notes that tenant satisfaction as well as their experience with a company, are quite important in the lease management process. A good asset manager focuses on tenant satisfaction, which is crucial for securing repeat bookings and positive reviews. Since asset management companies tackle guests efficiently, there will be fewer customer complaints.
To wrap things up, managing multiple vacation rentals across the country remotely is challenging. But, with the right approach, you can manage them efficiently. You can ensure the success of your rental business and keep your guests happy by implementing these tips.
Last but not least, stay proactive, continuously improve, and consider professional support when needed. Rest assured that you will enjoy the benefits of passive income while maintaining flexibility and freedom.