Gone are the days when you could rent your place by just opening your doors to strangers. Those were times when to let a foreigner rent your place was understood as a privilege. By then, the concept was a novelty and a trend, easy - no high expectations...
Well, those times are gone, finito! Those were The Good Old Days, as quoted by my wise 11 years old influencer friend - an expert in eloquently highlighting the distant past (to us old people 7/10 years ago)
Renting your space is still easy, thanks to our friends at Airbnb, HomeAway, hotels.com etc... However, making your rental successful is a different story. I knew someone who had a 9.5 rating in satisfaction and the property rented practically the whole year, yet, the profitability, in relation to the amount of work, was considerably questionable... Who then benefits from this rating? Definitely not the owner... The property in question was nice and well located, but not properly priced or styled. In this case the problem was solved by redecorating and raising the rate, resulting in less but better bookings, good yielding, more profitability and less work.
Every day I see people acquiring properties for the vacation rental market, many taking a second mortgage. In some cases, many rentals end up been extremely successful, however, in greater proportion and due to a significant amount of errors - often incomprehensible to people outside the hotel industry, what was expected to be a sound and relatively risk-free investment ends up being a disaster.
One of the most serious problems in these cases is the inability to understand that once you have decided to own a vacation rental you are part of the Travel & Tourism Industry;
The moment you accept money in exchange for accommodation, you become part of the tourism industry. This means, just to begin with, offering a product that is up to the market requirements and showing a high degree of hospitality at every step of the traveller’s journey. If you don’t have this point clear your possibilities of success will be limited.
Nowadays most destination offer an immense range of properties to rent, without mentioning the well stablished hotels and their top-notch strategies, therefore been aware of what you are offering and how you offer it is key. Regardless of the market, it is a priority that you strive to offer a product that can compete, is successful and therefore produce the results you are looking for.
More than often I see properties that have great potential and should be successful, however, due to the owner´s inability to develop that potential all goes down the drain. It is alarmingly common to find places decorated like a copy of the owner's house, which in many cases is an advantage, but let's face it, mostly is the opposite. There is nothing more dissuasive for a traveller than to arrive at a place that can't leave the owner's stamp behind. Oh, those daunting bathrooms and the struggle between the guest's cosmetics and the owner's ornaments.
Analyse your vacation rental, be objective and force yourself to see the property from the point of view of your clients. Read your customers feedback, listen to what your family and friends have to say about the property and don't take the criticism personally – keep in mind that one can’t be good at everything. If per example you exceed in cooking or have great administrative skills, then consider committing 100% to these tasks. If styling is not your thing or you are not sure which amenities are key to the smooth running of your rental, then ask for help or hire someone to guide you. You may need to invest, but if you use your imagination and have good support, you can achieve incredible results with a conservative budget, without having to take a third mortgage ;)
Make your goals clear, know your property thoroughly with its advantages and shortcomings and make a plan that allows you to take your property to the next level. Stop treating your rental as your home and put yourself in the shoes of your customers, if you make this commitment and learn to treat your space as a business, you are sure to achieve the results you seek.
Is not my intention to indicate that all interiors should be beige and neatly balanced, I love unexpected places and am aware that originality is an important part of today´s traveller experience. Your place should be comfortable, welcoming, clean and warm without having to be a pilot house. My goal is to offer you guidance and highlight some necessary steps that will help you make of your vacation rental a unique and special place, where visitors become customers.
Robust and comfortable beds, cosy pillows, soft towels, generosity in amenities, an unforeseen corner - a place of harmony and contemplation outside the bedroom, optimum Wi-Fi YES, an soooo on...the list is extensive and sometimes overwhelming! But if you follow some principles and create an objective plan, your vacation rental will excel and become an undeniable success.
My name is Carmen, I am a Home Stager and Stylist, and I specialise in assisting individuals and small businesses. I have also worked in the Tourism and Travel Industry for over 25 years. My extensive knowledge allows me to determine what is most important to you and your guests. As an avid and frequent traveller, I like to visit and stay in all sort of locations, places that inspire me and enrich my knowledge. My ultimate goal is to help your project stand out and be functional, considering your style and your property´s originality and soul. Together we can take your place to the next level, all on time and on a reasonable budget.
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