Renovate and revamp your rental property to increase rental income and property estimations. While renovating a rental property, it tends to be hard to limit costs while maximizing your return on investment (ROI). However, you can without much of a stretch renovate a little property for less money, including revamping the kitchens and washrooms or thumping down a wall to make a more open and breezy feeling. Remodeling your rental property can be a mind-boggling and costly cycle. It’s justifiable that most landowners push this sort of project to the heating surface. Rentcubo is a multi-vertical rental management software that takes into account different use cases depending on your necessities. In any case, periodically remodeling your rental property has a huge load of advantages, for example, making your unit more attractive to possible tenants, keeping it lined up with market esteem.
As you think about what to renovate, it’s essential to realize which patterns to evade. Kitchen and washroom patterns can be particularly dependent upon the popularity of the second. When that second has passed, you can be left with an apartment that looks exceptionally outdated, which can turn expected renters off.
Where to begin?
When choosing which redesigns to embrace first, start with the most seasoned, generally dated, or shabbiest zone of the unit first. The objective of any improvement is to revive the space and cause it to appear to be spic and span once more. Start with the project that assists this objective the most. You ought to give more concentration on what will wear the best over the life of the rental. These sorts of changes can drastically increase your property’s rental worth and your rental income. Be it in any rental space – Irrespective of everything, RentCubo has covered everything for any rental business that you planned.
At last, renovations improve the quality and presence of the home. You need to guarantee that when a potential tenant first walks in and thinks whether they could live there, they answer with a reverberating Yes!
Renovating your property
There is no reason for over-renovating a property, or taking a stab at “picture awesome” norms. The main objective is to ensure the property looks welcoming and decent.
Here are a few hints that will assist you with improving the rental property without going through an excess of money, while augmenting your rental’s income potential.
Fix prior to replacing
Numerous property managers will surge in, get out the substance of the house, paint the whole inside, set out some new covers, and afterward introduce a few renters as fast as could be expected under the circumstances.
While this sounds reasonable, remember that this is costly and seldom does the whole house should have been updated. Here are a few hints on the best way to fix certain pieces of the rental:
Make certain to track your receipts, so you can guarantee tax allowances.
Landowners regularly have an exacting timetable in which they replace the floor coverings like clockwork or somewhere in the vicinity. Attempt to clean the floor coverings prior to selecting new ones, and understand what you can charge tenants for if there was harm. An expert can frequently make the dingiest of floor coverings look clean, and will just charge a small amount of the expense of another rug.
Roofs once in a while should be painted. Except if the past tenants were hefty smokers or amazingly untidy cooks, the roof will most likely look clean.
Think about utilizing a Magic Eraser to clean the dividers of scrapes and fingerprints prior to painting over them.
Clean regularly and replace fixtures
You don’t need to upgrade whole rooms to redo a property. Regularly, some minor fixture replacements will help your property put its best self forward.
Clean, clean, clean
Play out a careful cleaning at each turnover. In the event that you don’t have the foggiest idea of how to clean, pay for an expert house cleaner administration. Truly, it’s that significant.
Paint the walls no less than at regular intervals
A new layer of light-hued paint will make your property look spic and span. The conventional business standard is a light tan, which functions admirably in kitchens, yet I generally incline toward light blues or even white in the restroom.
Buy and replace fixtures
Instances of fixtures that need replacing:
- Door handles that stick
- Toilets that continually run
- Lighting more seasoned than 1990
- Cabinet equipment that is lost its completion
- Mini-blinds with missing supports
- Faucets that dribble
These reasonable fixes will help update the property, appeal to likely tenants, and lessen afterward support.
Focus on kitchens and restrooms
Kitchens and restrooms generally give the best “goodness” factor. Renters, similar to every other person, don’t have any desire to wash in a grimy or rotten restroom. They additionally don’t have any desire to cook in an obsolete kitchen from 1970.
On the off chance that you intend to offer your property in the following five to ten years, a pleasantly refreshed kitchen or restroom will generally give you about an 80% degree of profitability, which is higher than most redesigns.
Minor arranging can have significant advantages
Despite the fact that it’s less significant, the outside will be the principal thing a potential renters sees, so make it look clean and thought about. Every one of RentCubo’s products is worked with front line technology to fulfill all necessities and be large and in charge, So you can go for it too. Easy and quick indeed! They especially work on each custom detail requested room rental too on schedule. This rental management software permits you to work and focus on your business viewpoint while its group set it up for you. On the off chance that your property has a front yard, ensure that it looks thought about and kept up.
- Mow and edge the grass before an expected appearance
- If you have shrubberies and flowerbeds, spread some new mulch down to give it a solid shine
- If there’s a nursery, guarantee any congested shrubs or trees are scaled back so as the full size of the nursery can be seen
- If there’s a beautiful view, for example, a mountain or lake, be certain that nothing is hindering it. At long last, ensure outside spaces are free from any and all harm by checking all door pivots, making sure about free strolling stones, and eliminating any wrecked cement
- The outside of the property doesn’t need to be great, simply perfect, and safe. Your candidates’ minds will wrap up
These tips will help in revamping and renovating your property and increasing the value of your property. If you have any further questions, please feel free to reach out to us at email@example.com.
As the late spring vacations have reached a conclusion and children have gotten back to class, it doesn’t infer there is nothing left for you to do in your vacation rental business. You may think the interest in taking some time off has gone down and accepted that you won’t get the same number of reservations.
All things considered, you simply need to adjust to this ‘calmer’ time. Each vacation rental has an alternate low season because of nearby seasonal interest. While a ski lodge in the mountains may perceive the warm late spring a very long time as off-top, a seashore vacation rental is probably going to be less well known in the cooler winter months. As a vacation rental proprietor, you must characterize precisely what season your low season happens, and execute your off-top promoting technique as needs be.
1. Change Off-Season Booking Prices
Carrier tickets decrease in cost during the off-season, thus do inns, accordingly, your vacation rental should do likewise. By adjusting to the current conditions, your vacation rental will mix in when visitors are hoping to take some time off. Try to get your evaluating level right for off-top bookings. You would prefer not to reduce costs for quite a long time in the event that you as of now have a lot of intrigues, however, a cost too high could discourage visitors from even browsing.
So how would you set unavailable rates? Recall that you don’t need to depend exclusively on your own judgment when setting costs; start by taking a gander at the opposition. Look at what your rivals are offering by taking a gander at vacation rental sites and posting destinations for properties in your general vicinity, or play out a brisk Google search to discover other vacation rentals close by.
2. Lower your Minimum Nights
Not exclusively will you have to change the cost, yet in addition, you have to bring down the base night remains during off-season travel. For instance, if your vacation rental has seven least evenings remaining, transform it into two or even permit visitors to remain for only one night.
3. Offer Promotions
By offering your visitors included worth arrangements, for
example, three evenings at the cost of two, or an entire week at the cost of
four evenings, you may discover you’re ready to fill significantly more of your
schedule than you initially suspected. You can likewise remember a rate for a
limited arrangement such “as 30% off”. This way it will be all the
more engaging for voyagers as they probably are aware they are improving
arrangement. Additionally, it’s an extraordinary method to showcase your
vacation rental. Uncommon arrangements are an extraordinary reason to contact
past visitors or follow up requests that didn’t transform into bookings. All
things considered, everyone adores a deal!
4. Distinguish Potential Guests
Take a gander at your past bookings and characterize the socioeconomics of visitors who incline toward an off-season break. You may discover it’s seniors who need to get away from the hordes of high-season vacationers, sentimental couples searching for a comfortable pre-winter end of the week or dynamic gatherings of grown-ups needing to appreciate outside interests without the mid-year warmth (or winter day off!). So think about shutting off most rooms, at that point re-promote your vacation rental as a couple of room homes at a more suitable cost.
5. Know about Public Holidays
Remember that there are really vacation days during the low-season. In Europe, albeit every nation contrasts, they do have public occasions and many use this chance to move away.
6. Give Reasons for Guests to Stay at your Property
Give visitors motivation to take some time off, and all the more significantly, to remain in your vacation rental home. Incorporate exercises voyagers can do close by, for example, climbing, mountain biking, or fun exercises, for example, pumpkin picking – reasonable for all ages! On the off chance that you are arranged in a city or a region where they aren’t the same number of activities, offer your visitors extraordinary eateries, bars, films, bowling alleys, and so forth Exploration neighborhood functions and celebrations going on in your general vicinity, consider some fresh possibilities with this one!
Whatever you think of, you can wager there’s somebody who might be listening searching for the ideal spot to remain. Let potential visitors think about things occurring close to your vacation rental through a progression of painstakingly created messages and measure enthusiasm with your current organization utilizing posts via online media destinations.
7. Begin Planning for the Next Season
Utilize the low-season to plan for the pinnacle season. On the off chance that your vacation rental has popularity in the colder time of year, for example, a lodge or ski chalet in the mountains, etc. Utilize this event to prepare everything and market your property. Interestingly, a few visitors might need to get away to a hotter area for Christmas, as it might be cold in their nation of origin.
On the off chance that your vacation rental is a seashore house and high-season is throughout the late spring months, find different motivating forces to assist visitors with picking your place in winter. Maybe they might want a Christmas by the seashore, or as a rule, invest energy in a bright and hot place. Preparation is key with regards to dealing with your vacation rental’s pinnacle season. Any errand you can finish ahead of time will limit the unavoidable remaining burden you should oversee carefully when the time shows up.
Just as markdown costs, your inn promoting should zero in on different variables that may interest your visitors. Incentives like spa packages would interest couples on sentimental ends of the week or a young ladies’ end of the week away; limited or included gym enrollments may be ideal for those business explorers hoping to fit everything in, and little additional items like free champagne or a blessing crate upon appearance can make the outing more than beneficial for a few.
Packages can incorporate totally anything and have the special extra combos of removing a portion of the problem from reserving for the visitor. This can bid especially to a minute ago bookers who are searching for a holding nothing back arrangement with little to stress over. A few models can incorporate Couple’s Packages, Family Packages, or Newly-Wed Packages to engage those searching for something unique.
By following our top tips, you’ll before long be headed to making sure about more low-season bookings. Remember that the way to draw in unavailable visitors is innovativeness and adaptability – what would you be able to give that your rivals can’t? You can generally refresh your posting portrayals relying upon the season to reflect exactly what your visitors can hope to do, see and experience! If you have any further questions, please feel free to reach out to us at firstname.lastname@example.org.
Deciding to manage and operate a vacation rental can be overwhelming in the beginning. Particularly; when you are not working with any property agent, and you are the decision-maker. About half the people who purchase a second home have the aim of generating revenue from it. If you strategically market your vacation rental property in the right way, you will make your property visible to the right people who can make a reservation.
So it’s very crucial to have a strong marketing strategy behind the advertising to potential customers. Here are some points that should be kept in mind to do the right marketing:
Working on your Property Listing
A compelling listing requires your time and effort. Be very thoughtful when you’re working on your property listing description and the photographs of the property. The title and the body of the listing description should be compelling and include all the required information a guest would be looking for in a vacation rental.
If you’re not sure how to begin writing, perform online research to see how others have described their property. Once you’re confident, frame a compelling description of your property. Also, give attention to photographs you are tagging; it should clear and good resolution images of your beautiful property.
Displaying pricing information
Displaying the price range of your property is another important aspect that should include in the listing. An understanding of the peak and the off-peak season pricing is quite imperative. Always ensure that your reservation calendar and pricing is updated accordingly. You can also automate this process.
Offering discounts and offers can also be used as a marketing strategy to attract guests. You can strategically work on your weekday and weekend rates. Perform a thorough research on competitor pricing and try to work on pricing that you would list to attract your potential guests.
Listing the detailed list of amenities available for guests
Provide an exhaustive list of the amenities available for guests on your property. These lists can help with decision making for the guests. Some of the guests may be looking for a few facilities that could be important for them and help them in making the right decision while selecting your property. Therefore it’s quite imperative to list everything that you’re providing the guests, which will make their stay convenient and comfortable.
Prompt response to inquiries
When people are looking for booking a vacation rental, they expect a prompt answer to their inquiry, based on which they can make a decision. So try the respond to any inquiry within an hour or so. If it’s taking 10 hours or a day to answer a guest’s inquiry, there is a high chance that your potential customer has already moved on with booking a different rental. There is a solution; if you are busy enough to attend to the inquiries, you can hire a property manager who can give a timely response to your guest within an hour.
Know your target audience
Develop a marketing strategy and have a strong plan of action, it’s essential that you know whom you are marketing to. Senior travelers may not have the same needs as a guest who travels in groups or those with a family with children and also sometimes pets. If you know your target audience you can create special offers to appeal to them. For instance, if your guests are families with children, consider providing a discount to a nearby theme park. You can target your audience through the social media platform as well.
Explain the experience you are selling
Every potential client is looking for a getaway destination to get away from their hectic routine and relax. So you need to prove to them why they should pick your vacation rental property. Make strategies to attract with information about nearby attractions, places to dine, amusement park, shopping center, and so on. Use pictures and expressive words to describe your property and location to appeal to them. Guests should feel that visiting your property is worth their time and money.
Showcase your reviews
Reviews play an important role in promoting your property. A positive experience of another guest will have a positive impact on other guests looking for vacation rental properties. It will play a key role when travelers are looking for booking a vacation rental property. If they have are choosing between a few rentals in the area, they would go for the one with the most number of positive reviews and ratings. Therefore, it is important that you request your guests to leave reviews and ratings to attract future potential guests.
An exclusive vacation rental website
A website for your vacation rental can be useful and help you better manage bookings. It is one way of listing your property online. You can manage direct bookings and create a brand identity. Display professional photographs and entice your guests with the beautiful scenery of your location and your property. It will help you increase your credibility as a host.
By using the above strategies for marketing your vacation rental, you will receive more bookings, as it will gain more exposure for your property. We at Rentcubo are known for our skills in developing user-friendly vacation rental software and websites; if you have any queries or require further clarification, please feel to drop us an email at email@example.com.
Things have changed dramatically for the vacation industry and there is a year-year increase in the number of people booking vacation rental properties. According to this study, the vacation rental industry is expected to grow at a rate of 7.07% per year until 2021. Just like in any industry, the vacation rental industry is continuously changing.
Airbnb’s growth is at staggering rates with over 150 million itself is an indication that the vacation industry has grown into a massive industry. If you are a vacation rental business looking to continuously improve your property management to enhance the guest experience, it is important to know these 7 technological transformations in the vacation industry to thrive in the competitive industry.
The emergence of vacation rental booking platforms
A couple of decades ago, booking a rental property was hard. You either had to call up the providers directly to book rooms or contact through a reservation agent to make bookings. But today, modern technological advancements have made it possible for people to book vacation rentals in an easy and convenient manner. Vacation rentals platforms are a large community of vacation rental hosts that make it easy for property owners to create their listings and for travelers to book vacation rentals effortlessly. This growth of vacation rental platforms is expected to continue as the travel websites have started displaying vacation rentals in their search results. With this change, the vacation rental industry will have brand new business opportunities.
Traveler expectations are evolving
While this really is not a technological transformation, the evolution of traveler expectation has given rise to many significant technological advancements. Different generations crave different services when it comes to booking vacation homes. These days, millennials travelers prefer taking short and spontaneous trips and booking such trips is much easier and affordable with vacation rental platforms. Millennials constitute over half of vacation travels who expect a simple and instant booking process. If you are running a vacation rental business, ensure that your properties are listed in vacation rental platforms and offer instant booking. The demand for vacation rental websites among the new generation will grow as mobile technology continues to evolve.
The new generation is becoming increasingly comfortable with the online processes and modern technology that facilitates it. They look for memorable moments, unique travel experiences, and little extras to make their vacation memorable. Additionally, to ensure that their expectations are met, today’s travelers are indulging in more online research and reading and posting reviews to rate service providers. Today’s travelers also expect high-quality listings on vacation rental platforms like Airbnb. They like to see high quality, real pictures that make them feel like this is exactly the vacation rental they have been searching for. Young travelers are now comfortable with a simple check-in process and expect technology and connectivity through from booking to checkout.
The efficiency of processing bookings
Efficiency and speed of booking are significant for both travelers and vacation property owners as it allows them to scale their business as they expand their user base. With an increase in travelers seeking vacation rentals, it becomes important for property owners to track booking requests, reservations, guests to check-in, and process payments. Vacation rental platforms allow property owners to facilitate instant bookings, automate payment processing, and manage everything connected with booking and reservation with ease.
Data processing makes the difference
The right data can answer complex questions and makes the business process simple and efficient. If you want to know whether you are pricing your vacation rental correctly, or when it is time to increase your minimum stay requirements or to modify your check-in checkout times, data can tell you clearly. Vacation rental platforms give you a lot of information about booking, guest experiences, and a lot more so that you that tweak your offerings to deliver the best customer experience.
Subscription pricing gave way to transaction pricing
The days when property owners had to pay a subscription fee to list their properties are gone. The industry has come a long way from the subscription pricing pattern to the transaction pricing structure where property providers can create their listings on the vacation rental platforms for free. In the transaction pricing model, both hosts and guests have to pay a commission fee on every booking made.
Although vacation rental platforms take a share from booking profits, a lot of that money is used to attract more users and thereby drive more traffic to the platform. This pricing model also allows property owners to list their properties on multiple platforms as they don’t charge until booking is confirmed. In this way, property owners gain more exposure and have to pay at the time of completing a booking.
Efficient ways to avoid double bookings
Earlier when property owners received a booking request, they had to manually update their schedule and availability on each listing business website to avoid double bookings and last-minute cancellations. Today, vacation rental platforms centralize all bookings and allow property managers to manage their bookings from a single place. The rental platform also features robust API connections and synchronize calendars automatically eradicating even the smallest chance of double bookings.
Influence of Blockchain technology
Blockchain technology is positively influencing the vacation rental industry and offering immense opportunity for industry players. Vacation rentals on a Blockchain will allow guests to easily check the credibility of a host and the other way around as well. Even with all technological advancements, verification issues are still a problem as both users can create fraudulent accounts. But, with Blockchain technology, all user actions will be clearly recorded that helps in establishing trustworthiness.
Considering the fact that the Blockchain system is decentralized, the information within the system will be more transparent, trackable, and secure. Finally, Blockchain technology efficiently simplifies payment processing using cryptocurrencies. Being a global ledger, Blockchain technology also reduces the difficulties in billing and online transactions with credit cards. Additionally, Blockchain can also assist vacation rental platforms with managing loyalty programs allowing users to receive more profitable offers and deals.
Growth in the vacation rental industry has given rise to the myriads of technology solutions. Property owners around the world have started using vacation rental platforms and custom software to streamline their booking operations, marketing, guest communication, and other business processes. In short, both hosts and guests must adapt to technological advancements in the vacation rental industry to keep up with the competition and grow their business.
Gone are the days when people used to plan their travel with the help of a travel agency that handles all the booking and related activities. Now the hotel and vacation rental industry are quite different than it was in the last decade. The vacation rental industry is growing tremendously and has undergone a lot of significant changes in the past years. The past year has seen plenty of new trends that will have an impact on how the industry will shape up in 2020. Before going into the rental market trends that will influence the vacation rental industry in the coming year, let’s look into some significant statistics.
Vacation rental industry statistics
The vacation rental industry is very lucrative and is growing in the past few years, thanks to new technologies and software.
- In 2018, it was estimated that the number of vacation rental business in the US was 23,000 and 115,000 across the globe.
- Airbnb alone has over 150 million users across the world.
- Over 52% of travelers worldwide lookout for suggestions from friends on social media before planning their trip. They browse Facebook pages and stalk the vacation photos of their friends to make a decision.
- Europe accounts for 60% of all vacation rental properties, the U.S for 20%, and the rest of the world for the remaining 20%.
- New third-party tools and technology that streamlines hosting services are gaining momentum.
- It is predicted that millennials will spend over $1.4 trillion on travel alone by 2020. They are more likely to choose short term rentals instead of a hotel for their travel.
Trends that will influence the vacation rental industry in 2020
It is expected that the vacation rental industry will continue to transform and become more popular as we move into 2020 and a new decade. With that said, let’s look into the rental market trends of the vacation rental industry and how it might look like in 2020.
Vacation rentals will topple the hotel industry by 2020
While initially, travelers were hesitant to try vacation rentals and hosts were reluctant to allow random people to stay in their personal space, vacation rentals are transforming now as a major business as travel trend changes. Back in 2015, Hilton said that they believe it is relatively impossible for peer-peer marketplaces to pose a major threat to hotel groups. But, it seems like the scenario is changing.
Every year the vacation rental industry is growing double in size while hotels are growing only by 1%-2% every year. This huge difference in figures indicates that vacation rentals will overtake the hotel industry by the end of the 2020s.
Unique accommodations will rise
The variety of vacation rental rentals and unique accommodations are rising over the past few years. Nowadays peer-peer vacation rental platforms aim to offer unique staying experience. For example, Airbnb offers unique stays in igloos, tiny houses, bubble domes and tree house which deliver a different experience to travelers altogether.
In fact, reports say that over 71% of millennials prefer staying at non-traditional vacation rentals when traveling. If you are running a vacation rental platform, consider incorporating unique accommodations to your platform so as to offer an out-of-ordinary experience for your guests.
Millennials will influence the vacation industry
Millennials in the age group of 20-34 years are the most powerful and influential customer group of the vacation rental industry. They love to immerse themselves in other cultures and behave like the locals when in another country. Hotel accommodation is not capable enough to offer such a kind of staying experience for them. But, the vacation rental industry well caters to millennials in offering fast and efficient listing and booking system.
The millennial generation has grown up with the latest technology and hence demand convenience in everything they do. They demand convenience and real-time information at their fingertips and they demand that vacation rental is at the forefront of technology usage as well. From booking a vacation rental to making the payment for it, the entire process must be easy to complete on a smartphone in just a couple of minutes. Hence, to satisfy the needs of millennials it is important for vacation rental platforms to be tech-savvy and incorporate the latest technologies in their platform to make the whole process of booking vacation rentals convenient and effortless.
Technology will play a significant role
Technology is an integral part of every facet of the modern world and the vacation rental industry is no different. The use of modern technology in a peer-peer vacation rental platform to make the booking experience seamless for both guests and hosts will continue to expand in 2020 as well. In 2020, there will technical solutions for every aspect of vacation rental management. Some of the aspects of vacation rental booking made easier by technology is communication between guests and property owners, security issues, online payment, instant booking, etc.
Vacation rental platforms can use machine learning algorithms and AI to develop a deeper understanding of images to offer better matching to guests, improve review using natural language processing, support more advanced search using technology to make it convenient for users to get the most out of the platform, and leverage a lot more with technology.
Instant vacation rental bookings
There is one key factor that makes many vacation rental platforms highly demanding- Instant booking. Most travelers these days are exclusively browsing for vacation rentals that allow them to book rentals instantly. It gives travelers the confidence that they won’t miss out on their dream vacation rental due to slow response time.
Above all, instant booking is more common with hosts on popular vacation rental platforms like Booking.com and Airbnb as these platforms allow guests to book vacation rentals directly. Instant booking is critical for last-minute booking as users want their booking confirmed instantly. This is exactly when the instant booking feature plays a significant role in increasing conversions in any vacation rental platform.
Peer-peer vacation rental platforms will be the ultimate choice for rental owners
With the emergence of peer-peer vacation rental platforms like Airbnb, most vacation rental owners are choosing these platforms to manage their rental properties. The choice of the listing site has a significant impact on the success of vacation rentals. It can greatly impact the rental owner’s ability to receive bookings. For example, Airbnb is an affordable choice for most vacation rental owners as it takes only a 3% booking fee and delivers a great traffic volume.
Another reason to choose such platforms is that in case of any issues, vacation rental owners get a quick response from these peer-peer rental marketplaces as they function as an efficient community. As vacation rental platforms will help property owners to oversee all areas of their listing to maximize exposure and revenue, this trend will keep growing in the coming years as well.
Mobile booking is on the rise
Without any doubt, anyone can say that mobile browsing and buying through mobile phones is on the rise. According to Criteo, over 80% of last-minute bookings in the travel industry are made on mobile devices. Hence it is important for vacation rental platforms to optimize their websites for mobile devices to grow their business.
Having a mobile-optimized vacation rental platform facilitates guests to search for accommodations easily, communicate efficiently, and book their stay and trip via their smartphone which leads to quicker conversions.
Now that you are familiar with the vacation industry travel trends to watch out for in 2020, you will have ideas and know what to look out for in the new year. Your vacation rental business can adapt to these rental market trends and by planning your marketing strategies around them, you can attract more customers overall.
In this rapidly changing environment, technology will play a significant role than ever in the revolution of the vacation rental industry. Vacation rental platforms must ensure that they use robust technology solutions that allow them to grow their business to stay competitive in the dynamic industry of vacation rentals.