In Maui, travel and tourism is an evergreen industry. There are innumerable vacation hotspots, unlimited beauty all around, and an Aloha culture that welcomes everyone.
Naturally, travelers from around the world are drawn to Maui. In fact, tourism is the largest single contributor to the state’s gross domestic product, representing about 21 percent of Hawaii’s entire economy!
As a result, there has been an increase in vacation rental properties all around Maui. After all, converting your new condo into a vacation rental is extremely rewarding to owners who are willing to host guests in exchange for a strong and steady income.
But the question is this: what does it take to manage a vacation rental by yourself?
The biggest reason a home owner wants to manage their vacation rental is to save on costs. After all, if you manage it yourself, you’ll incur less overall expenses. However, that’s not always the case.
In fact, managing a vacation rental by yourself can incur higher costs –and we aren’t talking about only the financial aspect of it.
In this blog, we highlight the top 4 reasons why you may want to reconsider managing a vacation rental property by yourself. Near the end of the blog, we also provide an elegant solution on how you can manage your vacation rental well.
#1 You have to employ a housekeeper and find reliable vendors
When it comes to a vacation rental, one of the most important factors that influence a traveler’s decision making is whether the rental is in top shape or not. Keeping your rental at its most charming throughout the year is a task in itself.
Certainly, you are required to employ a housekeeper who understands your property and knows how to manage it effectively. Plus, a housekeeper also ensures that your property looks worthy from every corner. They ensure all the amenities are in place, all facilities fully functional, and that guests have a great time at your property.
To attract and retain potential customers, having proper housekeeping and maintenance are non-negotiable. However, this comes at a significantly high cost that can be avoided easily.
Finding vendors that will show up when they say they will can also be tough. Building relationships and trust can take some time. Weekend and holiday calls are inevitable and having someone you know will show makes all the difference.
#2 You have to invest in marketing
You have a big, beautiful, and heavenly vacation home. You are ready to take in guests. However, when you do launch your vacation home, nobody shows up. Even after months, there’s no steady growth in guest occupancy, and you can’t even begin to project revenue or plan growth.
A lot of vacation rental owners want to avoid this situation. Hence, in this case, an investment in high-performance marketing becomes important.
It involves opening and managing your social media pages, performing high-quality search engine optimization, running paid ads on Google and Facebook, and creating high-performing content pieces consistently.
A strategic marketing investment involves time, money, and expertise.
#3 You should have a website
A website is a home for your home. It provides a potential customer with ready to use information, guides, and recommendations. A well-done website shortens a customer’s path to purchase and facilitates faster decision making. Eventually, this leads to higher number of bookings.
However, a website is a strategic investment and takes time and money to get right. Moreover, you have to update it consistently with new information, maintain it for an error-free experience, and ensure your payment channels are set up right if you are offering online booking. Content and relevancy are scanned constantly by Google’s algorithms, determining the rank, visibility and success of your website.
When you are managing a vacation rental by yourself, getting started with a website can get too complicated too fast.
#4 You have to practice consistent customer service
As your property grows in popularity, so will the number of queries about your rental. In general, customers expect a business to respond within an hour. For owners, this involves managing customer queries from anywhere between 5 minutes to 1 hour per query.
Since responding to customer queries is part of any vacation rental stay, you’ll need to be available consistently. It can often come at the cost of your social interactions or family time.
How Ali’i Resorts Can Help You Save Time and Drive More Revenue
Ali’i resorts bring you experienced, strong, and hassle-free property management experience; we ensure you make the most out of your vacation rental.
With Ali’i Resorts, you can expect full-service property management. It means that when you are on our team, you don’t have to worry about marketing your property, taking care of guests, or keeping your condo in top shape. With years of experience, we do that all for you.
Plus, we have spent years refining and optimizing our web platform that lists your property. You’ll always be on the map, and you can expect consistent results because of our strong relationships with exclusive networking partners.
Lastly, we ensure the guests have a world-class service. We provide nothing but the very best of service to anyone who books your property. Your guests are our guests, and we are available 24/7 to make them feel at home.
While owning a vacation rental property in Maui is easier than ever, managing one has become increasingly difficult and time consuming. Most owners don’t consider the opportunity cost that comes with managing a vacation rental. Plus, the time, effort, and expertise it takes to understand the market is neglected often.
You have to consider that managing a vacation rental property in a hotspot like Maui is like managing a business. Hence, being strategic is important.
Learn more about how Ali’i Resorts can supercharge your vacation rental or call us today to talk to our team about listing our condo 1-866-284-2544.