If you had the chance to turn a property you love into a vacation rental that pays you in ways you haven’t thought before, would you take it? Over the years, many have done just that and have successfully started booming vacation rental businesses.
With the ease of reaching new customers now, it only makes sense to turn your passion – something that matters to you – into something that makes you friends in many corners of the globe and also some real money!
However, it’s also important to find the right direction for your vacation rental. It’s super vital for it to generate profit. Otherwise, what’s the point of all the investment? In fact, if it’s not making profits for you, it is not a business but a mere hobby.
At Ali’i Resorts, we have been in the vacation rental business for over a decade. It puts us in a position to share with you some of the most reliable ways you can set up your vacation rental business for success and generate positive cash flows. Let’s dive in!
#1 Treat it like a business
The single biggest mistake committed by vacation rental owners is that they treat it like a “property.” It’s important to understand that when a property is identified to make you real cash, you have to treat it like a business.
With that, there are a lot of business decisions that follow to ensure it is kept profitable throughout the seasons. As a business, you have to ensure all your finances are in order and your balance sheets are in place. You also have to monitor any operational challenges whether it relates to customer acquisition or retention. Moreover, you have to ensure you are marketing to the right audience, keeping your accounts in check, and generating profits from your investments.
Now if you are a first-time vacation rental owner, all these tasks will sound extremely daunting. While these tasks require effort and not all of them have a clear path to more sales, all of them are highly important in setting up your vacation rental for success.
#2 Make It Look Good
We are drawn to beautiful things naturally. In fact, if someone looks at a property and finds it attractive so much so that it gets their attention, you have won half the battle as a homeowner.
Now, the majority of the audience looking for your property will find it on a website, on a flyer, or through a social media post. How can you optimize your presence then? The answer lies in high-quality photography.
When you have high-quality photos of the property, it draws people in and gives them a first-hand experience of how the property looks. Not just that, it also helps them imagine their stay, appreciate the fine details of your property, and request adjustments where necessary so you can accommodate before they arrive.
Good photography can make your property look like a dream. We suggest you don’t miss out on capturing it.
At Ali’i Resorts it’s just another perk we offer to you to help you get the most professional photographer and have them give your space an unforgettable view we can use to successfully rent your property.
#3 Maintain it for success
Your customers want a space where they can spend quality time, relax, unwind, and have a lot of fun. For that, it’s very important that your vacation rental is set up and maintained in a way that doesn’t disappoint.
Now, maintenance is just not about clean bed sheets or access to hot water or A/C, it’s also about little things all around the space. Hiring maintenance staff is key to success here. They should be trained and guided on a regular basis to ensure nothing gets missed.
Remember, word of mouth and reviews matter a lot in the travel industry, so it’s important that you ensure have everything in order way before a customers’ scheduled arrival.
Our Mission at Ali’i Resorts is to provide the extra amenities that set our properties apart.
#4 Focus on marketing
Your vacation rental is ready for the world. So, you get everything in order and launch. Two months later, there has been little to no interest in the property. Meanwhile, you are incurring daily costs on the property. The business sure doesn’t look profitable. What’s missing?
Well, you aren’t on the map yet. Not enough people (and the right ones) know about your property. What you need here is a focused approach to marketing.
Here’s a simple checklist to get started with marketing:
- Set up a website for your vacation rental
- Set up your social media presence
- Identify your target customers (geography, interests, age-group)
- Decide on a paid marketing budget and run targeted ads
- Have a strong email marketing program
- Do regular blogs and influencer partnerships to put the word out
- Connect with the right partners, avoid the wrong ones
Now while you don’t need to cross everything off the above list, doing it all will help keep a steady flow of traffic for your vacation rental to be successful.
Need professional assistance for a hassle-free vacation rental business? We got you covered!
Running a vacation rental can be hard. That’s why at Ali’i Resorts, we take care it for you. Here’s how:
- You can expect our full-service property management that’s trusted by many!
- We’ve spent years refining and optimizing our platforms for vacation rental success. So, we put you on the map with the right marketing at all times.
- We deliver best-in-class property maintenance.
- We are open 8 am to 8 pm every day of the week and we have 24 hour guest support
- Lastly, all your guests get the best services – hands down!
But there’s more! We have some of the best marketing teams in Maui. Our aggressive strategy with focused Google Advertising, Facebook campaigns, and creative social media attracts vacationers all throughout the year.
We, at Ali’i Resorts, have a passion to be the best in Maui for vacation rentals. We ensure this by being absolute best-in-class when it comes to home management, marketing and making sure guests are set up to have an awesome experience.
Call us today to talk to our team 1-866-284-2544 or visit us to know more.