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Managing Your Property
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Whether you live close to your vacation home, or use the services of a property manager to look after it and do the changeovers, you still bear the responsibility of ensuring it's in a clean, safe and 'ready to roll' condition when your rental guests arrive.
When you employ someone to do the job, unless it's a professional property management company, you need to ensure they understand the priorities involved in a changeover; appreciate the importance of 'getting it right', and know what to do if something arises that might impact the incoming guests. They also need the tools to manage issues arising from departing clients and how to communicate those to you.
This section provides those tools, along with suggestions and recommendations for managing the property yourself. Drawing on our own experiences and those of many owners who do it themselves, we'll bring you everything you need to create a low maintenance business.
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5 Ways to Be Professional in the Vacation Rental Business
For those who argue that renting out their vacation home is not a business because they do it infrequently or just to friends and family, the counter is that the moment you accept money for the accommodation it becomes a business transaction. Why not be professional and secure your rental guests as happy and returning customers. . . . keep reading
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A Summer of Learning
As the part-owner and President of a busy vacation rental agency - http://www.clrm.ca- I see a wide range of issues that arise during the year but the bulk of them come in the ten weeks of our high season, from the end of June to early September. Most deliver a learning point so here's the top five from 2011. . . . keep reading
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DOWNLOAD - The Niche Domination Resource Book
It is rare to find a property that can appeal to guests year round AND attract maximum occupancy with just a listing or a simple web site. Dominate your market with some simple ideas to help improve your ROI (return on investment). . . . keep reading
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When the Power Goes Out
A violent storm ripped through our part of Ontario earlier this week and took out power for several days to thousands of homes and cottages in our rural areas. For those of us who live here it's not an unusual experience and we're geared up to managing the inconvenience of occasional outages. However, for guests in vacation rental cottages it can come as quite a shock to find the things they normally take for granted, even during a power cut, are not available to them. . . . keep reading
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Rental Agencies -- How to Choose the Right One for You?
'The high cost of choosing low cost' applies in so many areas and none so much as in selecting the right vacation rental agency. What may seem a bargain commission rate can end up costing a lot more, in poor occupancy levels and indifferent service. However, if you ask the right questions and evaluate what is being offered carefully, what seems expensive at the outset can often result in a boost to your bottom line. . . . keep reading
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End of Season is Re-investment Time!
At the end of a hard season of rentals it's time, not only to reflect on what went well and what could be improved, but what needs to be replaced. The wear and tear of a dozen or so families arriving, enjoying and departing, can impact on every aspect of a vacation rental home, so taking time to do a thorough audit can reveal areas that need attention and help you maintain the quality of your property. Here's 6 important things to check. . . . keep reading
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Going Beyond Rental Income
Does your income potential finish when your rental weeks have all been reserved? It doesn't have to. Here's some creative and very low cost ways to continue to make money even when you're all booked up.
. . . keep reading
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Good Changeover Management -- A Responsible Approach
Some years ago when I was sourcing properties for marketing to our UK clients, I viewed a cottage on Kennisis Lake in the Haliburton Highlands. The owners showed me around their slightly messy property and then said it would be the last time they would be there for the summer since it was fully rented. I asked who did the changeovers and was completely taken aback by their response. . . . keep reading
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What Do You Leave In Your Food Cupboards?
If you use your vacation rental property yourself at any time, you might wonder what you should do with items you bring with you and use while you are there. This is a particular issue with owners who only rent for a few weeks of the year and occupy the place frequently themselves. Should you remove absolutely everything before you rent, or is there a case for leaving food items in the cupboards and fridge? . . . keep reading
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What you need to know about overcrowding
A New Zealand rental agency came under fire late last year by evicting a family who 'overcrowded' a vacation rental property under their management. You can read the article for yourself and come to your own conclusions however there are a few points I wanted to raise.
. . . keep reading
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VIDEO TIP - How to stage a bedroom
Darren & Lucie Brand
Research has shown that bedroom images play a large part in the selection of a rental property. Bedrooms that show unmade beds; flat pillows; bare frames and older bedding are almost guaranteed to turn off potential renters, who will quickly move onto the next listing. In this video, Lucie and Darren Brand of Designed to Sell show how easy it is to create an appealing and attractive bedroom image.
. . . keep reading
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Is Providing Internet Access Worth The Money?
This is a question I've been asked on a dozen occasions over the past few weeks. With more providers offering hi-speed access in cottage country, it's a feature many owners are now considering. But, is it worth the cost, since the monthly fees can be quite high? . . . keep reading
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Is Vacation Rental Still Profitable?
When I first wrote Renting For Profit in 2003, I was sharing experiences of buying 6 cottages over 5 years with the accompanying joys and challenges. I chose the title for the book because over those years the rental income was sufficient to pay the mortgage and the additional expenses, with a good amount left over to reinvest. Five years on and the situation has changed. . . . keep reading
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About Renting For Profit
