Buying your first holiday rental is incredibly exciting and this is the start of what has the potential to be a very successful business venture. When your holiday home or holiday villa is in the right location, it is likely that you will get a lot of interest as soon as you start advertising your property too. So, it is important to ensure that you’re prepared for whatever might be thrown at you as soon as you open the doors to your holiday rental, so to speak.
As you may expect, not everyone who owns a holiday rental will get things right and this can leave them in a horrible situation where their booking’s diary is empty and they’re losing money on this investment, so it is essential to do all you can to avoid some of the biggest mistakes that people tend to make. To help any new holiday rental owners ensure that their holiday rental has the best possible chance of success, below we have listed some of the biggest mistakes that you need to be aware of.
Not understanding your target market
When you own a holiday rental, it is so important to be aware of who your target market is and this will influence so many decisions that you make moving forward. Identifying and researching your target market should be one of the first things you do when you start renting out your property and if you haven’t yet done this, make sure you find time to do so.
Charging too much or too little
Of course, owning a holiday rental is a business, so the amount you charge guests per night is incredibly important. You need to ensure that your costs are high enough to make a profit but not too high that you put people off wanting to stay at your property. It is essential that you find a good balance in this regard and this will determine how successful your holiday rental is.
Not advertising on a private rental platform
In this digital day and age, there is no better place to advertise your holiday rental than on the internet and, in particular, a website that travellers turn to when looking for private rentals. This is one of the best ways to increase your visibility and this can help you to fill your bookings diary, but just make sure you do your research before choosing a platform to advertise on.
Having a poor advertisement
When you’re advertising your holiday rental online, is it absolutely essential that your advertisement is doing your property justice. The pictures that you use should be professional-looking and show your property off in the best light, and your description should be enticing and full of useful information. This can help to dramatically increase bookings.
Taking too long to respond to enquiries
If you receive any enquiries about your holiday rental, it is so important to respond as quickly as you’re able to. It is likely that guests will have contacted the owners of several different properties, so the sooner you reply, the more likely it is that you will get their booking. Try to be as approachable and useful as possible in all of your replies as well, this will be appreciated.
Not reading the guest reviews you get
Should your guests review their stay, it is essential that you read these reviews and learn from them. Not only is it important to reply to any bad reviews in an attempt to prevent them putting others off booking with you, but you should take on board any feedback given and ensure that you’re making required changes. This will help to ensure all future reviews are more positive.
Making the most of your holiday rental investment
All in all, it goes without saying that owning a holiday rental isn’t always as easy as people think it will be, but when you’re successful it can be a brilliant source of income. Hopefully, now that you’re aware of some of the most common mistakes made by people who own holiday homes and holiday villas, you can ensure that you’re not following in their footsteps and instead, you’re making the most of your holiday rental.
If you’re searching for somewhere that you can advertise your holiday rental to help increase bookings from the get-go, be sure to visit the Rental Cloud website. We understand first-hand what it is like to own a rental property and you can trust that we will provide you with the perfect platform to list your property. Unlike lots of other sites, our platform has no commissions, bookings fees or hidden surprises, so you can always advertise on our site with complete peace of mind knowing that you won’t be making your first mistake.