Do you own a vacation rental, or want to get into a luxurious form of real estate and the tourist economy? Vacation rental management is a strong investment, but it's not without its headaches. To get ahead of the curve, it's a good idea to know what the average renter thinks about, how the worst renters react, and what the best renters might not be saying. Here are a few common tenant complaints, questions, and rental situations to help you manage your properties with fewer surprises.
Broken Furniture And Repair Contracts
It's inevitable; vacation rental owners will have to deal with party people. This becomes an ideological battle between getting elegant, inspiring furniture and something that can be easily replaced after the 40-person frat party from an elite school that could afford to fix the problem, but might not.
In this situation, some first-time renters may be slow to pay for the repair. It's understandable that the issue is a critical situation and you may not want to let new tenants in quite yet, but if you're on a schedule, you need a recovery plan.
First, consider moving out any priceless materials. There's more to say about valuables in the next section, but for now, you should consider beautiful, but non-rare and non-exclusive furniture. Depending on your tier of housing, you still need to keep up appearances. Just save the rare, one-of-a-kind pieces and family heirlooms for another time.
Next, make sure that you have a furniture contracting team on hand and in the area, or at least able to get to the area. When you're notified of property damage, you need to be ready to fix the issue and prepare for the next tenant. Waiting for weeks instead of days or hours to get someone to simply look at the issue, let alone start repairs, can put a dent into your business income.
This means having a team that can handle upholstery, woodwork, metalwork, and parts procurement. You'll want options for both repairs and replacement before a problem starts, so speak with a vacation rental management professional at a company like StayInBNB.com before you begin your next rental to arrange a service team.
Selective Tenants For Valuable Property
Being choosy with your tenants can be difficult. It takes more that personal pride and nice property to demand the highest rates in the country, and barring a first-time success with a flood of tenant requests, you'll need to make sure your prices are accessible to as many people as possible while making the money worth your time.
Unfortunately, there aren't many ways to legally filter your clientele without a professional background check. Discrimination is a risk, as if it's proven that you've denied someone who happens to fit a specific demographic while accepting others with similar finances and backgrounds, you may be in trouble.
Without a background check, how can you know that your decision was sound without stepping over a social trap door? In addition to background checks, make sure to insure your valuables and hold interviews with potential renters. Get to know them, figure out what they plan to do, and politely express your pride and love for your property.
Speak with a vacation rental management professional to schedule a meeting to arrange for service professionals and background checks for your property.