It doesn't matter whether you're new to short-term rentals or if you're adding new listings to your portfolio; in this industry, there's always a seemingly endless list of to-dos.
As long-term property managers in Navarre Beach, we manage several rental condos and beach homes, and we know how everything can get pretty hectic sometimes - from buying cleaning supplies to setting the ideal pricing strategy for your rental.
That's why we always like to share our expertise with property owners to help them navigate the waters of vacation rentals in Navarre Beach.
In this blog, we'll bring you the top 10 things you should know.
Let's dive right in!
1. Consider your costs.
One of the unavoidable aspects of starting a rental is dealing with costs - both startup expenses and recurring costs.
Let's learn the difference between them:
One-time costs: some of your expenses will relate to setting up the rental, things such as repairs and the costs involved with acquiring furniture to create a welcoming décor, and adding those unique amenities guests love. Additionally, we highly recommend that you invest in top-notch photos to promote your beach rental effectively.
Fixed costs: these are the regular costs you will have to deal with, things like paying for utility bills, internet, specific supplies, and more. They are similar to the ones you have to deal with in your own home but also include items like cleaning staff payroll, and so on. Some of these costs will vary with the number of guests you have; others will remain fixed.
Pro Tips for Beginners: when you're just starting this business, it's normal to have your first months with negative revenues. It takes some time to build momentum and get things on track. In other words, be patient and don't give up!
2. Keep your rental updated and stylish.
The décor of Dream Maker follows a contemporary style but still bets on colors that work well in beach settings.
When people travel nowadays, they are mostly seeking unique experiences. With that in mind, when setting up a new rental, creating an ambiance with good décor and updated appliances is the way to go.
You can even draw inspiration from your surroundings with your décor to tell a story that connects with local culture and resonates with your clientele.
In Navarre Beach, guests expect to find rentals with beach-related décor. That's a bonus that really helps to build a better vacation experience.
When decorating your home, you can draw inspiration from your very surroundings. Consider how you can leverage the local allure and incorporate it into your décor. The Beach Décor of Whispering Palms.
3. Offer the right amenities.
Offering guests the right amenities is a major way to stand out in our increasingly competitive market, and provide what guests are looking for. Good amenities will bring you more bookings and increased revenues.
The landscape for amenities has changed in recent years, though. For instance, things like smart TVs are no longer considered extras; guests already expect to find them when they rent a vacation property in Navarre Beach. The same goes for streaming services. Roku, for one, is a cost-effective and user-friendly streaming solution that offers personalized entertainment. These are the 'must-haves.'
The amenities that guests are really looking for now are hot tubs and private pools. So, if you want to create that 'wow' factor, these are the amenities you should have in mind. They are the 'great-to-haves.'
Another thing that will catch the attention of potential guests is a modern, well-equipped kitchen with all the necessary cooking appliances. Industry insights show that guests like to cook with their friends and family while on vacation, and that's one of the main reasons why they choose vacation rentals over hotels.
Extra tip: a trend we've been noticing over the past years is that guests really appreciate pet-friendly rentals. Considering this option will make your rental more appealing to a larger portion of people looking to visit Navarre Beach.
Nowadays, people want to travel with their little companions. More and more guests appreciate pet-friendly beach rentals.
4. KEEP YOUR RENTAL CLEAN.
As professional managers in Navarre Beach, we know well that maintaining your vacation rental spotlessly clean and in top-notch condition at all times is another major factor contributing to good reviews and financial success.
At Navarre Beach Properties, we make cleanliness a top priority. Our cleaning staff is sourced from the best firms in our area, and they work their magic after every checkout, addressing all the most important touchpoints such as replacing linens and towels and sanitizing hard surfaces, floors, showers, toilets, and hot tubs.
But it's not all about routine cleaning. We also offer deep cleaning services. This involves moving heavy furniture and appliances to clean underneath, inspecting the walls and ceilings, and treating wood surfaces, among other heavier tasks.
Moreover, we are one of the few rental management companies in Navarre Beach that has in-house cleaning inspectors — that's an extra measure to ensure that all tasks are consistently performed to the highest standards.
5. Practice preventive maintenance.
Just like with cleaning, maintaining your rental in good condition is essential to having a high score and receiving positive reviews. Once more enter your trusty cleaning staff — they are the ones who usually report any damages and maintenance needs to owners.
Because of the higher turnover of guests, a beach rental requires more maintenance and upkeeping than a regular home. For this reason, we periodically inspect all of our rentals. Our regular checks include assessing supply inventory, replacing old or damaged items, and inspecting sinks, showers, and baths, among other important tasks.
Also, it's very important to perform significant tasks like repainting walls, repairing flooring, and changing carpets. Neglecting those will only lead to bigger and more costly problems sooner or later.
As property managers in Navarre Beach, we have strategies in place for regular check-ups and preventive actions and we keep owners in the loop about any damages to their properties, providing the necessary guidance when needed.
6. INVEST IN GREAT PHOTOS.
A superb professional photo of Stella Maris with a beautiful Florida sunset.
Do you have good décor and top amenities in place? Great! Now it's time to promote your rental to the world. The best way to do this is by investing in great photos.
In our field, we keep meeting rental owners who insist on saving a few hundred dollars by taking their listing pictures themselves. They usually argue that they can use the cameras on their phones. While we agree that phones can take some high-quality photos, having a technical eye combined with the right lenses will make all the difference in presenting your rental to the world.
It's our general approach to hire the best professional photographer in the market to shoot all our properties. Our market is getting more competitive by the day, and this is a great way to stand out from the noise.
7. LIST YOUR BEACH RENTAL ON THE RIGHT ONLINE TRAVEL AGENCIES (OTAS)
Once you have your great pictures ready, you need to upload them somewhere. To us, the best listing websites for Navarre Beach vacation rentals are Airbnb, Vrbo, Booking.com, and Expedia. However, Airbnb and Vrbo are the most popular ones and bring the largest portion of bookings.
It's always a good idea to familiarize yourself with each platform and select the optimal mix for your rental. Here are some things to look up:
Does the platform provide subscription-based pricing or charge per booking?
Does it offer insurance coverage?
Is it well-received by your rental's target audience?
What are the booking-related costs? Always review their policies carefully regarding host fees, guest fees, credit card fees, and any other potential costs to avoid surprises.
Does the website offer customer support? Remember that technology can sometimes present challenges to owners.
Does the platform support software integrations? Keep in mind that as your business grows, you may want to incorporate additional tools to streamline your operations.
8. Develop your pricing strategy.
Regarding Navarre Beach vacation rentals — or any vacation rental for that matter — pricing is as important as location, quality score, and pictures.
You might be thinking that once you've invested in decor, amenities, and photography, you should ask for a higher fee. And we agree, to a certain extent. Still, it's important to take a step back and evaluate your rental in a detached manner, as if you were a guest.
Most of the factors we touched upon above will influence your nightly fees. You should calculate your costs and add your expected profit margin on top of them to reach your baseline fees. Once sorted out, think of maximum and minimum prices and compare your rental and its offerings to similar options in the market to find your optimal nightly fee.
However, remember that pricing is never a static thing; it should respond to market demands, seasonality, special events in your area, and other external factors.
That's why, just like airlines and hotels, setting a dynamic pricing strategy for your vacation rental is key. In sum, this involves quickly adapting your rates based on your guest's willingness to pay on a continuous basis.
Luckily, there are software options available on the market, such as Wheelhouse, PriceLabs, and Beyond. These tools can reduce your workload by up to 70-80%, while potentially boosting profits by 20-30%.
Do you think this sounds fantastic? Imagine having a full-time revenue manager on top of that. At Navarre Beach Properties, we have a dedicated team working on improving pricing strategies for all our properties. Their sole goal is to maximize profitability to the highest degree.
9. Prepare to handle guests and their requests.
Once your price strategy is running well, you'll start getting those bookings. It feels wonderful, but fool yourself not — that's when the real work begins.
Much of a host's work entails relating to guests and establishing a good relationship with them. That's what hospitality is all about, anyway!
The best strategy for guest management is aligning expectations with reality. This means making sure the major aspects of your rental, such as pictures and descriptions, meet the reality when guests arrive. Once they step in, they should find exactly what they saw in your photos. Anything else will lead to disappointment and bad reviews.
Another major and very time-consuming element is communication. To optimize this process, a good idea is to offer a great deal of information to guests in advance through your rental descriptions, photos, as well as guidebooks. Try to get these elements to answer questions before they are asked and to make everything clear from the outset.
Still, questions will come, and at the oddest hours. That's why at Navarre Beach Properties, we have an amazing customer service team working 24/7, including weekends and holidays, to address guests' needs. This sort of attention is important for getting 5-star reviews for our beach rentals.
10. Don't take things personally.
Dealing with guests will not always be a smooth experience. Sometimes, they will break your rules and leave your place in not-so-good conditions. You will even come across broken items and damaged amenities — it happens to all of us.
One thing is for sure. The way you deal with these issues will influence your success as a host. Above all, it's important not to take things personally when unpleasant surprises happen and try not to get consumed with the issues.
As a rental owner, it's natural that you'll feel attached to your beach rental after spending a lot of money, time, and effort building something great. But remember that you're running a business, after all. Having a somewhat detached mindset will help you see things differently and deal with unpleasant situations in the right way.
Valuable tips for Navarre Beach Property Management
Being a vacation rental host is a complex and demanding endeavor, but it's also very rewarding.
If you ever need help with your rental in Navarre Beach, you can always count on us. At Navarre Beach Properties we always engage in open and honest conversations to establish realistic expectations for new owners, and we also have our in-house brokerage to assist with your real estate needs.
Want more tips? Check our other Navarre property management blogs for valuable insights on vacation rental management.
