After having a successful 2018 in New Buffalo, Michigan, we need to gear up for 2019. The first few months of 2019 are always difficult on our wallet, as there is very little revenue from our rentals. But it also provides us the opportunity to fix things in order to create an unforgettable experience for our guests.
So I consider the following to be our New Year's Rentals Resolutions:
1. We will fix everything that is broken.
Travelers expect our places to be in tip top shape. Considering the winter is the slowest time of year, we have blocked off days to have our contractors and repairmen fix a whole bunch of stuff that broke during the summer. We will go into each house and inspect everything with our repairmen, so that we can provide the most wonderful experience for our guests. We do not want our guests to focus on a broken gutter or a chipped chair, as that will take away from their experience of our town.
2. We will spend a night in each of our rentals.
Harbor Country in Michigan has experienced a 12% increase in short term rentals, which means there is more competition for the travelers coming into town. By staying the night in each of our rentals, we get to have the guest perspective, and are able to tweak our living spaces into a more comfortable experience.
3. We will show off our new additions and features on our listing.
How will the guest ever know about the extra features we provide if we do not tell them? Since we have become a desired place for families, we will include some baby items like a playpen and crib. That should give us a bit of an edge over the competition.
4. We will go the extra mile to wow our guests.
Why not have some local wine on the kitchen table when a guest arrives? Our area in Michigan has some great wineries. The produce is unbelievable as well. We are looking into partnering with local businesses to create more experiences for our guests.
5. We will reflect on our reviews.
We love the reviews, as they give us the opportunity to make things right for the next guest, and also fix things. Our goal is to create a memorable vacation, full of fun, laughter, and togetherness. Reviews makes us better general managers of our business.
6. We will tweak our rates.
By looking at the rates the competition is charging, we are able to gauge whether we are priced right so that we can increase our bookings, and thus revenue.
7. We will keep records for all our expenses.
We do not want to be in a position where we did not take a deduction that we could have taken, because we forgot to log a receipt.
While I love multifamily investing, my husband and I are also avid vacation rentals investors. We are considering growing this part of our business internationally, by converting an apartment I own in an Athens suburb of Greece to a vacation rental...