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5 Things to Know Before Renting Out Your Space

Updated: Oct 19, 2019

It is no surprise that the vacation rental space has been booming in the recent years due to the ability for working families go make extra income by renting out their open space. However, understanding these seven areas before renting out your space is crucial to running a vacation rental business.

1. Understanding your target market and what type of people you are catering to is so important to understand how to best market your space. Are the people who rent out your home or room vacationers, business travelers or weekend warriors? This is key to understanding what type of amenities/things your guest is going to find important.

2. How often do you want to host guests? Some people want guest staying at their home all the time. Other hosts only want guests when they are away on vacation.

3. How to interact with guests. In today's world with online shopping, people are less interested in face to face interaction and more in tune with efficiency and speed. Some hosts try to meet every guest in person, but some guests do not want thing. Again, this goes back to understanding the target market.

4. How to actually run an efficient business. Some hosts just want to host a few guests a year while others are tyring to make a career out of it. When starting a business, you have to have all of the right tools and procedures in place to be able to start a scalable and lean business. Some of these systems include channel managers, accounting systems, automatic door locks, security cameras, and more.

5. Have fun. The most important feature of any vacation rental business is to make sure your guests have a great time and want to come back. This is key for getting repeat customers who love your property.

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