January 24, 2023
5 of the Biggest Myths in the Vacation Rental Industry Busted!
The vacation rental industry has a certain number of myths attached to it which are troublesome when it comes to the good repute of the industry and how much income it generates. The good thing about myths, though, is that they are just that, and can be dispelled! Here are five of the biggest myths, busted.
Vacation rentals are not professionally run
A common misconception in the business is that a vacation rental property will be casually run by individuals or groups of people who are amateurs. That Mr And Mrs Smith just decided to rent out their house without thinking about provisions and facilities for guests, or insurance considerations or where to place themselves in the market. Vacationers may think the industry is unregulated and shambolic. In fact, around 70% of vacation rentals are run as small businesses and many of them are managed by a property management company so everything is taken care of, and the property is run like clockwork in terms of housekeeping, turnarounds, and property maintenance and repairs. There’s also the idea that if a guest has a problem with their rental, or a reason to complain about something, however small, they will have no recourse – unlike in a hotel, where there is always a manager on site to deal with the demands and concerns of guests – but the opposite is true. Lincoln James, a business writer at Elite Assignment Help and UK Writings review, says, “Vacation accommodation can actually create a special bond between guest and owner. Rental properties benefit from personal touches like welcome baskets and gifts, and an owner is usually very quick to respond to guest’s problems and solve them with personal consideration.”
Vacation rentals have lower standards than hotels
Not so. The holiday rental market has moved with the times, particularly in the last 15 years or so, and standards are much higher than they used to be. Holiday rental management agencies will only advertise properties that have been thoroughly vetted, with guest satisfaction being paramount and there’s a general culture of the guest being thoroughly cared and catered for – as this is how businesses survive, in all sectors. With a return to travel after Covid, there’s also a real strive to lure guests back into vacations and make sure their experience is wholly satisfactory. Like in many businesses, in making sure everything runs smoothly, there’s usually a formal contract provided by a property’s owner and able to be perused by staying guests, which sets out their obligations as the owners of the property, what they promise to provide in the vacation rental and its outside areas, and their insurance provisions, making sure the owner, guest, and property are all protected. Vacation rentals are also converting guests who historically stay in hotels to try out a stay in a vacation rental, with 60% of guests who have used both, saying they prefer vacation rentals to hotels.
Vacation rentals are not great for children
Yes, a hotel can offer a variety of activities for children, several dining options, etc, but a hotel room in a large complex doesn’t give children the space and freedom of a holiday rental. Children have more space to roam and to treat a rental property like a home from home. They can retreat to their rooms, for example, without the whole family having to go, and can have the pool to themselves! There’s also the advantage that food will be tailored to your children’s diet and local supermarket trips enjoyed, to make sure everyone gets to eat what they like. In addition, there’s a real flexibility to bedtimes and meal times and the vacation rental chosen can be perfect for your family’s needs. Frances Sims, a travel blogger at UK Services reviews and Revieweal says, “When you choose a holiday rental, you can also choose one that is perfectly tailored to your family, with suitable local pursuits like swimming or surfing your children will love.”
The holiday rental market has plateaued
Buying a vacation property with the goal of renting it out may feel like a risky business, especially when it comes to concerns about the amount of competition and the possibility of less-than-ideal guests, but owners are still making good returns on their investments with profits made on vacation rental properties considerably higher than those for long-term rentals. As long as you have finances and expected income planned out well in advance, anticipating exactly when your rental periods will be and how much income you will generate each week, or month, and are pin-sharp when it comes to marketing – as there’s no point having a beautiful rental property if no one ever gets to hear about it – you are unlikely to become unstuck.
Vacation rentals are bad for the economy and local communities
Rentals can get a bad rap when myths abound about a rise in anti-vacation rental associations, or rental properties in the area having a detrimental effect on local communities. In Madrid, Spain, there was an example of an anti-vacation rental group that decided to sabotage locks by putting glue on them, which was quite the statement and very much frowned upon. Yet, vacationers who stay in rental properties are investing their dollars into the local community by frequenting bars, restaurants, shops, and local tourist sites. Plus, if owners need extra income and renting out their property provides this income, the local community and economy is surely aided.
Myths surrounding the vacation rental business often bounce around, but as proved above, myths can simply be areas of discussion that are often disproved. The vacation rental business continues to thrive as property owns keep guests in mind and run their businesses, accordingly, seeing good profits and maintaining great reputations.
Rebecca Leigh is a writer on marketing strategy for Write my assignment and Essay help. Rebecca participates in technology and marketing conferences, acts as a business consultant and writes for online magazines and blogs like Big Assignments.