VACATION RENTALMASTER PLAN

PUBLISHED BY:

The Vacation Rental Formula79 FR11,Havelock, ON K0L1Z0CANADA

VacationRentalFormula.com

Copyright ©2017MOSO Partnership Inc.All Rights Reserved. May be shared with copyright and credit left intact.

ARE YOU ALWAYS LOOKING FOR SOLUTIONS TO YOUR VR PROBLEMS?The Vacation Rental Formula is the best place to find the answers to your vacation rental questions.

With on demand courses, community and support, you will wish you had joined sooner.

JOIN TODAY!

Whether you are just starting out or are a seasoned pro at the vacation rental busi-ness, you need to have a master plan – a blueprint that de�nes your strategy wheth-er it’s for day-to-day management, or for creating an annual marketing budget.

From establishing your market, and researching the competition, to driving tra�c to your site or listing through social media channels, it can be a confusing mix of activi-ties and it’s easy to miss something if you don’t have a tight handle on what you need to do.

This checklist should form the basis of your master plan, which can be a physical folder with sections for di�erent aspects of the process, an Excel Workbook, a series of Evernote notebooks, or any other method of collecting your information.

3

MARKET RESEARCH

I know who my target market is and where the majority of my rental guests come from I can name my closest competitors and know their rates and where they advertise I know the dollar value of the maximum number of vacation rental days I can o�er I subscribe to industry information in the form of newsletters, news alerts and forums so I can stay informed and up-to-date with changes in the industry I am aware of all legislation and regulations that relate to vacation rentals in my area

I frequently check my competitors blogs and social media posts

I have listed what di�erentiates me from my competitors and know exactly what my competitors do better than I do I have a list of all the websites, blogs and forums relating to my speci�c niche I have a detailed spreadsheet of all local activity providers with their web site addresses, email and telephone num-bers and have highlighted the ones with valuable content

5

WEBSITE & SEO

Unless you have proven results with a listing and know you can achieve maximum occupancy with your listings alone, it is important to have your own website. Building a powerful website that will attract tra�c has never been easier, either to do it yourself or have a Wordpress framework created by a professional that you can then self-manage.

A home page that clearly indicates where the property is located (country/region) including a map An easy to navigate menu showing where visitors can �nd property information Easy to access and up-to-date rate table and availability Terms and Conditions of Rental

I have a mobile responsive website with a professional design – not a free template I am able to make changes to my own site, or have a Wordpress blog in addition to the site All the information on the website is up-to-date and accurate My website has the following: An easy-to-remember web site address

7

Genuine reviews or links to the listing site review section An “About Us” page describing why you love the place and want to share it with others A “Frequently Asked Questions” page An up-to-date availability calendar A booking engine with the ability to accept credit card payments Google Analytics installed

My web site has niche content relating to an area in which I am an expert

My web site has all my social media linked icons

All photographs on the site enlarge to at least 640 x 480 pixels I have gone through my website from the perspective of an average potential guest and ensured it is designed to make it easy to book. I have asked at least 3 other people to do the same and provide me with constructive feedback. My website text is professionally writ-ten and optimized so search engines will �nd my site and rank it highly. My website is content-heavy with pages featuring attractions, activities and events in my area

8

PREPARATION FOR RENTAL

Getting all your ducks in a row for marketing and listing your property is of course important, but if you are not also fully prepared for a demanding audience arriving at the property and expecting quality throughout the experience, your reviews could su�er. Get it right from the beginning and you’ll reap the rewards. I am providing at least equal or higher standard amenities than my competitors My entertainment systems are up-to-date and meet the demands of my target audience (i.e. sports channels available) All beds are equipped with high quality mattresses and bed linens

10

There is su�cient insurance that covers short-term rentals with appropriate public liability The property has been safety checked by the local �re department or a safety spe-cialist All aspects of the property meet mini-mum building code standards for the area I have created a comprehensive Welcome Book that includes all relevant house and tourist information The changeover team have been supplied with a comprehensive cleaning and re-supply checklist

MARKETING/LISTINGS

Having your own website is a must, but listing on the major sites will give you a solid foundation. If you subscribe to a service that o�ers channel distribution, make sure you are aware of the booking features of each one. I have researched the major listing sites as well as more location speci�c sites and know which of them are dominant in Google searches on a range of keyword terms – not just the popular keywords I fully understand the implications of online booking when using a major listing site Each of my listings is up-to-date and accurate and has availability data My listings allow visitors to link back to my site or blog I am listing on at least one major site and one location speci�c site I am listed on specialty sites associated with my niche

12

MARKETING/BLOG

Your blog is your home to all the valuable content that will drive tra�c to your site from other social media platforms. Don’t miss out on this important part of the marketing strategy.

14

I manage my comments section and approve new comments promptly and respond to comments regularly I have an “About Me” page on my blog There is a link to my web site on my blog My blog has Facebook and Twitter icons linking back to my social networking sites

I have a blog hosted on Wordpress My blog is self-hosted (it has a unique domain name) using wordpress.org and not wordpress.com I write regularly to my blog – at least once a week My blog has a good range of content of interest to all my potential audience

MARKETING/SOCIAL MEDIA STRATEGY

If you are not using social media to broadcast your brand, you are missing out on the best free marketing this decade is bringing. A traditional website not supported by social media channels will languish behind those that use a strategy incorporating at least two of the following: Twitter, Facebook, Instagram, Pinterest, LinkedIn and YouTube.

16

I have created accounts on at least two platforms I am building a following on Twitter I understand how to use lists to �nd people to follow on Twitter, such as travel writers and other people in the vacation rental industry I understand how to use Twitter with a balanced approach of messages and not to use it solely to promote my property

My Twitter pro�le uses a personal image and optimizes the 160 characters permitted I have Tweetdeck or Hootsuite installed so I can manage my Twitter account e�ectively I have a dedicated Facebook Page for my property I post at least once a day to my Facebook page in an e�ort to engage fans Each week I ask at least two questions, post photos, share links and use a wide range of methods to connect with my Facebook fans

MARKETING/OFF-LINE

I am a member of my local Chamber of Commerce or Tourist Board I have a printed lea�et, brochure or business card I can give to people I meet I send personalized postcards to my previous guests

18

BUDGETING AND TARGETS

Although many marketing channels are free, or very low cost, there will be expenses related to your marketing activity and it’s important to keep a handle on every penny spent. This way you are able to accurately calculate the return on each separate investment. If you use Google Adwords, Facebook Ads, PPC or PCM campaigns you need to track them closely if you are using them as part of your marketing campaign.

20

I have created a marketing spreadsheet to record all my marketing channels costs/income from them I understand the term ROI (Return On Investment) I know how much it cost me to generate each new rental client based on past marketing actions I have set a budget for marketing based on a percentage of my gross income from rental and other related sources I know what the lifetime value of my average customer is so I know how much I want to spend to acquire a new one

BUSINESS SYSTEMS & OPERATION

I have a rental agreement that outlines the Terms and Conditions my guests must accept I have written policies in place to cover cancellation, pets, damage and use of equipment such as hot tubs and swimming pools. Wi� limits are clearly communicated to guests before they book I respond to guest inquiries promptly – within minutes when possible I use all available technology for customer communication i.e. digital handshake, inquiry auto-response, SMS and text messaging, app-based resources etc.

My booking system is streamlined and creates invoices, statements and guest information automatically at the time of a reservation My availability calendars synchronize across all listings and website so it is always up-to-date and accurate The Vacation Rental Formula delivers information and resources on every aspect of your rental business. Whether you have one property you manage yourself, or own a property management company and manage many, there are action plans, checklists, workshops and helpful material to increase your success.

22