Run a successful business renting your cottage or vacation home
A complete guide to making your cottage work for youRenting Your Recreational Property for Profit is the definitive guide to the cottage rental business. It contains everything the cottage owner needs to know to rent a cottage professionally and profitably. The information, tips, and anecdotes in this book come from the author's own experiences, as well as valuable contributions from recreational-home owners and renters alike, who between them have racked up years of rental know-how.Many people begin renting out their recreational property without first researching the business. This book provides the background knowledge and additional tips they will need to make it a success. For example, the author provides advice on how to advertise to find renters and helps readers decide whether they are better off paying a rental agency or managing the renting themselves from afar. The book also offers very practical advice cottage owners will need. For example, it helps them decide when furniture and appliances should be replaced and provides checklists to make sure nothing is overlooked.To help with the operational side of the rental business, the book also includes a CD-ROM with a complete rental kit of templates that can be customized to suit everyone's needs. The kit includes rental agreements, booking forms, client surveys, and a wealth of additional information.
INTRODUCTION 1Why Should You Read This Book? 11 IS RENTING FOR YOU? 3The Costs of Recreational Home Ownership 4Is Renting for You or Not? 52 THE BIG QUESTIONS 11What Do I Want to Get Out of It? 12How Much Time Do I Want to Spend Doing This? 12Do I Want to Market the Rentals Myself orUse a Rental Agency? 12Who Will Look After the Property When I'mNot There? 13How Will I Take Bookings? 13iiiiv Renting your recreational property for profitCan the Cottage Be Rented Year-Round and If So,What Are the Implications? 13How Much Am I Willing to Spend to Increasethe Rental Opportunities? 14What Are the Tax and Insurance Implicationsof Renting? 14How Will This Affect My Family? 143 SETTING GOALS 16Your Vision 17Financial Goals 18Forecasting Expenses 19Capital expenditures 19Electrical costs 20Telephone 21Satellite TV 22Property management and maintenance costs 23Insurance 24Marketing, promotion, and advertising 24Contingency funds 24How Many Rental Weeks Will You Have Available? 254 WHAT IS MY RECREATIONAL PROPERTY WORTH? 28Location 29Size 30Amenities 31Will It Rent as It Is? 34Making Changes 34Calculating the Bottom Line 365 GETTING READY FOR RENTING 38Getting It Right from the Start 39Property Audit 41Furnishings and Appliances 41Bedding 44Personal Items 46What to Supply? 47Toys, Books, and Games 49Guidebooks and maps 52Adding Value 53Special Occasions 54Christmas, New Year's, and other festive occasions 54Theme weekends 556 EMERGENCIES AND CONTINGENCIES 56The Emergency Section of Your Guest Guide 58Medical/fire emergencies 59System breakdowns 60Power outage kit 617 BOOKING SYSTEMS 63Frequently Asked Questions 65Holding Period 66Rental Periods 67Booking Form and Rental Agreement 68Party members 72Rental Period: Dates and Times 73Payments and Deposits 73Cancellations 74Damage/Security Deposit 75Additional Clauses 768 SEASONAL RENTALS 78The Market for Seasonal Rentals 79Research the Competition 79Contents vHow to Price Your Seasonal Rental 80Security/Damage Deposit 81Screening Renters 82The Contract 82Payment Schedules 83Overholding 84What Is the Downside of Seasonal Rentals? 849 MARKETING YOUR VACATION HOME 85What Is Marketing? 86The Power of the Internet 88Your Own Website 88Your web address 90Working with a web designer 92Site content 94Site structure 94Writing for your website 95Photographs 97Testimonials 99Getting your site seen 100Search engines and directories 100Online advertising 101Rental listing sites 104Link popularity 105Ease of navigation 105Availability calendar 106Cost 106Print Advertising 107Creating Your Own Literature 108What to put in a leaflet 108Printing your brochure 110Distribution and mailing lists 111vi Renting your recreational property for profitPrivacy of Information 111Monitor Your Marketing 112Frequent Guest Incentive 112Newsletter 113Open-House Weekend 11410 RENTAL MANAGEMENT AGENCIES 117Types of Agencies and Services 117Booking agencies 118Full-service agencies 118Agency rates 120Viewing 121Additional services 121Smaller agencies 121Choosing an Agency 122The Contract 123Duration of agreement 124Responsibilities 124Exclusivity 126Agent's fees 12611 MANAGING YOUR PROPERTY YOURSELF 127Pros and Cons of Self-Management 128Management Options 130General Maintenance 134Meeting and Greeting 136Cleaning 138Cottage Security and Key Issues 13912 GENERATING RETURN VISITS 142Exceed Expectations 143Accurate description of all aspects of the property 144Contents viiUp-to-date photos 144Clean, clean, clean, then clean again! 144WOW your guests from the moment they arrive 144Stay in Contact With Their Permission 144Birthdays and anniversaries 145Activity breaks 145Ask for Their Feedback Then Thank Them for It 145What to Put in a Questionnaire 146Ask for testimonials 147Keeping in Touch 14713 HANDLING COMPLAINTS 149Serious Complaints 15114 THE GUEST GUIDE 152Contents of the Guide 154Index 154Welcome and introduction 154Phone numbers 154The local area 155Arriving 155Systems 156Appliances and operating instructions 157Outside the cottage 157Fire pits 158Keeping the critters at bay 159Bugs and other flying creatures 160Garbage disposal 161Places to eat, and things to do and see 161Departure 16215 WRAPPING UP 163viii Renting your recreational property for profitSAMPLES1 Creating a Vision 182 SWOT Analysis 353 Rental Calculator 374 Cost of Furnishings 425 List of Supplies 506 Vacation Rental Agreement 69TABLE1 Pros and Cons of Management Options 131
