In the vacation rental market, V.R.B.O. is the abbreviation for the term Vacation Rentals by Owner. In today's era, travel agencies no longer the only source of booking a quality vacation. Most vacation condominiums are privately owned, meaning that each door in a Beach Resort is owned by a separate individual person or entity. Before the internet came along, property owners relied on travel agencies or real estate companies to fill these rental properties with vacationers. Property owners and travelers, alike, were in need of a direct medium for doing business. The internet now makes it possible for property owners to be contacted directly by the perspective property user, thus eliminating the "middle man," and resulting in a win-win for both parties. This method of reserving vacation or business accommodations does not come without risk, however; but if one is willing to take the chance, it could pay off in big savings.
Two decades ago, if you wanted to reserve a nice 2 bedroom vacation condominium on the beach, it would have been necessary to get out the yellow pages and call a travel agent, who would in turn contact or put you in touch with a real estate firm who managed that exact type of property. The package was booked and paid for through the travel agent, who would get a predetermined percentage of the package cost. The resort management firm, who is almost always a real estate company, would also get a large percentage of the proceeds. This partnership allowed these companies to maintain control of the vacation rental market for years, and precisely how large management companies that you find today were able to grow into the mega-corporations that they are.
When the internet became more readily available, websites began to pop up that allowed a property owner to advertise their property for weekly rentals. These sites are very popular with regular vacationers and are growing ever larger by the year. Most of the property owners who use these listing sites have opted to discontinue contracts with property managers in an effort to save the management fees. This is a very important factor to consider when reserving a property from a V.R.B.O. site. By the time you arrive, all negotiations are off; and if the property isn't what you expected it to be, there will not be a front desk or management number to call for amends. Your only source of contact will likely be the property owner, who may live hundreds or thousands of miles away from the actual condominium that you reserved. This is the gamble that must be considered when reserving a non-managed property from a V.R.B.O. site.
Trust is key between both parties. The owner is trusting that his property will be cared for properly, and the renter is trusting that there will be actually be a nice property there upon arrival. Assuming that the property is exactly what is described in the ad, and that all amenities and utilities function as they should, this arrangement could be a great deal for both parties. Cutting out the "middle man" will usually result in lower rental rates, while yielding a higher profit for the property owner.
Owning a vacation rental represents a huge opportunity to make money. Despite as much as we'd all like to do so, we can't live on vacation. So all those weeks you're not enjoying your vacation. Knowing how to advertise your vacation rental property appropriately can help you make money more quickly and potentially pay your vacation rentals mortgage for you.
Knowing the Basics
Before presenting your vacation rental property to the public you should do a little bit of basic marketing. You need to identify your price point and the target audience to whom that price point will appeal. You would likely not pitch a $1,200 per week rental in the same way you'd present a $12,000 per week rental. Understand comparable properties and look into what they cost in order to price your property rentals competitively. Understanding who your vacation rental audience will save you time and money by only pitching your property to the right crowd.
Word of Mouth
It is often said that word of mouth advertising is the best advertising. Maximize your exposure by offering an open house to local travel agents, car rental agencies, and tourist attraction managers. When these people know about you and your property, they're likely to recommend it to other consumers who frequent their businesses. Creating a combination package deal can also lead to more rentals.
There are a variety of online websites which provide you vacation home rentals services and can help you manage your property and book more guests. These websites often operate free of charge and provide you the opportunity to display pictures and room dimension sizes as well. When potential guests decide to book their stay at your vacation rentals it can be done online and managed by property managers. This means all you have to do is collect the weekly gold.
If you're web savvy then you might consider listing your property through various social networking sites like Facebook and Twitter. These sites are easily understood by and used by the masses which expands your potential target audience across borders and economic boundaries. Use buzz words and networking to appeal to other vacationers and agencies that showcase vacation rentals. Sites like Craigslist are also catching on fast for vacation rentals.
Go Old School
If social media, website creation and interpersonal networking are all things that scare you then focus on other forms of marketing that have proven effective over several decades. Running a print ad in traveler's magazines or local publications can generate interests and vacation rentals leads with minimal effort from you. Be sure to list the most positive feature of your property including proximity to major attractions, room sizes, and luxury amenities. Don't forget to list relevant contact information so interested parties can get in contact with you quickly and easily.
Understanding who you are marketing to will save you time. Choosing the right marketing medium will save you money. Renting your vacation home when it's not in use will make your time while there even more enjoyable.
Quickhome is an online portal for property owners to advertize their property and vacation rentals Vacation rentals for people around the world who are looking for apartments, properties, Vacation home rentals for temporary or permanent living. The service is free for property advertisers for a specific period and its completely free for tenants.