DeBusk - The vacation rental goldmine : how to maximize you rental income with great guest experiences

The Vacation Rental Goldmine

How to Maximize Your Rental Income with Great Guest Experiences

2014 by Chris DeBusk

Cover Photo by Quoc Nguyen

Author Photo by Kathy Taylor Scott, www.kathytaylorscott.com

Illustrations by Sigit Pardiyanto

I s tarted renting my vacation property a few years ago, taking properties with mediocre rental returns and making them exceptional rental producers tripling or quadrupling the previous owners gross rental income. Since you purchased The Vacation Rental Goldmine, I assume that you, too, are looking to maximize your rental return. My hope is that you can put this system to work for you with minimal effort. After watching a few friends succeed, I decided to share the system with everyone. They , too, had rental income results that exceeded what they thought possible.

This book is written from the guests perspective. Its a guide to creating great guest experiences as the pathway to maximizing income from your vacation rental. Each chapter starts with the guest and discusses what owners can and should do to make their experiences great. Other books on this topic are written almost solely from the owner perspective. They cover subjects like Choosing Renters , or focus chapters on complaints or damages. Sure, these are important topics, but there is a big difference between doing things to renters and doing things for guests. A great guest experience results in improved guest retention, more bookings, and higher rates; all of which puts more money in your pocket!

Secondly, the Goldmine System provides detailed instructions and tools to bring great guest experiences to life. Other books on vacation rentals cover concepts, but leave the reader to figure out how to make it happen. The reader has to tackle the tough job of putting the concepts into practice, alone! As an example, many books cover the importance of a vacation rental website. The author typically concludes the topic by pointing out a couple of website building tools that are as easy to use as Microsoft Word . I suspect most readers take a quick look at these tools and conclude they dont know how to get started. The Goldmine Toolkit contains detailed, step-by-step instructions on how to design, build and maintain a great vacation rental website. You dont have to be technical to do this, but it isnt as easy as Microsoft Word . Creating a great guest experience takes work, but each concept is explained systematically to give you the tools to make it happen.

Lastly, I am here to help you, not just while you are reading the book, but also as you are putting your system into action. If you have questions about any aspect of the Goldmine System, please send an email to . I am happy to help in any way I can. I am extremely interested in your success, so whether its a question, feedback or anything else, I look forward to hearing from you.

Profit in business comes from repeat customers; customers that boast about your product and service, and that bring friends with them. W. Edwards Deming

The vacation rental marketplace has exploded in recent years. This means lots of competition for all owners. VRBO and HomeAway have over 259,000 listings in the United States alone. Fortunately, these arent all in our vacation areas! Even with massive shifts to the rent by owner marketplace, rental companies still maintain a strong presence. Guests have more options than ever, and as owners, our competition has never been greater. To maximize rental income, a property really has to stand out from the pack.

Good news! The vacation rental industry isnt known for great guest experience, and with the right planning and local support, standing out is not terribly difficult. However, it does require an investment of time and money. For all the change in the vacation rental industry, much of the guest experience is designed with the interest of owners and rental companies at the forefront. Guests have learned through the years to tolerate the inconveniences, extra work, or perhaps even difficulty getting in touch with someone to help. Clear demonstration of interest in the guest, flexibility, and convenience go a long way toward standing out from the crowd.

So how does this translate into more dollars? When you successfully stand out from the crowd, your percentage of bookings from returning guests goes way up. This fills your calendar nicely and well in advance. Returning guests know you stand out from the crowd and are very likely to stay with you as you gradually raise your rates. After all, its worth every penny for this vacation experience! For the remaining time on the calendar, new guests will shop your listing and see how booked the place is , as well as read your great reviews. Delighted guests are very willing to give you stellar reviews on the listing site. This is especially the case if you spend time cultivating these reviews. So, the new guests shopping your listing will see a full calendar and read exceptional reviews, which will get them booking. The net effect is booking more weeks at a higher rate: more profit! Voila, success begets success!

It may not happen overnight, but through multiple rental seasons, you can raise your rates and continue booking the most weeks for the most dollars. Everyone wins in this model, as your guests are thrilled, and you, the owner, are getting the greatest return possible. The rest of the book will focus on how to make this happen.

When we discuss the guest experience in the pages that follow, we will do so starting from the moment your guest begins looking for your listing. From that point forward, the hope is that your guests experience just repeats over and over as they return to your home for many stays. They become a loyal guest whose emotional connection to your property grows through the years.

Throughout this book, you will see quotes labeled with The Voice of the Guest. These are verbatim quotes from guests who have experienced the Goldmine System. The absolute best way to know if your guest experience is hitting the mark is to ask and listen. What better way to frame these experiences than in the exact words of the guests for which they are created? Ultimately, higher rental rates should go to better vacation rental products . There are many great vacation rental options out there and you need yours to really stand out from the pack to get more dollars. Since your property is one of those great options, providing great guest service is the path to differentiate your property. Put these steps into play and watch your guests rave about their experiences, not just that you have a great place, but that you and the service they received are the best of any vacation rental.

All owners would love to strike it rich with their vacation home, but there is more to the goldmine concept. In mining, Gold can be found anywhere from the soil surface to hundreds of feet down, below layers of rock. The surface provides smaller yields, while the bigger treasures are deep below, where few can reach. Surface mining tools include crude chisels and pans, while going deep requires specialized tools. Getting the most from your Vacation Rental Goldmine requires great tools and persistence to get below the surface to uncover the greatest riches. The Goldmine Toolkit gives you the tools to go after this big treasure.

The Goldmine System consists of this book and optional Goldmine Toolkit. I sell them separately, so readers can get this book and its ideas at a low cost. Most concepts can be put into action just by reading the book. Without the toolkit, you have to put in the hours to create your own tools. Reading the book before purchasing the toolkit allows you to decide if you like the system before making an additional investment. My hope is that every owner will appreciate the option, but ultimately love the power of the system and purchase the toolkit as well. With it, you not only save countless hours, but more importantly, you will be more effective implementing the system.