01/21/2015 | By Summit Vacations
You invested in a beautiful property here in Breckenridge, but you didn’t account for all the last-minute booking cancellations. Each time that happens, you lose money and time. It feels frustrating, but you don’t know how to keep this from occurring.
Sometimes uncontrollable circumstances hinder your guests from fulfilling their booking obligation. This comes with the real estate investment territory. But you can do a few different things to reduce the number of times this happens.
A positive return on your Breckenridge property investment lies in your ability to rent the property on a regular basis. Today, we’ll discuss a few ways you can avoid the dreaded cancellation notification. In this article, you’ll learn:
- Why You Should Raise Your Non-Refundable Deposit
- The Reason You Must Gain Repeat Guests
- Why You Should Offer Travel Insurance
You deserve to get the most out of your property. In order to do that, take the following tips into consideration next time you rent out your property.
Require a Non-Refundable Deposit
It is not uncommon for property owners to require a non-refundable deposit. But did you know that you could raise this deposit alongside your rates throughout the year?
During peak seasons, make cancellations unappealing by requiring a higher non-refundable deposit on the property. This will help deter flaky vacationers only looking for the best deal in town.
Work to Get Repeat Guests
People love knowing exactly what to expect. That’s why vacationers will likely visit the same spot year after year. Make accommodations pleasant and memorable. You’ll not only attract repeat visits, but those people will tell their family and friends about your amazing property as well.
Here’s a few different things you can do to attract repeat guests:
- Simply ask. Give a follow-up call after their stay. Request input on how you can make accommodations better. End the call with a pitch to book the property again.
- Offer a discount. People love a bargain, even if it’s something small.
- Build an email list. Send out promotional emails to all past guests a few times a year. You can run deals and promotions to fill up your bookings all year long.
Offer Travel Insurance to Guests
Partner with a travel insurance provider and offer travel insurance to guests. Travel insurance companies provide guests with an array of coverage options. Some basic things most insurances cover include:
- Medical Expenses
- Trip Cancellation + Interruption
- Baggage Damage
Selling travel insurance to vacationers protects you from losing money on cancellations. Not to mention, you make a commission on every sale.
Ready to Make the Most of Your Breckenridge Property?
Frequent worry about things like unwanted cancellations feels like a nightmare for property owners. In addition to that, you deal with the following on a regular basis:
- Marketing the property to potential visitors
- Taking professional photographs/li>
- Communicating with guests/li>
- Coordinating inspections/li>
- Maintaining the unit/li>
- Updating the interior design/li>
- Washing linens after guests leave/li>
- And so much more…/li>
These stresses keep you busy with day-to-day concerns. Suddenly, a beautiful investment turns into a management nightmare.
Get support for the short-term worries of your rental property. You will gain time to focus on smaller tasks that help you achieve long-term goals. For example, when someone else maintains the unit, you can focus on building systems to reduce booking cancellations!
Are you ready to invest in a team that will help you beat the competition? Contact Summit Vacations today!