4 tips for vacation rental managers dealing with the coronavirus crisis
As we all know, the coronavirus crisis is having a huge impact on the vacation rental industry. With the lockdown in place, travel has reduced significantly, and bookings have taken a big hit. Here are four ways in which you can weather the storm and come out the other side ready to continue growing your business.
1. Get familiar with cancellation policies
With travel plans severely disrupted, many guests are currently cancelling future bookings. Many OTAs have changed their cancellation policies to reflect the crisis, so you’ll need to get to know their new policies. Airbnb, for example, has added flexibility to its extenuating circumstances. Bookings made before March 14th, when the WHO announced a global pandemic, can be cancelled by both hosts and guests without penalties. This allows guests guests to cancel without charges, and you’ll be able to cancel bookings without your Superhost status progress being affected.
2. Accommodate health and essential workers
Many health and essential workers are having to self-isolate from their families to prevent the risk of transferring the virus. Because of their flexible nature, workers are turning to vacation rentals. Make sure your vacation rentals have everything workers need for a longer stay, such as proper ironing, washing and cleaning facilities, the ability to stay away from other tenants (by only renting out one room in a shared house, for example) and food provisions, as well as a TV with Netflix. If you aren’t able to offer up your property for free, at least offer a significant discount. After all, this isn’t a regular holiday!
3. Use the time to improve your property
With less bookings, it’s a good time to add value to your property and carry out improvements. You can carry out simple maintenance tasks, such as basic plumbing, or adding a lick of paint yourself. If you were thinking of replacing the kitchen or re-doing the bathroom, now is also a good time - but make sure that it’s safe and appropriate for workers to do so first.
4. Try out new things and prepare to bounce back
The vacation rental industry is adaptable and flexible, and should bounce back strongly after the crisis. But with travel currently low, it’s a good time to put systems in place that will help you thrive in the future. See where your operational costs can be cut, or try out a new property management software. If you usually meet guests in person, try out a service like KeyNest to keep to social distancing rules. Try out new marketing strategies - now is a great time to create a direct bookings website, for example.
About Us
KeyNest offers you a convenient service for storing and exchanging your property keys. You can drop off a key at any of the 7,000+ locations in our network, so there’s one such Point located next to your property already.
Guests, cleaners or contractors can then collect the key securely from a KeyNest Point, which is usually open 24/7. You'll be notified each time the key is picked up or returned, and you can even customize check-in and check-out times.
KeyNest has an ever-expanding global network of locations located just minutes from your property. To find out more, visit our website.
