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Everything Henderson Homeowners Need to Know About Renting Their Properties on Airbnb to Las Vegas Vacationers

The floodgates are about to officially open.

The Henderson City Council has approved short-term vacation rentals – including rentals on Airbnb – in the city’s residential areas (presently, vacation rentals are only permitted in the tourist corridor).

Las Vegas vacationers using Airbnb have long desired Henderson properties for a variety of not-surprising reasons, including the city’s close proximity to the Strip; the opportunity to save serious money in comparison to prices of major hotels; and as a respite after enjoying the over-the-top sights and sounds of Sin City. Plus, there’s the fact that in the city of Las Vegas, short-term vacation rentals are only available where homeowners are present.

Many Henderson homeowners were understandably thrilled to learn that starting October 14, 2019, they’ll be able to open their doors to vacationers, including those searching Airbnb and other short-term vacation rental sites.

For Henderson homeowners looking to augment their income without taking a second job, this change may enable them to grow their income substantially with surprisingly little effort (we’ll get to that in a moment).

Retirees are able to add a major revenue stream to their monthly Social Security check. Part-time residents who use their Henderson home as a vacation property and keep it largely unoccupied throughout the year can have it generate income when not in use. And investment property owners who’ve until now only rented on a long-term basis gain the chance to participate in the potentially far more lucrative vacation rental market.

Here’s some (but not all) of what’s required of Henderson homeowners wanting to participate in the short-term vacation rental boom:

  • You need to register with the city of Henderson and pay an $820 annual fee
  • The maximum stay for guests is 30 days; the minimum is two nights
  • Occupancy is limited to four occupants of the first bedroom and two occupants of each additional bedroom
  • You’re required to install noise monitoring equipment
  • Your guests can’t generate more traffic than what would be generated by a permanent resident
  • Events like weddings and bachelor parties on your property are prohibited
  • Signs advertising your property as a vacation rental aren’t allowed
  • You need to carry a commercial general liability insurance policy
  • You must produce a notarized letter proving you’re not violating HOA rules by renting to short-term vacationers

The city of Henderson will maintain a complaint hotline for short-term vacation rentals, so it’s important to get this stuff right. Start by downloading Capitalizing on the Vacation Rental Boom: 8 Keys to Success by One Fine Flat, a leading full-service Airbnb property management firm for Henderson homeowners. We make it surprisingly easy for property owners to avoid common (and costly) mistakes when renting to vacationers while optimizing earnings.

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12 Keys to Selecting the Best Service for Outsourced Airbnb Property Management

Airbnb can be very lucrative for owners of investment properties and second homes – especially with full-service Airbnb property management by an outstanding team.

Outsourced Airbnb Property Management

Here are a dozen keys to optimized management for owners who prefer to outsource Airbnb property management:

1. THINK BEYOND AIRBNB – Promoting your property on Airbnb is a “must,” but limiting your exposure to a single site is less than optimal. Your property should be visible on 50+ online destinations. The best Airbnb management companies think beyond Airbnb.

2. EMPLOY THE “SECRET WEAPON” OF AIRBNB LISTINGS – Remember two words: “professional photography.” Your ideal full-service vacation rental property management company won’t have a staffer walk around your unit shooting photos with an iPhone; they’ll invest in first-rate photography to show off your property’s unique characteristics and make it look irresistible on Airbnb and other relevant sites. What’s more, they’ll write listings that go beyond the basics and rock people emotionally.

3. SEE THEIR AIRBNB LISTINGS IN ACTION – Ask the vacation rental property manager you’re considering to share actual listings they’ve created for clients on sites like Airbnb. See if you find the words and pictures enticing. Pay particular attention to comments from guests and ratings – including whether clients have achieved coveted Superhost status.

4. DEMAND YOUR PROSPECTS AND GUESTS RECEIVE EXCELLENT CUSTOMER SERVICE – “Prospects” are people thinking about becoming your guests. Before booking, they often send inquiries via sites like Airbnb. Each inquiry has value that diminishes as each minute rolls by without an answer. “Guests” are, of course, people who book a stay in your property. When they have questions or issues, the quality of service they receive will directly impact whether they give you a good review and ultimately return. You should expect both groups to receive responses that aren’t just prompt but are clear, complete, and courteous.

5. OPTIMIZE YOUR RATES, EVERY SINGLE DAY – Vacation rental rates on sites like Airbnb are more science than art. If a property manager responds to your question on price optimization with something like, “We’re experienced and know what we’re doing,” it’s a good idea to look carefully at other options. The right vacation rental property management service will provide specifics on price optimization, which should be a daily occurrence. If your prices aren’t optimized each day, you’re leaving money on the table.

If your prices aren’t optimized each day, you’re leaving money on the table.

6. THINK STRATEGICALLY – A good vacation rental property management service will handle all the basics, including marketing, inquiries from prospects, questions from guests, housekeeping, feedback solicitation, and more. A great one will be a strategic resource and serve as your trusted advisor on big decisions like potential property improvements – and even help you choose your next investment property and city, whether it’s Portland, Orlando, Houston, Palm Springs, Los Angeles, or somewhere else.

7. USE A TECH-SAVVY MANAGER – The best vacation rental property management companies are using smart technology to give property owners a competitive edge. They use advanced technology in price optimization, call tracking, email systems, guest history, housekeeping metrics relating to cleaning services, and more. Technology helps ensure your turnover speed (interval between guests departing and arriving) is optimized, to help maximize your bottom line.

8. KEEP PROPERTY DAMAGE FROM EATING INTO YOUR PROFITS – Fact is, some Airbnb users are far more likely to cause damage to property than the vast majority. That’s why all of your guests should be screened. Cleaning services hired by your vacation rental property management service should inspect your unit between each guest stay to identify guests responsible for any damage and electronically document evidence. When a deposit isn’t collected by a website, guests should submit a credit card and sign a rental agreement with your manager to ensure you aren’t financially responsible for damage caused by a guest. Successful vacation rental carries costs, but property damage caused by a guest shouldn’t be one of them.

9. AVOID “ONE SIZE FITS ALL” MANAGEMENT – In vacation rental property management, a “one size fits all” approach doesn’t fit all cases. The right manager will customize a package that fits your situation perfectly. But they’ll also have standard operating procedures designed to ensure a consistently high-quality experience for guests. For example, because guests typically expect housekeeping that exceeds their cleaning standards at home, we always use professional cleaning services. And while we want new clients to give us ample time to demonstrate the value we bring, we don’t insist on locking new clients into lengthy agreements.

10. PAY YOUR MANAGER BASED ON PERFORMANCE, BUT DON’T OVERPAY – Vacation rental property managers typically receive all or most of their pay on a percentage-of-revenue basis. So, the more you earn from guests, the more they earn. As one might expect, some managers charge a lower percentage than others (One Fine Flat charges as little as half the percentage of some competitors). Very often, the service charging the highest rate isn’t the one providing the most services. On that note, it’s crucial to get a clear idea of what is and isn’t included in a potential manager’s monthly percentage-based fee, so you’re able to compare your options on an apples-to-apples basis.

It’s crucial to get a clear idea of what is and isn’t included in a potential manager’s monthly percentage-based fee, so you’re able to compare your options on an apples-to-apples basis.

11. ASK ABOUT A GUARANTEE – Traditional property managers haven’t generally offered a performance guarantee. In fairness to our competitors, very often, a guarantee of success is impossible to make in advance. But we’re proud to say One Fine Flat was, to the best of our knowledge, the first in the industry to offer guaranteed rental income to select clients.

12. CHOOSE THE AIRBNB MANAGEMENT OPTION THAT ENSURES YOU GET PLENTY OF R&R – An essential part of a property manager’s job is to make your life easier. After everything is in place, your ideal full-service vacation rental property management company will enable you to largely sit back and collect a check each month. That’s precisely what we do for clients at One Fine Flat. Intrigued? Schedule a no-cost, no-obligation consultation with us on your Airbnb vacation rental opportunity here.

 

Why Many of the Highest-Earning Vacation Rental Owners Use a Full-Service Property Management Company

Let’s say you’ve decided to become one of the 2.9 million hosts on Airbnb. Your aim: earn as much money as possible – as fast as possible – while enjoying your vacation rental property each year.

As you consider the possibilities, you find yourself saying something like, “Surely I’ll earn more if I keep all the revenue, rather than turn over a percentage to a vacation rental property management service.”

If that’s you, consider this: whether you act as your own vacation rental property manager or hire a full-service vacation rental property management company, your bottom line will ultimately depend on this simple calculation:

Revenues – Expenses/Costs = Profits

To optimize profits, let’s start with the revenue side. Your vacation rental property absolutely should be listed on Airbnb – and on 50+ other sites. You’ll want listings to take full advantage of each site’s unique characteristics, with words and photography that compel viewers to act.

After your listings go live and you begin hearing from potential guests online (in the vacation rental property management industry we call them “inquirers”), you need to respond to each inquiry in a complete, polite, and timely manner – even if it’s 10 p.m. and you’re exhausted after a long day. If you don’t, you’ll reduce the quality of the experience before a guest even walks through your door.

While communicating with inquirers, it’s important to not “double book” – a common mistake among do-it-yourselfers in vacation rental property management (particularly when listing on multiple sites). When you book different guests for the same dates, someone ends up being disappointed.

A key contributor to revenue is, of course, pricing. Anyone who prices their property at the same rate throughout the year is guaranteed to be missing out on substantial income. Optimal pricing means scanning supply and demand of comparable properties daily – factoring in holidays, special events, and hotel room prices.

Vacation rental owners who attempt to perform price optimization manually tend to find the process time-consuming and almost impossible to pull off.

Fortunately, the right full-service vacation rental property manager will use technology to perform daily rate optimization … as part of their fee. And get this: the increased revenue from daily rate optimization may cover the entire cost of your property manager!

Now let’s return to communication, which by no means ends at the inquiry phase. Booked guests need to hear from you before arrival. If a problem comes up during a stay, they’ll want it quickly addressed. This is particularly true of urgent issues – including the 3 a.m. type. And after each stay, your guests should be encouraged to do something that contributes heavily to revenue: post a review.

On that note, let’s look at a significant contributor to ratings on sites like Airbnb: the expense side. Your property should be thoroughly cleaned before the arrival of guests (the right property manager will include this as part of the management fee). The unit should be sufficiently stocked with starter supplies like shampoo, toilet paper, dishwashing liquid, and more (the right manager will also include this as part of the fee).

So, feel you’re up to the task? If your answer is a big “HECK NO!”, you’ve discovered why many of the highest-earning vacation rental owners use a full-service property management company. 

Find out more about optimizing the bottom line of your vacation rental using Airbnb and other sites. Download Capitalizing on the Vacation Rental Boom: 8 Keys to Success.

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The Best Vacation Rental Property Managers Are Strategic

As we pointed out in our last post, when managing vacation rentals promoted on Airbnb and elsewhere, the devil is indeed in the details.

But there’s more to the art and science of vacation rentals than optimizing tactical elements like listings, pricing, cleanliness, customer service, and use of the latest technology.

There’s the strategic side. For example, determining if it’ll be cost-effective to make a major furniture investment in a Palms Place Hotel and Spa vacation rental in Las Vegas. Or whether that next vacation rental property purchase should be in the Mondrian South Beach condo hotel on Miami Beach or in Fort Lauderdale’s Conrad hotel.

Best Vacation Rental Property Manager

Most owners of second homes and investment properties who go into vacation rentals lack the skill to make the right strategic moves entirely on their own. That’s’ where a full-service vacation rental property management service comes in.

When deciding on the Big Stuff, your property management company should be a key resource. After all, they’ve repeatedly seen what produces the best return on property investment for owners. Strategic advice is a value-added service you should expect from your manager.

Find out more about acting strategically and optimizing all major elements of vacation rentals, on Airbnb and everywhere else. Download Capitalizing on the Vacation Rental Boom: 8 Keys to Success.

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In Vacation Rental Property Management, the Devil Is in the Details

Let’s say you own a gorgeous property in a spot popular with vacationers. You should be a shoo-in to earn big bucks from vacation rentals – right?

Maybe.

Even if your property sits in a prime location in Las Vegas, Miami Beach, or Fort Lauderdale, it’s not enough to simply post your vacation rental on Airbnb and expect the money to keep rolling in.

To succeed, you need to optimize a full set of factors, starting with the fact that your property profile should appear on 50+ sites (yes, there’s more to vacation rentals than Airbnb). In every listing, your property profile should be complete and compel the right viewers to book a stay. On that note, listings should be well-written, with professional-grade photography.

Full Service Airbnb Management

So that’s THE big secret?

Actually, there’s considerably more. Your property also needs to be consistently stocked and cleaned like clockwork after each stay. If that doesn’t happen, reviews – and occupancy rates – will be lower. And to ensure higher revenue, you should use what’s called “dynamic pricing,” with fees to your renters optimized on a daily basis.

“Touchpoints” before, during, and after each stay are critical for success. Inquiries from potential guests need to be answered promptly and thoroughly. When a guest requires assistance during a stay, someone in a position to help must be readily available. And because so much depends on ratings, after each stay, a review should be solicited, to help maintain your edge over comparable properties.

Your property needs to be carefully inspected after each stay, to identify wear and tear, including items in need of repair. When repairs are required, they should be done promptly, before they compromise the experience for a guest and yield a less-than-stellar review on Airbnb or elsewhere.

On top of all that, local policies and special events can (and do) at times create challenges and opportunities. Vacation rental property management isn’t first-rate unless those aspects are adequately addressed as well.

Okay – that about does it. We know it’s a lot. Now here’s the good news: You don’t have to go it alone. The best full-service vacation rental property management company for you will handle those tricky details, so you sit back and collect a check each month.

Schedule a complimentary consultation on potentially relying on One Fine Flat to sweat the details and enable you to make the most of your vacation rental opportunity … every single day.

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How to Get Top Dollar for Your Vacation Rental – Every Day of the Year

It’s one of the most common mistakes made by do-it-yourselfers renting out their own vacation rental properties.

It inevitably results in less-than-optimal rental revenue.

The mistake? Charging the same rate … every day of the year.

annual revenue for property owners

Maintaining a set fee for your vacation rental means it’ll at times remain unoccupied when it could be earning you money. At other times, you’ll reach a state economists call “excess demand.”

When the latter happens, owners may say things like, “My place is booked solid for weeks.” Property owners in this boat may not realize it, but they could be losing big bucks by not charging enough.

Fortunately, there’s an easy way to avoid these losses.

Software technology is available that continually scans supply and demand on comparable properties and even hotel rooms. It takes into account holidays, special events, and even site commissions, to optimize rates daily across all travel sites, including Airbnb.

Daily rate optimization raises annual revenue for property owners by 15%-25%. And all that money goes right to the bottom line.

This lucrative technology is out of reach of typical property owners, but it’s standard for all clients of One Fine Flat, the full-service vacation rental property management company.

Think of daily rate optimization as a key to proper “revenue management.” Because it is.

Schedule a complimentary consultation with us on optimizing revenue from your vacation rental property … every single day.

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Communication: Your Extra Edge in Vacation Rental Management on Airbnb – and Everywhere

full-service vacation rental property management

It’s happened to just about all of us.

You spot something online that looks exciting. You immediately send in an inquiry to get a question answered or make a simple request. Then you wait … and wait, for a response that ends up coming late or never arrives.

In vacation rental property management – on Airbnb and other travel sites used by consumers – delays in response to inquiries from potential renters cost money.

The math of communication in these cases is simple: Fast response time to inquiries equals higher revenue; slow response time equals lower revenue. You can take that to the bank.

But speed isn’t everything. Response quality is a big revenue driver. When a person planning a vacation is on Airbnb and spots what looks like the right vacation rental property in Las Vegas, if they ask how long it’ll take to walk to the Vdara Hotel & Spa on West Harmon Avenue and receive a response that provides drive time, credibility drops, frustration rises, and odds of booking the guest head in the wrong direction.

Consumers do business with people they like, and in vacation rental property management, attitude matters. This is true across every touchpoint, and particularly when an issue arises during a stay. At One Fine Flat, everyone who communicates with our clients’ prospects and customers is intelligent, courteous, and nice. And know what? It shows … on our clients’ bottom line.

The full-service vacation rental property management team at One Fine Flat prides itself on communication speed and quality. Schedule a complimentary consultation with us on optimizing revenue from your vacation rental property.

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Excellent Vacation Rental Management Means Making the Most of Your Listings

Detailed, gorgeous, compelling listings for your vacation rental property can be your sales reps on steroids. This means doing much more than answering basic questions like, “What’s the maximum number of occupants?” Your listings should stop viewers in their tracks, stir readers’ emotions, and convert prospects into confirmed guests.

grow their vacation rental revenue

On the all-important visual side, professional photography tends to be well worth it. Pros use special lighting, high-quality camera equipment, and expert composition to put your property in the best possible light.

Listings written by professionals are also an excellent idea. Pros present facts while skillfully describing the experience. When it’s appropriate to “sell a dream,” they do it – without overpromising. As a result, a higher percentage of viewers convert into confirmed guests. And by providing accurate details on your vacation rental, you’re more likely to receive coveted five-star ratings.

As we said in Optimizing Revenue From Your Vacation Rental Property Requires More Than Airbnb, your listing can and should appear on 50+ sites, including the most popular online travel agencies.

Now, if you’re thinking all this sounds great, but you can’t imagine doing it yourself, here’s good news: the right full-service vacation rental management service can take care of all this and more. One Fine Flat uses professional photos to make your property look better than ever, the latest technology to optimize your listings (including dynamic pricing), and master calendar management to avoid double-booking.

We help homeowners grow their vacation rental revenue while they largely sit back and collect a check each month. Take the next step and schedule a complimentary consultation with One Fine Flat on optimizing revenue from your vacation rental property.