A global crisis hits the vacation rental owners really badly, just like any other business. As there is no traveling taking place and most of your revenue comes from the movement of the public you are left in a zone of doubt with regards to the future of your business. As your vacation rental property is listed in many listing sites and you feel that Coronavirus has destroyed all that prospects, you are wrong. Yes Coronavirus, definitely has reduced your chances across the different listing sites but there are ways in which you can still hold on to your business and break even once the crisis gets over.
Yes, I agree that your property is used for leisure and vacation but at a crisis time like this people are still in need of lodging and by revising the ways in which you plan to rent out your property you can definitely stay afloat in the market, as there is still a huge demand for lodging.
Even though it might not be as profitable as your vacation rental plans it still can help you break even and come out of this crisis without much damage and resume your business smoothly.
Host your guests for 30 days or more or in other words focus on Midterm rentals. This way you need not sign tenants for longer periods say for years and you also can charge a good percentage more money than long-term rentals. This can help you in a great way to minimize your losses and stay steady in the market to resume your business once the pandemic gets over.
Who all can you house in your rental plan now?
As most of the universities and colleges have decided to suddenly shut down, most of the students need a place to stay as they can’t travel to their homes and are not able to stay in their dorm rooms. Even though their budget might not be very handsome you can still plan accordingly and accommodate them to make some money and help them in return by giving them a safe place to stay.
There is a huge need for housing the nurses and health care workers as they get sick due to lack of protective gear and therefore need to be quarantined. Hospitals hire travel nurses and they need housing. They will have a housing allowance which is more than students and will they are sure to stay for a period of 1 to 4 months considering quarantine. If their housing needs are not taken by their agency then you can definitely pitch in and provide housing services. You can also notify about your services through e-mails to the agencies so that they can book your properties if they are in a shortage of housing.
Contact your local hospitals also and let them know that you can arrange for the housing of the local health workers as they need a place to stay which is away from their families to avoid risk. This can help the health workers and also occupy your property until the crisis gets over.
As many people are not in their homes and are stranded due to various reasons, you can provide shelter to them. You can easily find them in regular vacation rental platforms and fill in your rental properties by helping the stranded sections of our society.
Be up to date and follow the rules set by the government without fail as this can improve the safety features and also help to run your business smoothly. For instance, laws have been laid down to limit the property to single users only, and also it is very important to disinfect and keep your property germ-free constantly.
Develop your own vacation rental website and also optimize it to match the current scenario so that it looks more like a place to stay safely in these tough times rather than a vacation rental property. It is not enough to depend purely on listing sites. you can create your own website with much ease with Homestaydnn.
A very reliable place to post about your property as the number of users is huge. Even though it is ideal for long-term rentals it is best to list your property in as many listings as possible to get quick bookings.
Find out: Coronavirus and its impact on the vacation rental business
As you have modified your rental business to mid-term plans, listing it in Housing Anywhere would be the most ideal thing to do. They charge you 25% of your one-month rent but it is just a one-time thing and is not done every month.
Even though the times are quite testing for any business, this pandemic is sure to end and by staying positive and reinventing your business model for this particular period of time you can really keep afloat with your vacation rental business and be back with a bang once the pandemic is eradicated from the face of this world.