Make money from second-home rental

While family and friends can be the key to a successful vacation rental property, they also can be a major pain in the backside.

One of the most difficult things to handle -- and the biggest obstacle to your bottom line -- is when Uncle Fred wants to use your getaway for two nights -- midweek -- during the final week of the peak rental season when you could have booked the place for top dollar for 30 consecutive nights.

If there is no way around Uncle Fred's two-day presence, ask if he can move his dates to the beginning or end of the rental week when you still could salvage four or five nights of prime rental income. If that's also impossible, call the renters on both ends of Fred's dates and ask if they would like additional days at a reduced rate. You could turn out to be a real hero to both groups, especially if they are arriving by car and don't have to alter their airplane dates.

If that strategy produces no takers, see if you can take off work and surprise your family with a few days of vacation. You might even be able to paint the bathroom while they are enjoying the waterfront, ice rink or afternoon matinee. You also will be able to change the perception that "your place is always rented at the best times of the year."

While many owners choose a weekend day for comings and goings, adjust your start and end dates with the most common mode of transportation. For example, if most of your visitors will have to arrive by air, the least expensive days to fly typically are Tuesday and Thursday. Depending upon the region, Saturdays can be inexpensive, too, and also in line with your competitors. That fact often surfaces when friends are staying in the same area yet at another property. Friends like to vacation with friends, and common arrival dates make for happier campers.

Many of your decisions to accommodate unorthodox requests like Uncle Fred's must be made with cleaning in mind. If you have booked renters before and after Uncle Fred, make sure you have made arrangements with your cleaning folks (perhaps yourself!) to get the job done before the new people arrive. Altering a cleaning company's routine during a busy resort season can be nearly impossible, making Uncle Fred's visit all the more difficult to approve.

The key to a successful, money-making second home is satisfied renters who want to return because of the special experience they enjoyed at your place. And, if they were impressed with their time and accommodation, they are going to tell their friends and acquaintances. While you often can't be there to place a rose in every room every time a new visitor arrives, make sure you take the time between cleanings to scoot back to your property and make certain your people are getting the kind of dwelling you want them to enjoy.

Another way to ensure your bottom line is to encourage your guests to invest in a travel insurance policy. While you might not be able to persuade Uncle Fred to pop for any additional costs to rent your place, it makes sense to offer the option to folks who have plunked down a sizeable deposit. ...CONTINUED

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