Niantic, CT, is an ideal location to own a short-term rental property. Although only about 3,500 people live here (World Population Overview), the village is a hotspot for tourists from across the country. From beaches to recreational parks and fun events, there's a lot to unpack in Niantic.
There's also a lot of money to be made for vacation rental hosts. It takes a lot to be a successful host, and one of the key things is to have an effective strategy for managing bookings and reservations. In this article, we are sharing a few tips and best practices for streamlining your process.
Let's get into it:
Centralize Your Booking System
You've listed your vacation property on multiple platforms, from social media to specialized vacation rental platforms like Airbnb, to maximize its visibility to prospective guests. While this is prudent, it brings a booking management challenge. What if two or more people book the property for the same date from different platforms?
To prevent double bookings, centralize your booking system. An effective way to do this would be to build an exclusive website for the property, from where all bookings will be made. However, this would mean pulling down the property from other listing platforms.
An easier strategy is to settle on just one online booking platform. If your property is listed on Airbnb, Vrbo, and Booking.com, for example, identify the one that gives you the most bookings and focus on it.
Have a Cancelation Policy
If you're using an independent booking system, it's paramount to have a cancelation policy. Platforms like Airbnb already have their own cancelation policy, which applies to hosts and guests.
Once a guest has reserved your Niantic vacation rental, there's no guarantee they'll show up. Things happen, plans change, and it's not uncommon for guests to want to cancel their bookings.
However, cancelation affects your business. If someone cancels their booking a few hours before check-in, you might not find another guest on such short notice, meaning you'll lose revenue for that day.
A cancelation policy protects you from such losses. It fleshes out a timeline within which a guest must cancel to qualify for a full or partial refund. Typically, a full refund is issued if a booking is canceled 5-14 days before check-in and a partial refund 3-5 days before check-in.
Streamline Communication
Open and efficient communication is one of the keys to having a successful reservation management strategy.
Whether a guest wants to cancel their reservation or ask questions about checking in and checking out, they should be able to reach you quickly and get a satisfactory response.
Maintain a dedicated contact line and ensure you can be reached 24/7. If you're busy with other tasks, hire an assistant to handle the communications.
Managing Bookings and Reservations Simplified!
Owning a vacation rental in Niantic is a smart move, but without an effective strategy for managing bookings and reservations, you might be unable to maximize your earnings. While these tips will help you streamline your process, what you need most is a professional manager on your team.
At PMI East Lyme, we excel in short-term rental property management. As a full-service company, we will take care of housekeeping, marketing, listing, and importantly, management of bookings.
Call us now to get immediate help.
