Purchasing a luxury villa rental Bali could be a significant investment that promise a lucrative income if you know how to manage it. However, not every villa owner can be a good host—which could severely impact their business. Being a successful villa owner is not only about presenting the best hospitality—but also micro managing every little detail in the property. Here are five typical errors rental property owners make, as well as suggestions on how owners can improve the situations.
When Accepting the First Booking in Your Luxury Villa Rental Bali
After all the hard works you pour to furnish your luxury villa rental Bali, getting your first booking is truly exciting! However, if you don’t have certain policies in place, it could not work out as well as you had anticipated. Accepting a group without properly establishing how many of them there are, including their day visitors, is a common blunder, as is accepting a weekend booking in the heart of high season without realizing this has blocked the possibility for a full week’s rental before and after.
How to improve the situation: Create your booking terms ahead of time, write them down, and display them on your website so that all visitors are aware of them. Set a limit on the number of people who can stay (including youngsters) and stick to it.
The Problematic One-Night Stay
There’s always confusion following a one-night stay booking. In one side, booking is a booking. It gets you customers and income. Turning down a one-night stay booking could disappoint the guests and result in bad review. In the other side, one night stay could potentially affect villa maintenance and future bookings. First, it can impact on future reservations. You can’t take a three-night booking if one of the nights isn’t available (booked by one-night guest), and canceling the reservation would reflect negatively on the property. Second, your employees need to work extra when visitors check in and out of the villa on a regular basis. Third, guests must spend at least two days in a villa to properly enjoy it. If they only stay for one night, the experience will be similar to that of a hotel, and they won’t see the best of your property.
How to improve the situation: Allow one-night stay during the low or shoulder season. Give clear schedule of when the one-night stay is available. For example, state that “This property will accept one-night stays from Monday to Wednesday during February to March”. Out of these months, require a minimum stay of three nights for your guests.
Imposing Rental Agreement or Terms & Conditions at Your Luxury Villa Rental Bali
You have little recourse if something goes wrong if you don’t have a clear contract that spells out each party’s duties. Many people who are renting for the first time have no idea what is required of them until you set out what you want them to do, the limitations of your obligations as an owner, and the conditions of the contract. You expose yourself to the possibility of counter-claims if something goes wrong.
How to improve the situation: Write a contract that specifies all of the agreement’s conditions, including maximum occupancy, arrival and departure times and days, your policy on day visitors, pets, and housekeeping, and a liability release. Searching for ‘vacation rental agreement’ on Google should provide some results, or go to www.laymyhat.com and look for postings on the subject.
Keeping Up with Vacation Trends
Nothing is more saddening than an old vacation rental that stuck in the past. Not every villa has to be new, but you need to know that there’s a difference from a villa that aged gracefully with time and a villa that plainly looked outdated. A villa that was extremely desirable ten years ago may not be so appealing today. As time goes on, the preferences of travelers constantly shifted.
How to improve the situation: Sometimes it just take a simple (and inexpensive) restyling of the villa décor to rejuvenate your old, luxury villa rental Bali. Take cues from Instagram to know the latest trends that travelers wants!
Respecting the Local Area Where Your Bali Villa Stands
Once you’ve acquired your home, keep in mind that the culture and lifestyle of your new neighborhood may be unlike anything you’ve ever known. It may take some time to adjust to a cultural shift, but you should always be prepared to learn and adapt as needed – and you should also advise your visitors on this.