| The vacation rental concept is exploding in | | | | experience is a plus. |
| popularity. In the '70's, luxury hotels, in the '80s, | | | | The proposed resources to be used. |
| bed & breakfasts in the '90's, time-shares and in | | | | Not to be the master of the obvious, but your |
| the new millennium, vacation rentals. | | | | second home, your vacation home or even your |
| The vacation rental has been a mainstay with | | | | time-share can provide accommodations to |
| European vacationers for decades and now it's | | | | vacationers. |
| coming into its own in the United States. | | | | The business strategy. |
| Even in this dismal economy, there is potential | | | | Utilizing the services of one or more Internet |
| income from renting your second home to | | | | based distribution and revenue management |
| vacationers. If you're lucky enough to own a | | | | platforms for specialty lodging suppliers; you will |
| property in an area considered a tourist | | | | rent your second home to vacationers for a set |
| destination or an area that you can promote as a | | | | time period and fee. |
| tourist destination, vacation rental is a significant | | | | Trends on your business and the industry it will |
| opportunity for you to augment your income or | | | | operate within. |
| even pay-off that mortgage monkey on your | | | | As discussed earlier in this article, the trend in |
| back! | | | | vacation rentals is exploding in the United States. |
| I hope the insights I share with you here about | | | | How your business will operate. |
| this burgeoning business, will provide you a starting | | | | Many vacation rental property owners choose to |
| point, a few ideas, and a reason to explore | | | | rent direct. This means marketing, web site |
| further. | | | | development, legal help with drafting rental |
| I'm going to ask you to look at this as something | | | | contracts, etc. You must decide, based on these |
| akin to a business plan, so I'll use this format to | | | | and many other factors, how you want to |
| walk you through this. Let's begin with... | | | | proceed. |
| A description of your business. | | | | Who will manage and work within it. |
| Renting your second property to clients seeking | | | | This is the ideal family operated business, if |
| vacation accommodations. | | | | circumstances and geography allow for that. |
| The business and owner's background information. | | | | What other businesses operate in the same |
| Perhaps you have a background in real estate, | | | | market/industry. |
| property management, the hotel industry, the | | | | You will be in competition with local hotels, motels, |
| tourism industry or leisure business. Said | | | | travel lodges, bed and breakfasts and probably |
| experience is not necessary, but any business | | | | other vacation rental owners. |