When To Renovate

The need for renovating a vacation rental property (condo, home, etc.) depends on a couple of factors: the condition as it relates to rate and guest expectations and how it compares to market competition.  Even though a property may be in good condition and has had a history of being towards the top of the competition, as newer properties come on line the bar for quality and style is inevitably raised.

Don’t lose sight of the most important factor: providing a great guest experience. The return may not be worth trying to be the absolute top property in your market but it’s important to keep up with the competition.

Take time to put together an overall plan and determine what improvements will matter most to guests. Owners should talk to their property managers as they have experience and hear lots of feedback from guests.

With the current economic downturn, many owners have been afraid to spend any money. They tend to let the furnishings slide. It’s a dangerous proposition and it will take time to play catch up. Think ahead and have a plan for how you are going to come out of this downturn. Position yourself so that you are ready when the market moves up.