5 Strategies to Boost Your Short-term Rental Business

April showers can bring May flowers, but frost can occur. As the busy season kicks into high gear, don’t let a little frost set your short-term rental business back. Follow these tips to get your business (and flowers) to bloom and thrive!

1. Stay current on industry trends and patterns.

Like any other business, it’s important to keep up with trends and connect with others in the industry. Short-term rental owners can optimize their investments and even limit relative price increases by following industry news and trends. Joining several short-term rental Facebook groups or subscribing to newsletters is another easy way to stay alert of insider happenings and see how other hosts respond to issues.

Curious about what to expect from the short-term rental insurance market in the second half of 2024? Download your copy of The 2024 Short-term Rental Market Insurance Outlook today!

2. Make guest safety a top priority.

Your general liability risks are raised the moment you list your property online and welcome guests into your rental. You want your guests to know they’re protected and their safety is your priority, but you also want to mitigate any potential risks.

For example, bathrooms are an easy place for a fall to occur. They’re prone to wet floors and lingering moisture on areas such as walls and inside storage cabinets. Leftover soap residue can cause slippery showers and tubs. The CDC states, “One out of five falls does cause a serious injury such as a broken bone or head injury.” Preventing any risks at your vacation rental property helps keep you and your business from being in a sticky situation.

Before busy seasons, take a moment to have a property inspection done. The inspection of your rental property’s interior and exterior is designed to evaluate how safe your property is and identify potential areas of concern. You may need to address certain safety risks immediately. Get a head start with these safety enhancements.

3. Good security is worth the investment.

Security should be a top priority when operating a vacation rental. Not only is it important for your guests to feel safe, but it’s also a vital factor when it comes to protecting your business. Smart technology makes it easier to always have strong security on the property. Many vacation rental owners purchase video doorbells, which automatically notify your phone through an app when someone is in range of the camera. If there are noise complaints or unaccounted for additional guests at the house, this is a great way to deter that behavior and provide video proof.

Smart lighting gives you the benefit of being able to check and turn off lights that were left on when your guests vacate. They also allow you to give the appearance that someone is home even when you don’t have guests, reducing the risk of burglary.

4. Conduct an audit of your business and risks.

Even seemingly minor household issues, such as stray cords, dust buildup or leaky faucets, can spiral into significant problems if left unnoticed. By conducting an annual safety audit, you can help keep your property safe and secure, reducing the risk of guest injuries, lawsuits, property damage and costly insurance claims.

While there’s no way to account for every possible scenario that could affect your rental business, you can at least identify the major events. Once your plan is in place, make sure to keep it updated. Periodically revisit your strategy and make updates to ensure it reflects any changes to your business or list of emergency contacts. 

5. Protect yourself and your business with short-term rental insurance.

While some major factors are out of the control of vacation rental owners, you can still take steps to mitigate against potential risks. Retaining adequate insurance protection — even during challenging times — is vital for financial security.

Failing to carry an adequate policy could leave even the most responsible and diligent owners without the financial means to repair or otherwise manage the aftermath of unexpected and challenging times. If you’re relying solely on your homeowners insurance, landlord insurance or a host liability policy to provide coverage, you could be exposing yourself to serious risks.

Connect with a team member at CBIZ Vacation Rental Insurance today and request a free quote.

This blog may contain scenarios that are provided as examples only. Coverage is subject to the terms, conditions and exclusions of the policy issued. The information provided is general in nature and may be affected by changes in law or the interpretation of such laws. The reader is advised to contact a professional prior to taking any action based upon this information.

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