There are countless reasons to visit Nashville, and travelers around the globe are quickly realizing the city is much more than just a hub for country music. These Nashville vacation rental management tips will come in handy to gain those 5 stars your guests are actively looking for.
In addition to providing live entertainment for music lovers, Nashville is full of amazing art, delicious food, energetic sports games, and breathtaking natural beauty. Last year, the city’s tourism numbers surpassed previous records with a whopping 15.2 million visitors who spent over $7 billion. That jaw-dropping volume of people is predicted to increase year after year, outpacing both state and national averages. Visitor revenue in Nashville represents one-third of all tourist spending in the entirety of Tennessee.
“These numbers are the latest indication of what we all know–that Nashville has become a major tourist destination and that visitor spending is helping our city by creating jobs and giving us revenue to build a better community,” Mayor David Briley said.
Nashville’s popularity with tourists, coupled with the fact that by 2020, vacation rentals are expected to topple the hotel industry with a projected revenue of over $57 billion, means there’s no better time to invest in a vacation rental in Music City. This industry is very lucrative and has been growing at a rapid rate in the last decade, partially due to improved apps and software. The trend toward home rentals increases each year as more people recognize this option is a great alternative to booking a hotel room.
The following graph showcases the growth over time in the U.S. vacation rental industry:
Here are some tips and tricks for managing a rental property in Nashville.
First and foremost, you need to follow the law! An important element of managing your Nashville rental property is ensuring you have the right permit and are operating in compliance with the city’s regulations. For more information, you can visit Nashville’s Metro government website. Here you’ll find answers to frequently asked questions and details about BL2017-608, the current law that governs short-term rental properties in Nashville and Davidson County as well as links to the ordinances that preceded it.
Travelers spend about 59 seconds navigating your listing and viewing your pictures, so you need to make this time count—after all, you only have one chance to make a good first impression. Boost your booking success rate and show off your gorgeous space by posting high-quality photographs. You can earn up to 40% more if you use professional photos for your listing, and many hosts are even able to raise their nightly price by 26% after upgrading their photographs. Add a variety of pictures that showcase the home’s various amenities, and brighten the space by turning on lights and opening curtains or blinds. Make sure your photos are taken in landscape format for the best display on listings.
Take the time to find the right platform for your vacation rental listing needs. There are so many options to choose from—Airbnb, Booking.com, HomeAway, and Vrbo consistently rank in the top favorites. Do some research to determine which options work best for your hosting wants and needs. You might decide to go with just one website, or you can post your rental on several different outlets! Do whatever works best for you.
Communication is a crucial aspect of running a successful vacation rental business. Provide your guests with several methods for getting in touch with you. Let them know they can call or text you any time, and enable push notifications on your phone so you can easily access emails and rental site messages. Having a quick response time will put guests at ease and boost your chances of coming away with a satisfied customer. In addition, many sites will rank your property based on your response time. The faster you reply to inquiries, the better your ranking will be and your property will gain more exposure.
Save guests a trip to the store by stocking up on travel-sized toiletries and bathroom essentials. Traveling can be a whirlwind experience, so tiny details are often forgotten or lost along the way. Stock up on soap, Band-Aids, toothpaste, shampoo, body wash, shaving cream, dental floss, and toilet paper so travelers don’t have a panicked moment when they unpack and realize they forgot something important. Providing guests with extra towels, washcloths, and blankets is a nice touch as well.
It might sound basic, but ensuring you have a strong WiFi connection (don’t forget to provide guests with the password) and instructions for using your various digital entertainment devices can really make a difference. In a recent study, 74% of travelers revealed that WiFi was the most important amenity in a rental home, while 52% said having slow or no WiFi was their top complaint about rentals. Tourists want to be connected to friends and family back home without worrying about a dwindling data plan or having spotty service.
If you’re a new host, your goal is to get bookings and show potential customers that you’re trustworthy. If possible, be flexible with check-in and check-out times for guests’ convenience. This will come in handy for many tourists, as flight cancellations, health issues, and the unpredictability of Mother Nature can easily throw a wrench in travel plans. By being flexible, you’re showing customers you truly care about their needs, which will help them trust you while you build your reputation and experience.
If you’re looking for a hassle-free management experience, we’re here for you! Chady Property Management is a seamless turn-key vacation rental property management for Airbnb, Vrbo, Bookings.com, and more. We do everything from helping you get the right permit and optimizing your listings to answering tenant questions and offering professional cleaning services. Reach out to us today to learn more or get started.