When it comes to owning a rental property in Arizona, many make the initial mistake that the location of their home is the only important thing to consider. Sure, it is no surprise that Arizona continues to be an amazing spot for rental owners, as the frequent sunshine and tons of local events make staying in the area popular. However, poor management of your property can lead to less bookings. Here are the common mistakes that unsuccessful rental owners usually make and what you can do to avoid them:

Forgetting Local and State Regulations

When it comes to having a successful vacation property, you will want to make sure that you can operate in the area. Many zoning laws now have guidelines for vacation home owners. This can include on having a limit to the number of occupants in the home at one time or having a noise restriction. Whenever you ignore local and state regulations, you can be setting yourself up for frequent fines that will eat away at your profits. Worst of all, some situations may even result in your property being closed down for short-term rentals. Always make sure you understand the law for your vacation rental.

Poor Market Research

Understanding the local regulations and laws are just the start of starting out as a rental property owner successfully. You will want to make sure you do your thorough research to set up your property for good. Just owning a home in Arizona will not be enough to combat the growing market for vacation rentals. Instead, thorough research should be conducted. This can include researching the area where you are thinking of purchasing a property. Clients come to Arizona for vacations and will want to be close by local attractions and stay in nice neighborhoods. Not offering these features can have potential clients skip out on your listing. Understand the local market to set yourself up for success.

Underestimating the Cost of Property Ownership

We are all excited to make a little extra income as a property owner. One thing that often gets overlooked is the cost of owning the home itself. Owning a vacation rental is owning a second home. You should anticipate having to pay for the usual home ownership costs such as utilities, HOA fees, taxes, and more. Maintenance should always be reviewed so parts of the property that need to be fixed up can be. Using a property management service will help with the upkeep of your home but will use service fees. By understanding that all that entails of owning a second home you can be successful in the end.

Subpar Listing Information

First impressions will always be what is remembered most, so make sure the first impression your property leaves are a great one. One common mistake by inexperienced rental owners is not taking advantage of professional photography for their listing. We have seen many properties that provide old and grainy photos to show off their home. Unfortunately, this poor photography will not cut it in today’s market. There are several necessities in the short-term market nowadays to stand out to be successful. Use professional photography that shows clear images while offering all the views inside your home. By having your client see every angle of the home they can feel comfortable with their booking. This information should also include a thorough review of the home’s features and accommodations. By detailing every benefit, they will review clients will know this reservation will be one they have no regrets about.

Ignoring Client Reviews

The first impression will always be important, but so is the feedback that your clients are sure to leave. Property owners love to see the great reviews come in after each successful stay. That means the hard work you have put into the home is paying off and being noticed. However, there can come occasions where a reservation does not go the way it was planned and a negative or constructive review is left behind. Do not let these reviews bring you down and instead use them as a learning opportunity on how to further improve your home. Acknowledging client reviews that are either good or bad can show that you listen to your clients and appreciate their feedback. This will only further show that your property can be a great location for another booking in the future.

Not Taking Advantage of a Property Management Service

Many of these mistakes can be avoided completely when you trust a property management service. Our team is standing by here in Arizona to assist you in managing your property. We assist in all aspects of your reservations from the initial booking to support for your clients. Contact our team today and see how we can help.