Calgary's Guide to Thriving in the Short-Term Rental Business

Navigating the vacation rental landscape in Calgary can be a rewarding journey, especially when equipped with the right insights. Drawing from the wisdom of seasoned experts in the short-term rental sphere, through this guide we aim to shed light on the primary challenges Calgary property owners face and offer actionable solutions.

While being a vacation rental owner can certainly be a profitable business, just like operating any business, there are stressors associated with maintaining the business so that it remains lucrative.

1. Elevating Your Rental Game

Scaling a vacation rental venture in Calgary is an exhilarating challenge. As your portfolio expands beyond 10 units, tasks like marketing, pricing, and strategic planning demand a more hands-on approach. While hiring a property management company might seem like a hefty investment, their expertise can be invaluable.

Tip:Seek out a revenue manager familiar with Calgary's market dynamics or a marketer with a stellar track record. If you're leaning towards a more comprehensive solution, consider partnering with a local property management firm that has a strong foothold in the short-term rental niche. Always vet potential partners thoroughly, asking for references and posing in-depth questions.

2. Assembling a Stellar Cleaning Team

A top-notch cleaning crew is the unsung hero of any successful vacation rental operation in Calgary. Beyond ensuring the property is guest-ready, they're your eyes and ears on the ground, spotting maintenance needs and reporting any damages. But one of the biggest concerns for most vacation rental owners is finding a reliable property maintenance company to handle cleaning and maintenance for a property and holding on to them long-term.

Your cleaning team is the key to getting your property in order after a guest leaves. They should be thorough and pay attention to detail, which allows you to have eyes on the ground as they can report any issues they find.

By being on top of problems as they arise, thanks to a trusted cleaning team that will advise you when maintenance is needed, you can send in a maintenance manager to make the necessary repairs. While there is a cost associated with maintenance and cleaning, diligence can help you avoid larger repair bills later. Plus, your property will be recognized as a clean and safe property, and that can lead to more bookings.

Tip: Tap into the local Calgary network. Recommendations from fellow property owners can be gold. Small cleaning enterprises often deliver a personal touch and prioritize client satisfaction. Embrace tech solutions to ensure meticulous cleaning and stay updated on your property's status.

3. Safeguarding Your Property

In the bustling city of Calgary, where short-term rentals are in high demand, occasional guest-induced damages are part and parcel of the business. While many guests treat your property with respect, the outliers can lead to unexpected expenses. Navigating damage claims on platforms like Airbnb can be a tedious affair.

Tip: Equip your property with monitoring tools. This proactive approach can alert you to potential disturbances. Bolster your defenses with vacation rental insurance and always have a security deposit in place. Check out this safety checklist for short-term rentals

• Making sure when your guests are scheduled to arrive and leave may seem like a given, but with hopefully multiple guests staying at your property, it can become confusing and time-consuming. This is why short-term property management should be engaging, which is more difficult than one might think.
• You must be sure your vacation rental is available during the time that any given guest requests accommodations so that you do not double book your property. This can be disastrous as you will have aggravated two guests with one error. Stay organized and be diligent with your scheduling calendar, making it easier for you to handle the short-term rental management process.

4. Mastering the Revenue Management

Juggling expenses, driving profits, and fine-tuning pricing is an art form in the dynamic Calgary vacation rental market. Thankfully, the digital age brings tools that simplify this intricate dance.

Tip: Leverage hosting platforms to keep a pulse on pricing and revenue across various rental platforms. Integrate with tools like PriceLab and WheelHouse for an added edge. For financial tracking, tools like Quickbooks are invaluable.

5. Working with Your Vacation Rental Guests

Making sure when your guests are scheduled to arrive and leave may seem like a given, but with hopefully multiple guests staying at your property, it can become confusing and time-consuming. This is why short-term property management should be engaging, which is more difficult than one might think.

You must be sure your vacation rental is available during the time that any given guest requests accommodations so that you do not double book your property. This can be disastrous as you will have aggravated two guests with one error. Stay organized and be diligent with your scheduling calendar, making it easier for you to handle the short-term rental management process.

6. Improving Guest Communication

Guest expectations of vacation rental properties continue to increase year after year. An important part of providing a great guest experience is how connected a vacation rental owner is with guests that stay on the property. This begins with the right marketing message and continues through the rental duration and beyond. It’s important that guests have several easy ways to make contact with you as well, whether that’s by phone, email, text, or a website form. This will not only allow you to respond to questions and concerns before a guest arrives, but you will be able to handle issues as they arise in real-time. The easier it is to communicate with your guests and them with you, the better their stay will be, leading to more excellent reviews and more bookings.

7. Establishing Your Vacation Rental Price

In determining the price you will be charging for your short term rental property, there are a few things to take into consideration:

The New Listing - It may be a good idea to set a lower price for your new listing to start with. Then as you gain more bookings and positive reviews, you can raise the price gradually. Setting a price that is too high right off the bat can scare people away as they will not know what to expect and will not have enough reviews they can look at to alleviate any concerns. 

Seasonality - Your price may fluctuate according to the time of year. During the busiest months, a higher price is expected but during the quiet months, you might consider lowering the price to attract more attention.

Special Events -There may be times when you can increase your price regardless of seasonality as an event rolls through the area that attracts more crowds. Anything from concerts to conferences or fairs can make your short-term rental management easier through consistent occupancy.

So you may not have one set price all year round. The price can rise or fall with the expected flow of people coming through the area at any given time. You should have a vacation rental pricing strategy that reflects current conditions.

8. Creating, Optimizing, and Listing Your Vacation Rental

There are a number of listing options available to a vacation rental owner. Airbnb is a very popular platform that many use to manage short-term vacation rentals. But you don’t necessarily have to limit your listing to just one site. While Airbnb rentals are great, you can have more exposure for your listing by using other vacation rental platforms. 

Our property management experts at Aisling Baile can list your vacation property on different listing channels making the listing management stress-free for you. Through this listing management service, you can benefit from experienced advice for setting up your listing and staging your property. This includes professional photos of your vacation rental, listings on multiple platforms, and synchronous scheduling so you don’t have to worry about double-booking between listing sites. Our vacation rental managers use one of the best vacation rental software packages available on the market, which takes care of task automation.

Your listings will be fully optimized to display the same information across all platforms and can be updated as needed making it easy for guests to find your property and for you to relay the proper details. That’s exactly what you need for a smooth short-term rental management process.

9. Setting the Rules of Your Rental Property

In the vacation rental management business, you can always choose the guests that stay at your property but you can filter out some of the troublesome guests by laying down some ground rules. We’ve all seen them on various listings; no pets, no parties, no smoking, and others. 

While accidents can happen from time to time, you may also run into a guest or two who doesn’t respect the property. So if a little teenage dispute results in a hole in the wall or a wild party ensues, you could be left with a hefty repair and cleaning bill. 

You can increase the possibilities of avoiding such surprises in a few ways:

• Establish clear house rules and guidelines for your guests so that they understand what is acceptable and what is out of the question. In speaking with your guests before they arrive, they should be aware of how you expect the property to be handled during their stay. 
• Meet your guests upon arrival. This puts a face to the property and a personalized welcome that sets the tone for the visit. By being present, you can give your guests the grand tour, verbally outline what they can expect to find in the property, what they can expect from you, and what you expect from them. As it may not always be possible for you to make an appearance, you can still be represented with the help of a short-term property management company. You can have someone who is familiar with the property and your guidelines represent you when you can’t physically be there. 
• Take a damage deposit. It’s not uncommon for vacation rental owners to ask for a reasonable deposit before the stay begins so that damages can be covered if there are any. Then the deposit can be refunded after the guest has checked out and the property is inspected.

10. Finding a Reliable Property Management Partner

You can make your job of short-term rental management much easier and more enjoyable by partnering with a short-term rental property management company. From listing your property to cleaning between guest stays to repairing property damage, your property management partner can take the burden off your hands. You may have a full-time job, live across the country, or simply don’t have the knowledge to handle things like plumbing or electrical issues. Taking care of your property quickly means it’s ready for the next guest sooner, which is more money in your pocket. For more details, read our previous blog post on how to manage your vacation rental remotely. 

In Conclusion

Owning a vacation rental in Calgary is more than just a business; it's a journey filled with learning curves and milestones. By adopting a business mindset, optimizing profitability, and mitigating risks, these challenges become stepping stones. Embrace professional guidance, harness the power of technology, and stay updated with industry best practices. Calgary awaits your success in the vacation rental domain!

Get in touch with us today