Making it Big through VRBO

Let’s face it. With the exception of ocean activities, Colorado has just about every kind of major adult activity that anyone could want. Skiing, hiking, biking, sailing, concerts, and shopping are all at the top of the list and people want to come here to enjoy everything we have, but they need somewhere to stay. Sure, they could go to the travel sites and book with hotels and motels, but that’s so last generation. Millennials are rediscovering the personal connections made at Bed and Breakfasts(BnBs) and want to find accommodations that will let them not only explore the area around them, but the people as well. Lets take a look at Making it Big through VRBO in Colorado.

What is VRBO?

To meet this need, old concepts are finding new faces in the form of rental companies that focus on the BnB model; allowing travelers to stay in guest rooms or rental properties. Now known as Vacation Rentals by Owner or VRBO’s instead of the traditional Bed and Breakfast, these in-home hostels have become the Uber of the accommodation world allowing people to shun the sterile brand-name caravansaries and Colorado home owners are taking advantage of the demand. In fact, Colorado has become one of the largest VRBO/AirBnB destination points in America and if you own a second home you can profit from it!

Researching How To Market Your VRBO

The first step is to do your research. There are dozens of sites on the Net, but it takes some looking to determine which ones will give you maximum exposure for your rental. This may seem like a small detail, but if your BnB is lost in an ocean of other homes, your rental rate will plummet and you’ll lose business and money. Surf through a few of these sites as a prospective traveler to see what they offer and what the general going rates are. This will help you when taking the next step:

Determining the Cost to Operate a VRBO

Determining the cost of doing business. Just like any rental property owner, setting your rates needs to be lucrative for you. Sit down and make a list of your monthly costs for the property. Mortgage payments, property taxes, utility use bills, and anticipated maintenance fees all need to be considered and divided up into monthly, weekly, and daily chunks so that you, the owner, know that you can make money renting on a daily or weekly basis. Remember also that the travel site will want to make a profit too, so factor in their fees as part of your budget. Profit = income – expenses…all of them.

Managing Your VRBO

Finally, keep in mind that with a hopefully high visitor turn around rate, you’ve just become part hotel operator. More importantly, you’ve also become a part time cleaning staff. Not everyone who visits will leave the house spic-and-span. After every visitor leaves, there will be a certain amount of laundry and supply restocking that needs to be done. If you choose to do this yourself, then you will save money, but be prepared to spend an hour or two in cleaning after your guests leave. If you decide to use a maid service, you’ll need to factor that into the budget, but you won’t need to spend your time making beds and doing extra laundry.

Co-Habitating a VRBO

To save in both of these, many people offer a room in their own home as the accommodation instead of a separate property. Although they are charging less for rates, this allows them to interact with the guests, lowers overhead, and saves in maintenance. This option is definitely only recommended for someone with a social frame of mind since guests will be living in your personal space, not something everyone is comfortable with.