With summer around the corner, we would normally set our sights on taking advantage of Canada’s warmest season by enjoying the cottage or booking a campsite for our home away from home.
With the drastic changes we’ve all experienced so far in 2020, the sad reality is in some parts of
the country, cottage season is on hold and may have to wait. While this is unfortunate for everyone,
including rental property owners, this downtime is a great opportunity to improve your business.
If your rental property is in another town, be aware of health and safety measures in other municipalities. The rules vary from place to place, but always be cautious if you’re coming from a big city to a small community — they’re often more vulnerable and have less infrastructure in place to handle an outbreak. Keep your physical distance and, if possible, bring supplies like groceries and tools with you from home to limit trips to the store.
1. Update your documentation and collateral
Administration may be the dullest part of owning and operating a business, but now’s the time to review and update your rental agreements,and various marketing assets. As industry laws and regulations can change periodically, review the bylaws in your area to keep your rental agreements current.
If you have recent photos, now’s the time to update your website and social accounts. You can also take steps to improve your guest experience by
creating a welcome book. It’s a low-cost way to welcome your guests and help them become familiar with the features and amenities of your rental and local destinations.
2. Inventory your possessions
Renters are generally trustworthy, but even so, it’s advisable to create an inventory of all your possessions that you can reference after each guest
departs. It’s good for your peace of mind, as well as for insurance purposes because it will help you
determine more specific values of contents. A spreadsheet is ideal for this and as long as you have a Google account, you have free access to their online spreadsheet application, Sheets.
3. Review your insurance
Now that you’ve created your inventory, it’s a good idea to review your insurance policy and
update it if necessary. When we add or remove costly items like furniture and appliances, they can have an immediate impact on the coverage amount for contents. It only takes a phone call to make this update, but while the majority of companies are still operating remotely, it’s wise to check their hours and call as early as possible to avoid excessive wait times.
4. Install security devices
Installing security cameras will deter thieves and give you more assurance your property and possessions are safe. Some cameras connect to Wi-Fi, allowing you to monitor the feed remotely and
receive motion detection alerts.
You can also engage and disengage the cameras remotely when you do receive guests again. If you do not have internet at your rental property, videos can be stored on memory cards for later
retrieval. Just be sure to check regulations and ensure
you’re honouring the privacy of your guests and neighbours.
5. Build an owner’s cabinet
If you enjoy working with your hands, this is the perfect downtime project. An owner’s cabinet is where you store and lock away items that are only for your use. You can keep extra rental documentation, tools and supplies, or your Wi-Fi router and modem to prevent tampering. Popular Mechanics has this simple two-door wooden cabinet project that can be built in just a few days and only requires some additional locking hardware.
6. Got labels?
Remember the labelmaker you received for Christmas a few years back? Yes, the one in the back of your utility closet. Dust it off and get to work! Labeling light switches and breaker panels, plus applying instructions for locks, appliances, and utility feeds will help your guests become more familiar with your property without any guesswork.
7. Inspection time
Chances are when you have guests, you’re inspecting and cleaning between occupancies. It’s a good idea to make regular inspections during times of extended vacancy to identify and address any damage that may have occured.
Investing in video surveillance is a good idea for these types of occurances.
Even with video surveillance, you may not catch four-legged intruders or notice weather-related damage without a physical inspection.
8. Repair or replace
During your inspection you may have noticed chipped dishes, peeling or cracked paint, or a chair in need of some TLC. This is the time to refresh these items by replacing flatware and cookware, applying a fresh coat of paint, tightening or gluing furniture joins or even some light renovations.
If you need to hire a crew, be sure they’re local so you can respect any provincial or territorial
restrictions for regional travel to prevent undue loads for local healthcare providers.
9. Beautify your property
Even smaller details like landscaping or gorgeous flora can heighten a guest’s experience. Taking time to prepare gardens will increase the appeal of your property so that when guests return, their peaceful escape will be that much more enjoyable.
While these times are not ideal, using downtime to manage, improve and protect your vacation rental ensures you’re on top of administration and can hit the ground running once restrictions lift. Plus, the biggest benefit is the increased value and enjoyment for your customers, and encouraging repeat visits.
— Realtor.ca