In 2023, people who visited Milwaukee pumped over $4 billion into the local economy. A sizeable chunk of this amount was spent in the short-term rental market.
As a vacation rental property owner in Brew City, you already know that there's a thriving market. However, if you're struggling with managing bookings and reservations, you won't be able to take advantage of the many dollars visitors spend on short-term stays.
Thankfully, we're here to help. As experienced vacation rental property managers, you can bank on our booking management tips to help you get on top of things.
Establish Clear Booking Policies
Operating a short-term rental without guest reservation policies is a recipe for chaos. It means guest can make and cancel bookings or check out at their pleasure, which can throw a wrench in your operations.
This is why you must establish clear cancelation policies, check-in and check-out times, and minimum stay requirements. When a guest books a reservation, they need to know if they can cancel, and if yes, what will happen to their booking fees upon cancelation.
There are industry best practices you can follow when establishing these policies. For example, it's standard practice for guests to make free cancelations if they cancel about a week before arrival. Closer to the reservation date, a certain percentage of the booking fees can be charged.
With clear policies, your guests will know what's expected of them before booking. This will drastically minimize unnecessary frustration for your guests.
Use an Efficient Booking System
If your property isn't listed on any digital vacation rental platform, you have to invest in efficient customer reservation management software. Doing things the old way, like taking bookings via phone call or SMS, is only going to make you an ineffective host.
Ditch the manual methods and move to the new age by deploying an online booking system. This typically means building a website for your vacation rental and integrating the booking system into it.
Any of your guests will need to visit the website and make a booking. The booking system will indicate the available dates and process the payments into your account.
Leverage Digital Vacation Rental Platforms
Most vacation rental properties are now listed on vacation rental platforms. These platforms automate most of the processes involved in hosting, including managing bookings and reservations.
If you list your Milwaukee rental on any of those sites, guests will be able to book without needing to contact you. The site will notify you that a reservation has been made, along with the dates and other important information. In case there's a cancellation, the site will handle it according to its policies, and you'll be notified as well.
Managing Bookings and Reservations the Right Way
Being a vacation host in Milwaukee can be a lucrative venture, but a lot depends on your capability for managing bookings and reservations. These tips should help, but what you need is a professional solution.
Hiring a local short-term rental management company is the best move. In that case, there's no better provider than PMI of Greater Milwaukee. As part of a larger franchise that has been in the property management industry for decades, we have the expertise and experience to manage your short-term rental.
Call us today to schedule a consultation.
