Crash Course for New Vacation Rental Owners in Breckenridge: 10 Things You MUST Know

Whether you're just starting out in the short-term rental business or expanding your existing portfolio, there’s always a seemingly endless list of tasks to ensure your property thrives and remains attractive to potential guests. From sourcing cleaning supplies to setting the perfect rental price, managing it all can sometimes feel overwhelming.

At Ski Country Resorts, we pride ourselves on offering expert guidance to property owners, helping them navigate the challenges of vacation rentals in Breckenridge. And we’re excited to share some of our winning strategies with you.

In this blog, we’ve put together a crash course featuring 10 essential rules every new vacation rental owner should know, and seasoned owners should always remember.

Ready to unlock your Breckenridge vacation rental’s full potential? Let’s get started!

1. Know Your Costs

When launching a rental, managing costs — both initial and ongoing — is inevitable. Let's see the difference between them:

Initial costs or one-time costs:

Costs associated with launching your rental will include repairs, furnishing the space to create a welcoming atmosphere, and incorporating unique amenities that guests value. Additionally, investing in professional photography is essential for showcasing your Rocky Mountains rental effectively.

Ongoing costs or fixed costs:

These are the ongoing costs you'll encounter, such as utility bills, internet, specific supplies, and more. While similar to the expenses of running your own home, they also include things like cleaning staff payroll. Some costs will fluctuate based on guest numbers, while others will be consistent.

Extra tip for beginners: When you're starting out, it's normal to face negative revenues in the initial months. It takes a while to gain traction and establish a solid foundation. However, it pays off to be patient and keep pushing forward!

2. Keep Your Rental Looking Fresh and Stylish

Modern travelers are after one-of-a-kind experiences. To capture their interest, make sure your rental boasts appealing decor and up-to-date appliances. Draw inspiration from your surroundings to craft a decor that tells a story, connects with local culture, and appeals to your guests.

In Breckenridge, guests expect vacation rentals that capture the charming mountain ambiance and alpine character. This enhances their experience and allows them to fully immerse themselves in the delightful Rocky Mountain atmosphere.

3. Provide Must-Have Amenities

To stand out in today’s competitive market, offering the right amenities is key. Top-notch amenities not only meet guest needs but also drive more bookings and boost revenue.

It's important to note that the expectations for amenities have changed. Smart TVs are no longer optional but a standard feature guests expect in Breckenridge rentals. Similarly, streaming services like Roku have become essential, providing cost-effective and user-friendly entertainment. These are now considered must-have amenities.

Extra tip: A rising trend is the growing demand for pet-friendly accommodations. Including this feature in your rental can enhance its appeal to a broader audience visiting Breckenridge.

4. Ensure Your Rental is Impeccably Clean

From our experience managing rentals in Breckenridge, we understand that a consistently clean and well-maintained property is key to securing positive reviews and achieving financial success.

At Ski Country Properties, cleanliness is paramount. We partner with the best cleaning services in the area to ensure that the properties we manage are always in pristine condition after every guest. Our thorough process covers everything from fresh linens and towels to sanitizing all surfaces, floors, showers, toilets, and hot tubs.

We go beyond routine cleaning with our comprehensive deep cleaning services. This includes moving bulky furniture and appliances to clean beneath them, examining walls and ceilings, and treating wood surfaces, among other intensive tasks.

What sets us apart is our team of in-house cleaning inspectors, a unique feature among rental management companies in Breckenridge, which guarantees that all cleaning tasks are consistently performed to the highest level of quality.

5. Implement Routine Maintenance Checks

Like cleaning, proper maintenance is crucial for high ratings and positive reviews. Your cleaning team is your biggest ally in this regard. They are the ones who spot and report any damage or maintenance issues to ensure everything stays in top shape.

Due to the higher guest turnover, short-term rentals demand more frequent maintenance compared to regular homes. That’s why we conduct periodic inspections of all our properties. Our routine checks involve evaluating supply levels, replacing worn or broken items, and examining sinks, showers, and baths, among other essential tasks.

Additionally, make sure you don't overlook important maintenance tasks like repainting walls, fixing flooring, and replacing carpets. Failing to address these can result in more significant and expensive problems in the future.

6. Invest in Professional Photos

With top-notch decor and amenities, it’s time to dazzle the world. Wondering how? Make your rental shine with eye-catching photos!

It’s common for rental owners to try and save money by using their phone cameras for listing photos. While you can produce good photos with a phone, a professional photographer’s expertise and specialized equipment can significantly enhance how your rental is presented to potential guests.

In a market that's growing more competitive by the day, we rely on top-notch professional photographers to highlight our properties. This strategy ensures our properties capture the spotlight and stand out.

7. Select the Perfect Listing Platform

Once you have professional pictures of your property ready, the next step is to upload them to online travel agencies (OTAs).

For Breckenridge vacation rentals, we recommend listing your property on platforms like Airbnb, Vrbo, Booking.com, and Expedia. Among these, Airbnb and Vrbo are the most popular and tend to generate the highest number of bookings.

Take the time to understand each platform and choose the best combination for your rental. Consider exploring these key aspects:

Does the platform offer a subscription model or charge fees per booking?
Does it offer insurance coverage?
Does it resonate well with the type of guests you’re targeting?
What are the costs associated with bookings? Make sure to examine their policies on host fees, guest fees, credit card charges, and any other potential expenses to avoid unexpected costs.
Does the platform provide customer support? Technology can sometimes be tricky, so having support available is crucial for resolving any issues.
Does the platform offer software integrations? As your business expands, integrating additional tools can help streamline your operations.

8. Establish an Effective Pricing Approach

When it comes to Breckenridge vacation rentals, pricing is just as important as location, quality, and photos.

After investing in decor, amenities, and professional photography, you might feel like increasing your rates. We understand! However, it's important to evaluate your rental from the perspective of a potential guest.

Most of the factors we've mentioned above will play a role in setting your nightly rates. First, you should calculate your costs and add your expected profit margin to establish your baseline fee. Next, set your maximum and minimum prices, and compare your rental with similar properties on the market to find the most effective nightly rate.

Remember, pricing isn’t set in stone; it should fluctuate based on market demand, seasonal variations, special local events, and other external conditions.

Just like airlines and hotels, employing a dynamic pricing strategy for your vacation rental is crucial. This approach involves regularly updating your rates to reflect shifts in guest demand and willingness to pay.

Luckily, there are software options available on the market, such as Wheelhouse, PriceLabs, and Beyond. They can decrease your workload by up to 70-80% and offer the potential for a 20-30% boost in profits.

Sounds amazing, right? Now, picture having a full-time revenue manager as well. At Ski Country Properties, we have a dedicated team working diligently to enhance pricing strategies across all our properties, aiming to boost profitability.

9. Master the Art of Guest Interactions and Service

When bookings start rolling in, it’s a great feeling, but don’t be fooled—that’s just the beginning of the real work. A big part of hosting is connecting with guests and building a positive relationship. After all, that’s what hospitality is all about.

To manage guests successfully, ensure their expectations match reality. This means that your rental’s photos and descriptions should accurately reflect what guests will find upon arrival. Consistency is crucial to avoid disappointment and negative reviews.

Managing communication effectively is another significant and time-consuming task. To make this easier, offer extensive information ahead of time through your rental’s descriptions, high-quality photos, and informative guidebooks. This will help address questions before they come up and set clear expectations from the start.

10. Don't Take Things Personally

Handling guests comes with its challenges. There will be times when rules are ignored, and your property may not be left in the best state, with potential damage to items and amenities. It’s something every host eventually faces.

The way you manage these challenges can significantly affect your hosting success. Try to stay professional and not let unexpected issues get under your skin.

It's natural to become emotionally attached to your rental after dedicating so much time and money to it. However, maintaining a professional distance will help you address problems more efficiently and approach challenges with a clear, business-focused mindset. At the end of the day, you are managing a business, so the best strategy is to adopt a professional attitude.