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Making Changes

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Once you have done this analysis, you are able to look objectively at what you will have to do to shore up the weaknesses and challenge the threats. In this example, you may decide on the following changes:

• Improve the amenities you offer to put your property at a higher rental level than your local competition. For example, purchasing a hot tub pays dividends in increased bookings in the colder months. Providing a computer and Internet access will also give you that competitive edge.

• Promote the advantages to specialist hiking/walking groups for fall and spring, and to snowmobile enthusiasts during winter. Offer special packages such as “Breakfast included” (where you stock the fridge with breakfast fixings).

• Explore ways of making the property more winter-accessible and for attracting people looking for a winter getaway.

• Develop one-year, three-year, and five-year plans that incorporate prioritized capital improvements.

• Purchase a combination washer/dryer that will fit into a small space.

If you are using an agency, let them know you plan to add value by making changes, and make sure these are mentioned on their web pages. If you have chosen your agency carefully, they will be actively promoting out-of-season rentals and will welcome discussion on how best to market your property.

Renting Your Recreational Property for Profit

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