My Top 10 Issues with Owning a Vacation Home in Hocking Hills
Want to learn what it is like owning a Vacation Home? Here are the lessons that I have learned.
After three-plus years of vacation home ownership and management, here are my Top 10 Issues with owning a vacation home rental in Hocking Hills:
Not listening to a local's advice
I am a city girl here, and I just rolled my eyes over using an in-area lender for my vacation home. Yup, I whiffed that one big time. Don't get me wrong, who I used was fine. However, they did not understand vacation homes at all. They didn't understand the insurance of a vacation home, and I paid dearly for it with time and money. If I had to do it all over again, I would connect with an in-area of the vacation home lender and an insurance agent. At least, I would like to talk to them and get a feel for whether the process would be smoother.
Distance
Distance is one factor that I have to overcome. It causes me to rely on others to sometimes do the work needed around my vacation home. It is still doable to go down there in an hour or so, but time doesn't always permit, and some issues need immediate attention.
Reliable contractors
I have been fortunate to have a cleaning crew that takes care of my cabin as if it were theirs. However, unlike owning a home near a big city, there is very little contractor competition, and sometimes, you wait a while to hear back from contractors. Sometimes, you don't hear back from them at all. It depends on their workload, and they tend to ignore you if you don't have a big enough job. My cleaning crew has been a wealth of information regarding who to talk to. Sometimes, people have popped up from a Facebook post on the local Lodging Association. Google has always been an invaluable research tool also.
Money pit
Other than mortgage taxes and insurance, other costs are associated with owning a vacation home. The most significant factor is wear and tear on towels and bedding. Then, there is wear and tear on other items like stools, couches, grills, and hot tubs. (I am shaking my head in resignation as I write this.)
Pricing
Pricing was a constant worry for the first two years of ownership. How do I price my vacation home? Am I underpricing it or overpricing it? What did I do? I invested in a pricing algorithm system. This system uses data such as demand, local events, and competitor prices to suggest an optimal price for my property. I like giving it parameters and telling it to price it for me. The bot and I don't agree sometimes, but that is where the parameters come in handy.
Channel management
For the first two years, I did it on my own by iCal to the biggest heavy hitters in the industry, which was alright. Then, I decided to join an in-area vacation home group with a channel manager and their website, which was fine until they decided to introduce a pay-to-boost option. This option allowed properties to pay extra to appear higher in search results, but the cost was too high for me. The drop-off in activity was so noticeable that it wasn't even funny. Now, I am again independent with a channel manager with whom I am in love. No more worries if everything is in sync, and no more exorbitant marketing schemes to cut into my profit.
Damages
Talk about a bone of contention. The guests don't like the extra charges, and I, the owner, don't want to charge them either, except how do I pay for something broken during the guest's stay? Despite the guest perception that I am making money off of them hand-over-fist, I am not. Well, there is stay insurance that owners can purchase on behalf of their guests. This insurance, often called damage protection, defrays those inevitable damages and keeps you from being the "bad guy" in charging the guest for damages. Like any insurance system, you submit a claim and photos, and the insurance tends to payout. I have yet to experience a situation where the insurance company did not pay. But, like everything in this vacation home industry, document, document, document.
Reviews
Oh, boy, the general public is fickle. I don't know if the review system is good or bad. I am more than happy when people give me a glowing review; however, I am disappointed when a less-than-stellar review is given when it would have taken just a phone call or text to fix an issue. Communication is the biggest issue when it comes to the review process. People don't want to incur a trip charge for someone coming to care for an issue, so they turn to the review system to vent. I am more than accommodating; I ask people to contact me with questions or concerns. However, it falls through sometimes, and I am left with reviews that hurt my ratings.
WiFi
Thanks, Starlink, for making it easier for people to stay connected while away in a remote area. But, also, boo to Starlink for making it impossible not to have WiFi at a vacation home. I decided that Starlink was a feature that would benefit my guests and allow me to do what I needed to do while at the cabin. I would cry at the expense if I thought about it any other way.
Theft
Yes, that is a thing. We have tried providing little things like hot cocoa, a hair dryer, a guest book, DVDs, hand soap pumps, or a bowl for your keys (all items listed have gone missing in the preceding years). Previous owners had warned us about robes for the hot tub and told us not to put them out for guests to use. Somehow, they go missing and never return. It baffles me why people will go someplace and take stuff that is at the place. Vacation homes are not hotels; even hotels have quit using take-away hand soap, shampoos, and conditioners. I want to be as hospitable as possible; however, I don't have a budget to keep refilling this stuff. It's a fine line on what to do. Hopefully, I have struck that balance.
Have I regretted becoming a vacation homeowner and manager?
Quite the contrary. I have enjoyed every incident, mishap, and problem I have faced. I receive a thrill from working with the guests and providing a wonderful place to relax and enjoy nature. I found my benefits when I rolled down to my cabin. I am genuinely happier and have finally learned to let many incidents roll off my back. Vacation homeownership has been liberating to me, and I have learned many lessons on how to deal with people through managing the property.