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Anticipate purchases. Make a list of all of the items you think you may need to purchase for your vacation rental in the next year. This could include new amenities that you'd like to add, as well as replacement items for those already in your home that may become worn, lost, or broken in the coming year. By foreseeing the things you will likely need, you can be on the lookout for sales on those items.
Purchase items from your hometown instead of buying them in your vacation market. The cost of living in vacation destinations tends to be higher than in the rest of the country. Consequently, the cost of household items like linens, towels, dishes, and BBQ grills tends to be higher as well. Take advantage of the lower prices and (likely) better selection of your primary home market.
Carpool items to your vacation home. Tap into your network of your vacation home neighbors to take turns shuttling items to your home. If they own in your vacation market and live in your primary home market, even better.
Plan your stays in your home during the off-peak season. If you want to maximize the amount of potential revenue you can make in 2009, consider booking your personal stays in your home during the shoulder or off-season. While you may enjoy visiting your vacation home during the busy season, you may be taking up a week that you likely would have booked. And in an uncertain year, you may want to get all of the bookings you can, even if it means a bit of personal sacrifice.
What Not to Skimp On
Marketing
Decreasing your advertising expenditures may seem like that easiest way to save a few hundred dollars; however, this will likely hurt your business exponentially. In a down economy, fewer travelers are taking vacations, so that means that you might actually want to increase your exposure to reach as many potential renters as possible.
Housekeeping
For those of us who rent by owner, our housekeeper is often our key to success. Don't risk alienating your vacation rental lifeline by trying to cut corners with your housekeeping.
Must-Have Amenities
If you know that your guests choose your home for a certain amenity (wireless Internet, firewood, beach service, or pool heating), don't shoot yourself in the foot by removing or discontinuing that feature.
Maintenance
Unless you're an expert yourself, don't try to do electrical, plumbing, HVAC, or structural work yourself. More often than not, you'll cause more problems than you'll fix.
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