Before we look ahead, it's important to take a step back and assess the past year.

• Did you accomplish your rental goals for 2007?
• What mistakes did you make and what have you learned?
• Did your booking process work smoothly or did you run into hiccups?

In 2008, you'll have new bookings, new renters and new dilemmas. If you're prepared, you'll present a more professional face to your renters and confidently handle any problems that arise.

Here are 12 tips to help you manage your vacation rental life in the New Year.

#1 Tackle your taxes.
It's important to calculate your 2007 income and expenses in order to set goals for the upcoming year. If you're feeling ambitious, start your income taxes early. As April 15th approaches, you'll be stress-free.

#2 Archive old contracts.
After you complete your 2007 taxes, box up your files and store them out of your way—but don't throw them away. You should keep all of your paperwork for the standard 7 years in case of an IRS audit.

#3 Start 2008 accounting.
Set up an office system (filing folders, calendars, spreadsheets, etc.) for logging all bookings and business experiences. Get a head-start on the New Year!

#4 Schedule time at your vacation home.
Decide which weeks you'd like to stay at your vacation rental and mark the days as booked on your availability calendar.

#5 Set goals.
Decide how many weeks/nights you'd like to book your vacation rental during 2008. Next, plan how much and where you should advertise to meet your booking goals.

#6 Update your Internet ads.
Double-check rates, amenities and availability calendars on all your property listings.

#7 Accept credit cards.
Make your life easier. Set up a merchant account and secure bookings instantly. A credit card takes only 5 seconds to process. Stop waiting around for checks to arrive in the mail and clear the bank!

#8 Simplify email communications.
Take advantage of technology. Instead of typing the same message over and over again, create standard email messages to respond to inquiries quicker (e.g. Thank you for your interest in renting our home…).

#9 Keep in touch with former guests.
Keep contact information for past renters in a spreadsheet. Send them a small note about specials you're running for the upcoming year or improvements you have made to the property.

#10 Communicate with your housekeeper.
Ask your housekeeper if there's anything your guests can do (or not do) to make her job easier (e.g. stripping the beds, taking out the trash, etc.). Confirm your current check-in and check-out time works well for her schedule.

#11 Take advantage of the New Year's sales.
Stock up on items you replace often like linens, towels, shower curtain liners, and silverware.

#12 Create a maintenance contact list.
Compile a list of all the people or businesses you may need to call this year (e.g. utility companies, electricians, tree trimmers, etc.). Be proactive.

Now you're ready to start your vacation rental year off on the right foot!