It goes without saying that if you want to have a profitable company, your earnings must exceed your costs. So it’s wise to review where your money is going periodically.
We frequently overlook the price of utilities while concentrating on the up-front expenses (such as purchasing a home, outfitting it, paying for booking websites, etc.). It’s, unfortunately, a catch-22 situation. You will earn more and spend more on electricity each month as you have more visitors.
What are some doable strategies to lower your rental property’s utility costs in light of this? Innovative power bill-cutting strategies are covered in this article, which should help you earn more from your holiday rental.
If you’re concerned about the expense of your electricity, there are things you can do at home to cut back on it. You can lower the thermostat or put on an additional sweater to stay warm at night. Maybe you choose to cook outdoors during the summer instead of using the oven. As children, I’m sure all of us were reminded by our parents to turn out the lights while leaving a room.
On the other hand, you might use water more sparingly than you otherwise would. Perhaps we can solve this issue at home by setting a timer for how long to shower or just turning on the dishwasher when it is filled.
But are these reasonable limitations to impose on our visitors? No. Some visitors may need help to adhere to these standards, and it can also be unprofessional. Remember that staying at your facility costs your visitors a lot of money. While on vacation, they must feel at ease. They will only give positive reviews and are likely to choose another host if they think you’re acting more like a frugal dad than a gracious host.
Modernize Now to Save Money Later
What do you need to do to be professional and practical without compromising your guests’ comfort? Consider first modernizing your house. Although you may initially pay more upfront, you will end up saving a lot of money.
What needs updating:
- your devices. To buy Energy Star appliances, look. Although you may have to pay significantly more upfront for these energy-efficient stoves, washers, and dryers, you will save a tonne of money each month on your electricity costs.
- Your home needs insulation. When the AC or furnace is running, you are wasting money if your home is poorly insulated, which is especially true of older homes. The house won’t remain warm or cool if the insulation is not functioning properly. As a result, you’ll have to operate your furnace or air conditioner longer and at a higher setting, which will result in a hefty utility bill.
- Spend money on double-pane windows. Many older homes only have single-pane windows, which could surprise you. If that applies to your vacation rental property, an update is necessary. Even a well-insulated house won’t do much good if the warm air is allowed to escape and poor windows allow the cold air to enter.
- Transform to LED lights. Did you know that you may reduce expenditures by 75% by switching to LED lightbulbs? You could even choose an LED TV while you’re at it. Plasma televisions utilize about 140 watts, whereas LED televisions use about 90 watts.
- Install motion-detecting lighting. Consider adding a motion sensor to your outside lighting while evaluating your lightbulb situation. So, you only pay for the light that your visitors use. You could also choose free solar-powered lights instead.
Some house owners have taken things a step further and installed motion sensors for the lights. The lights will ultimately go out on their own if nobody is present in the space if done in this manner.
- Showerheads should be changed. Your visitor’s requirement for water for a soothing shower can be greatly decreased by installing a low-flow showerhead. Less water may enter because of the small holes, but it does so under great pressure. Because less water will need to be heated in the hot water tank, this will also lower your power expense in addition to your water bill.
- Use low-flow restrooms instead. Most waste can be flushed with no more than 1.6 liters of water, but older toilets use three to seven gallons each time. Installing a tank bag or adjustable flapper to reduce the quantity of water used per flush is an alternative if you’re not ready to make a significant investment.
Upkeep of an Energy-Efficient Home
Regular maintenance, in addition to the renovations you make to your vacation rental house, can help you save money on utilities.
Maintenance that reduces your expenses:
- Your refrigerator’s coils need to be cleaned. It would be ideal if you performed it twice a year or more. The energy efficiency of these coils might be reduced by 30% when dust accumulates on them.
- Every month, replace the HVAC filters. Your HVAC system has to work harder and consumes more energy when filters become clogged with dust and filth.
- Mend leaking faucets. If you can’t visit the house often, ask the cleaner or maintenance supervisor to keep an eye out for little leaks. They might significantly harm your house in addition to squandering water.
- Vent cleaning for the dryer. Although it might seem obvious, a clogged dryer vent can pose a fire risk in addition to using up energy and leaving you with wet washing. After each visitor stays, it needs to be done.
- Once a year, look for cracks or damaged seals around doors and windows that can be bad for your furnace or air conditioner.
- Reduce the heat and unplug all electrical devices. Turn down the temperature and disconnect any electronics (TVs, gaming consoles, coffee makers, etc.) if you won’t have any bookings for a few weeks. Of course, if it’s particularly chilly outside, you shouldn’t completely turn off the heat because that could lead to frozen pipes. You can considerably reduce your utility expenses by taking a few minutes to ensure energy isn’t wasted.
Make use of vacation rental management programs.
Managing every duty that comes with having a vacation rental property is challenging. It could be time to start using a vacation rental software system if you realize you don’t have enough time or energy to devote to maintaining your rental property. Otherwise, you might see that ratings are deteriorating, reservations are dwindling, and costs are rising. This is especially true if you need to hire extra staff or contract out your services to another party.
Automation has a lot of advantages for your vacation rental business. These comprise:
- Inviting visitors to make reservations online using an interactive calendar. This solution streamlines the experience for visitors while saving you a tonne of time.
- By synchronizing all reservations to a single calendar, reducing the likelihood of overbooking
- save time by sending pre-built email templates to solicit reviews, confirm reservations, and provide entry instructions
- increasing your earnings by providing extra features and services to your visitors, like guided tours or childcare
- automated price changes for your peak and off-peak periods
You want to get the biggest return on your vacation rental property. By doing five essential energy-saving measures, you can easily enhance your income. Not only will they substantially lower your utility costs, but you won’t have to give up your guests’ comfort to save money.