Vacation Rental Property Managers Need to Have a Plan
Vacation Rentals are often situated along hurricane hot-spots. It’s not because property managers are adrenaline junkies, it’s because that outside of the occasional mega storm these spots are a paradise oasis. So its very important that Vacation Rental Property Managers are well educated in how to handle Hurricane Disaster Situations.
Being based out of Florida, we at Rental Network Software know a few things about Hurricanes ourselves. Like how fun the parties can be! No were joking, okay so they are fun, but a Hurricane is not a storm that should be taken lightly. Because when your business comes face to face with 70 to 150 mph winds, and a 10 foot storm surge no one will be partying.
Businesses that reside along the Gulf of Mexico and Atlantic Oceans, know that their most important item during the months of June – November is their Hurricane Contingency Plan. If you don’t have one, you need one.
5 tips for your Hurricane Contingency Plan
Find Your Greatest Risk
It might be that your in a low lying area and flooding is inevitable or maybe your building is not up to par and wind damage is the major threat. Power outages are a devastation to all but if you supply food to your rentals than it might become a bigger problem. Assess the weak points now giving yourself enough time to fix any issues, enhancing your chance at a smoother recovery.
Determine the Cost of Business Disruptions
Know your financial numbers for one week, one month and 6 months out. The benefit of knowing this information will tell you the insurance coverage you will need and the amount of savings to have on hand incase of a emergency. Keep good relations with your contractors and venders because once a disaster strikes they will be swamped. You want to be one of their first prioritys. It is not a bad idea to have an alternative contractor incase your original one was to severly affected by the storm to get work done immediately after the storm.
Make Sure Your Insurance is Adequate
Contact your agent, and consult professionals. Ask yourself “How much can I afford to lose?” After you know the numbers adjust your coverage accordingly. Know your current property value and how your rentals are covered. Floods are the number one souce of proerty loss in the US. Hurricanes can unleash major flooding with severe rainfall and high storm surge. Make sure you have flood insurance!
Have a Communication Crisis Procedure
It is important that everyone inside your business circle knows what is going on. This means your partners, investors, employees, vendors, and customers. Make sure you have up to date phone numbers, house addresses and emails. Create an emergency email alert system. Social media will help alert customers and outsider that your still in business or are in dier need of public support.
Know Your Data is Protected
Your data is your lifeline. If you lose your business’ vital information then the last 4 bits of hurricane contigency planning are 100% times harder to follow through with. Property Managers this is extremly important for you to know. If you lose your servers then you lose all your business data like owner history, financial statements, vendor lists, previous renters, unit occupancies furtue and previous, etc means you will have to start over by scratch. The chances that you ruin your servers in a hurricane is very high do to thing like flooding, lightning, power surges, backup mistakes, the list is endless. The solution for you – Application hosting (host your data remotely).
*Application Hosting with RNS
Dont let this happen to you. Start Planning Today.