A vacation rental is an extremely valuable asset. With the amount of time and money invested in making it perfect for the guests, you would definitely wish to keep it safe from any sort of damage.

However, leasing your cottage or flat to a stranger involves numerous risks. While some incidents might be inconsequential, other might show significant consequences.

How to Curtail Vacation Rental Damage
No damage, whether malicious or accidental, is good. Damage to your vacation rental cannot be avoided due to regular incursion of guests. The list begins with broken furniture, spillages, jammed DVDs, burns, and the list is endless! Having your vacation rental trashed by careless guests is no less than a nightmare. Well, check out the following tips to reduce the damage to your precious asset.

Screen your guests
Screening your guests is the initial step towards protecting the rental cottage from damage. This can be done by speaking to guests before the booking is confirmed. This would help you find out the nature and behavior of potential guests as well as the type of vacation they are planning. If you are, in any case, not a phone call person, you can communicate with the person through emails.

Be careful about red flags and inconsistencies. Follow your instincts and don’t hesitate turning away inquiries you do not feel good about. However, it should be noted this method of screening is not flawless. It is, therefore, recommended you get an insurance policy to cover loss due to mishandling or intentional damage.

Take security deposit for your rental cottage/home
Don’t hesitate to ask for security deposit before you confirm the booking. Usually, the security deposit can be a flat fee or certain percentage of the booking amount. Security deposits provide you cash-in-hand in case of out of kilter situations. You can deduct the money for the damage and return the remaining.

Some useful tips about how to handle the security deposit issue:
It is a turn off for potential guests if the security amount is too high.
Make sure the deposit amount is not spent if you have a tight budget. It is better to keep it in your savings account to prevent you from squandering it.
Many states mandate the deposit be returned to guests within a specific period of time. Usually, this time period is 14 days. Find out what your state mandates and follow it to them.
Get insured
Getting your vacation rental property insured is a good alternative to security deposit. If you are listing your property on the Internet, getting it insured is a matter of just one click. Well, as a matter of consideration, online polices, inspite of being cheap and easy to implement, might not cover all aspects, especially pet damage. Therefore, make sure you read the fine print before signing on the dotted lines.

Make a note of repeat guests
Preparing a list of repeat guests is one of the most effective ways to mitigate rental damage. Make note of the damage your property has incurred when a particular guest has stayed. Sift out guests who seem to take pleasure in damaging your vacation rental and focus on those who treat the property with respect. This will not only help you keep your property safe, it is also a good way to build a rapport with your guests.

However, it has been observed damage often is caused in spite of the various precautions and protective measures taken. Under such circumstances, it is best to speak to the guests and find a solution that will make both parties happy. This said, you should also look at the severity of the damage. In most cases, minor damage, such as broken glass or window pane, is usually an accident or non-malicious intent. You can either let it go or talk congenially to the guest and request them to pay for it. Normally, guests feel bad and offer to pay for the damage.

In addition to the above mentioned tips to mitigate the risk of damage to your vacation rental, it is equally important to get it insured against other risks like theft, fire, and other similar mishaps, that can come up at any point, to cover your losses.

An extended visa to visit the United States will attract more mainlanders to buy homes there despite the recent slowdown in US home price appreciation.

The Chinese are already the largest or the second-largest group of foreign property buyers in 46 of the 50 states, according to the National Association of Realtors in the United States. Its data shows Chinese investors spent US$22 billion on US real estate, or nearly a quarter of all international sales, in the year to March 2014.

Adding to this strong trend is an agreement signed by Barack Obama and Xi Jinping in November that provides citizens of both countries access to 10-year tourist and business visas, eliminating the hassle of annual renewal.

“It will make a trip much easier. One just needs to buy a ticket and pack,” said Tony Huang, managing director of Shanghai-based Maxview Realty, which helps multinational firms relocate expatriates to China.

He has visited the United States many times for business and is applying an EB-5 visa, which will eventually grant him a green card if he invests US$1,000,000 to create or preserve at least 10 jobs.

A survey by East-West Property Advisors showed 25 per cent of Chinese respondents said the visa extension would directly translate into speedier purchases of US properties
“I plan to buy (a home in the United States) in the second half of this year or early next year,” he told the South China Morning Post. He prefers three cities on the west coast – San Diego, Los Angeles and San Francisco.

Huang’s top priority is education for his seven-year-old son. He wants his son to have a global view, which, he says, is driving his plan to move to the US. Fleeing the pollution at home is the second-most important reason.

A survey by East-West Property Advisors, which helps Asians buy US property, showed 25 per cent of Chinese respondents said the visa extension would directly translate into speedier purchases of US properties while 42 per cent said easier visas would help to a varying degree.

Sam Van Horebeek, the firm’s founder, said a few mainlanders have even decided to buy simply by viewing the videos of the properties.

Huang, however, prefers on-site visits with his son and wife. “It will be for self-use,” he said.

“We will visit the three cities for about a week and live with friends. We’ll then seal the deal. US$1,000,000 is in any case not a big deal if you consider home prices here in Shanghai.”

While small mainland cities are still mired in a downturn due to a serious housing glut, top-tier cities such as Shanghai and Beijing have shown some signs of recovery in recent months.

On the other side of the Atlantic Ocean, US single-family home price appreciation slowed to its weakest level in more than two years in November as lean inventories and tight mortgage standards limit housing market activities, according to the S&P/Case Shiller composite index.

San Francisco continued to lead all 20 metropolitan areas with a year-on-year gain of 8.9 per cent, while the average gain slowed to 4.3 per cent in November.

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The International Air Transport Association (IATA) announced global passenger traffic results for the full year of 2014 showing demand (revenue passenger kilometers or RPKs) rose 5.9% compared to the full year of 2013. This 2014 performance was above the 10-year average growth rate of 5.6% and the 5.2% annual growth experienced in 2013 compared to 2012.

Capacity rose 5.6% last year, with the result that load factor climbed 0.2 percentage points to 79.7%. All regions saw demand grow in 2014. More than half of the growth in passenger travel occurred on airlines in emerging markets including Asia-Pacific and the Middle East. In recent months domestic market growth played a large role in driving growth. This is owed mainly to a pick-up in Chinese domestic travel which expanded by some 11% in 2014 over the previous year.

“Demand for the passenger business did well in 2014. With a 5.9% expansion of demand, the industry out-performed the 10-year average growth rate. Carriers in the Middle East posted double-digit growth while results in Africa were barely above previous-year levels. Overall a record 3.3 billion passengers boarded aircraft last year—some 170 million more than in 2013. While it is clear that people will continue to travel in growing numbers, there have been signs in recent months that softening business confidence is translating into a leveling off of international travel demand,” said Tony Tyler, IATA’s Director General and CEO.

International Passenger Markets

International passenger traffic rose 6.1% in 2014 compared to 2013. Capacity rose 6.4% and load factor slipped 0.1 percentage points to 79.2%.

1. Asia Pacific carriers recorded an increase of 5.8% compared to 2013, which was the largest increase among the three biggest regions. However, traffic has been broadly flat over the past four months or so amid signs of a slowdown in regional production activity, although trade volumes have remained strong. Capacity rose 7.0%, pushing down load factor 1.1 percentage points to 76.9%.
2. European carriers’ international traffic climbed 5.7% in 2014. Capacity rose 5.2% and load factor rose 0.6 percentage points 81.6%. Robust travel on low fare airlines as well as airlines registered in Turkey offset economic weakness and risks in the region.
3. North American airlines saw demand rise 3.1% in 2014 over 2013. Among developed economies, the US is the standout performer. Capacity rose 4.6%, dropping load factor 1.1 percentage points to 81.7%. This was the highest among all regions.
4. Middle East carriers had the strongest annual traffic growth at 13.0%. The region’s economies continue to show robust growth in non-oil sectors, and are therefore well-placed to withstand the plunge in oil revenues. Capacity rose 11.9% and load factor climbed 0.8 percentage points to 78.1%.
5. Latin American airlines’ traffic rose 5.8%. Capacity rose 4.7% and load factor climbed 0.8 percentage points to 80%. While Brazilian economic growth has stagnated, regional trade volumes have improved in recent months.
6. African airlines experienced the slowest annual demand growth, up 0.9% compared to 2013. With capacity up 3.0%, load factor fell 1.5 percentage points to 67.5%, the lowest among the regions. The weakness in international air travel for regional carriers is not believed to be attributable to the Ebola outbreak, the impact of which has been restricted largely to Guinea, Liberia and Sierra Leone, markets that comprise a very small proportion of traffic. Instead it appears to reflect negative economic developments in parts of the continent including Nigeria, which is highly reliant on oil revenues. South Africa also experienced weakness earlier in the year.

Domestic Passenger Markets

Domestic air travel rose 5.4% in 2014, with all markets showing growth, led by China and the Russian Federation. Capacity rose 4.3% and load factor was 80.6%, up 0.7 percentage points over 2013.

1. China’s domestic air travel rose 11.0% in 2014, helping to drive global air travel performance upward. The strong result occurred despite signs of a slowdown in the Chinese economy and industrial activity although consumer spending remains robust.
2. Russian domestic traffic climbed 9.8% last year but with the economy on the brink of recession, growth rates are expected to sharply decline in early 2015.

 Ihe Bottom Line:

“In the aftermath of the Greek elections and the intensifying debate on how to deliver a dynamic economic program for Europe, we must not forget the power of air connectivity to create growth. Governments can kick-start economic development by reducing the passenger taxes that depress demand for air transport, costing jobs and prosperity. There are some positive signs. The Scottish government is promising to cut its air passenger duty by 50%. And Austria’s air transport levy is being evaluated as part of comprehensive tax reforms. Scrapping the Austrian levy alone could create some 3,300 jobs. That should help convince politicians in these countries to move from considering reductions to delivering results. High taxes, onerous regulation and infrastructure limitations make Europe a tough place to run an airline. A continent-wide commitment to address these issues so that aviation can play its critical role as an economic catalyst would be a powerful signal that Europe’s politicians really do mean business,” said Tyler.

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