Putting Your RV to Work for You
Putting Your RV to Work for You
By: Aaron Gear
With hard economic times people are looking for new ways to earn another dollar in order to pay bills and have some extra money. The first question that comes to mind; what could I be doing to earn that extra dollar? There are many ways to earn that extra dollar though some ways are much harder than others. Some require huge amounts of work while other ways can produce a great passive income. In this article we are going to talk about how your recreational vehicle (RV) can make you money with little to no work.
Renting out your RV can be a great experience if done correctly. Your RV can make you $40,000/ year if done correctly, and best of all this money will come with little to no work. I like to think of it like running a small hotel, without the high accusation costs! In this article we are going to talk about how to rent a RV out wether by yourself, or with the help of a management company. Im also going to cover some basic techniques and helpful tips in renting out your RV.
Though you will not have to share your income if done by yourself, a management company will have a client base, keeping your RV on the road. Some management companies such as Metal Tents, based in Southern California also offer free storage and complete management of your RV so you can kick back and just receive a true passive income. However companies may charge a higher percentage for this service. Some management companies also offer a commercial insurance policy for your rig to better protect you in the rare event your rig gets damaged. Finally, management companies will help you stay on top of general maintenance that your RV demands year in and year out. This includes washing, repairs, inspections, manufacture recommended maintenance and so on.
Wether renting your RV by yourself or having a management company do it for you, you should know some basic rules and techniques of the RV rental business. First, make sure you know your renters. Do some basic screening, looking for things like age, driving record, perhaps what class of license your renter has. Next, make sure you have the proper documents to protect yourself and the renter from liability issues. This includes departure and arrival forums documenting damage, checklists, how to’s, and proof that the renter was taught how to operate the rig. Your also going to want a solid rental contract protecting you from any damages by the renter on there trip. This contract will also have any fees you charge should the RV not be returned in the same condition it left in (pet damages, smoking damages, stains, damage, not dumping the rig, etc.). The next thing new renters should know is scheduling. Scheduling is a major issue as you don’t want to double book dates, leaving unhappy customers. You must have a solid way to manage reservations and cancellations. Something you should think about when it comes to scheduling is how many RV’s you have, if you have multiple. Finally, if renting out the trailer yourself, you need to expect to put in at least 15 hours a week to make it successful. The RV rental business takes marketing, customer meetings, RV maintenance, and many other tasks to be successful, and without a management company, you will need to do this yourself.
Customer communication is key! Many people who rent there RV’s without the help of a management company fail to communicate with their customers in a timely fashion. Your customers are going to expect you to be punctual, helpful, and have great customer service. How can you accomplish this? First, respond to all inquiries in a timely manner. One of the biggest issues I hear from our new clients is that they could never get rentals. After a few minutes of discussion, I come to the conclusion that they either didn’t communicate in a timely manner or they didn’t market their RV(s) correctly, sometimes even at all. This can be expected though as many people don’t have time to do this due to busy schedules. Next, you must be punctual. Your customers are going to expect you to be onetime to send out/ deliver your trailer and meet them at the end of there trip. Know that renters are always eager to leave, but can be late to return as they are always tired by the end of their trip. Finally, you must have great customer service skills. You are competing against other owners and large management companies, because of this you must know how to engage with your customers and keep them happy. Loosing a customer before they make up there mind on what RV they want to rent for their vacation is the easiest thing to do in the RV rental business!
Knowledge is key in the RV rental business. Your customers are going to expect you to know your rig inside and out. You are going to get calls, emails, and text messages from the time you engage with a customer until the time the rental is over, sometimes even months after a rental. They are going to want to know specs on the RV, how many it can sleep, does it have this and that and so on and so forth. You need to have answers to these questions without having to look up the answers. During the rental their going to call you to ask how something works because they weren’t paying attention during the pre trip inspection, or they will ask if something they see or smell on the rig is normal. Months later they will call you back with more questions about another rental they want to book.
In conclusion, renting an RV can make you a great amount of passive income, sometimes up to $40,000/ year if done through a management company and $10,000+/year if done by yourself. There is little to no work if you allow a management company to manage the rig for you, however more work is required if done by yourself. Taking these simple but effective steps and tips above will help you turn that customer into a life long client.
If you have questions or comments, on renting out RV’s ATV’s, Trailers, or other items that pertain to the outdoors, contact us over here at Metal Tents and we will be happy to help you out.
Aaron Gear is one of the founders and partners of Metal Tents. He has a vision to create a rental company that allows the average person to get out and enjoy the outdoors without the hassle and headache of having to go through large companies. Aaron is dedicated helping people find the outdoors vacation of their dreams through extensive knowledge of campgrounds, RV’s, ATV’s, Boats, Planes, and the outdoors. He is also dedicated to helping owners and non RV owners to create and build passive incomes through the rental they own. Metal Tents helps the average person rent RV’s, own part of a RV, rent out their current RV, and learn valuable knowledge of the outdoors, camping and RV’s.