Over 24 million tourists visit Kansas City every year, which shows that there's a huge demand for short-term rentals.
Learning to maximize your rental income is essential to protect your investment and grow your portfolio in the future. But if you've never managed a vacation rental or this type of real estate, you likely won't know where to focus your efforts.
If this sounds like your situation, you've come to the right place. Here's everything to know about maximizing rental income.
Set the Right Price
Before figuring out how to boost rental earnings, you must choose the right price. To get inspired, look at Kansas City vacation homes and see how much they charge.
Note: Focus on properties with similar amenities because you don't want to over or under-charge.
Advertise Your Property
Profitable vacation rentals pour their efforts into marketing their rental properly. First, figure out where you'll be posting the listing because you want it to reach your dream tenant. Aside from real estate platforms, spread the word via social media as your network may know someone to pass the ad onto.
Stand out by shooting professional photos. Pair these with a detailed caption about your rental and how it stands out from similar listings on the platform. The more detailed, the higher the chance that you'll get guests during peak season.
Encourage Reviews
Although it doesn't sound relevant, one of the top rental income tips is collecting reviews. Go the extra mile to provide stellar service and ask guests to leave a positive review when they leave. The best way is to send an e-mail several days after they leave.
Not only will a wealth of reviews boost your listing online, but guests will be inspired by the positivity and are more likely to book your rental.
Go the Extra Mile
As a host, it's your responsibility to offer the ultimate guest experience. The beauty is that you needn't work harder to make your guests comfortable. A bonus is that when you have more amenities, you'll appear in more searches.
Offer free WiFi and stock the kitchen with essentials, such as tea/coffee, and basic cooking ingredients like salt. Owners should also provide quality towels and toiletries because it makes guests feel cared for.
Work With a Property Management Company
Vacation home management is time-consuming, so seek help from professionals. Reach out to a local property management company because they understand how to market your rental and attract quality guests. You also needn't worry about cleaning in-between guests and if anything breaks, a property manager will deal with requests promptly.
Maximizing Rental Income for Vacation Rentals 101
Now that you're a whiz at maximizing rental income for your vacation rental, it's time to put what you've learned into practice. Focus on properly marketing your property and showing guests you appreciate them with the finer details.
At PMI Destination Properties, we have years of experience handling vacation rentals in Kansas City, so we know what to expect. If you want to learn more about our services, contact us here and chat with a member of our team.
