With the rise of short-term rental websites, vacation rentals have been a popular option for property owners who want something other than long-term rentals. People enjoy having a place of their own with a kitchen and the comforts of a home instead of a stale hotel room. That's why it's no surprise that there are now 1.6 million vacation rentals in the United States.
However, you must do things right and follow vacation property tips to succeed. Below are five proven vacation rental income tips to help you thrive in the market.
1. Advertise Properly
Proper advertising is one of the primary things to get right when looking at rental revenue ideas. You have a lot of competition, so your listing must stand out from the crowd.
Focus on taking amazing pictures and accurately describing your rental when property marketing. This information will let potential travelers know why they should stay at your rental instead of the one down the street.
2. Price Properly
It's tempting to just boost your nightly rate as one of your rental income strategies. However, that won't always be enough to increase income if you drive away potential customers.
You'll need to stay in line with your competitors to continue keeping a full schedule. You can go over a little if you offer more, but don't price out the local travelers.
3. Encourage Reviews
The first few visits may be the most challenging when you get started with rentals. There isn't as much trust yet, so travelers may hesitate to rent from you.
Encourage reviews from your guests to stop this problem. Go out of your way to provide great service to ensure you get stellar reviews on booking websites. Doing this ensures potential guests see your rental in the best light and won't be put off from renting.
4. Use Multiple Platforms
Airbnb was one of the original vacation rental websites that made booking easier. However, there are others available now. Other platforms, like Vrbo, are now available that offer similar services.
Set your listing up on as many of these websites as possible. Doing this will give you the maximum audience and increase your chance of no vacancies. Just be sure to get syncing set up to avoid double-booking your rental.
5. Automate Where Possible
Your time is another cost to consider when you maximize rental profits. Your time may be better spent on higher-impact tasks that grow your revenue more.
Do whatever possible to automate where possible. Here are a few examples:
- Automate data entry
- Streamline cleaning services
- Preparing frequently asked questions
Another option is to hire a property management company to handle the entire process for you.
Follow These Vacation Rental Income Tips
Running a vacation rental is a great way to profit from your property. It doesn't matter if you do it short-term or full-time, either. As long as you do a great job marketing your property for renters, you can maximize rental profits.
But it will take some work on your part. Follow the vacation rental income tips above to boost rental earnings.
If you're looking for a partner to help you make more rental income, PMI Destination Properties is here to help. We offer many vacation rental services that will help you streamline your operation. Contact us to get started.
