A short-term rental property can be a lucrative investment if it’s managed effectively. Here are some areas to consider if you own a vacation rental:
Have a great online presence
You want your listing to be updated with eye-catching photos of the property. The listing should be clear about all of the amenities your property offers and anything additional that your guests would like to know.
Include reviews of your property. A great listing with quality photos can attract renters, so make sure to invest the time to get it set up. A great online presence also means you should have good reviews. Guests will be more likely to book with you if they see that others have been pleased with their stay. So, take steps to increase positive reviews by keeping guests satisfied when they stay with you and by asking for reviews.
Offer attractive amenities
Make sure you’re offering the standard amenities that guests have come to expect from a short-term rental, but go a little further as well. Don’t just offer wifi, a standard feature, but also throw in free streaming services, for example. Extra amenities are bound to go a long way in guest satisfaction.
Don’t forget the basic things that keep guests satisfied too, like great property management and superior cleanliness. Also, keep in mind if you offer amenities like a desk, high-speed wifi and a printer, you may bring in more business travelers which can improve your occupancy rate, as many may travel back to the same location for future work assignments.
Offer additional services
We know that a great online presence can help ensure more bookings, improving your overall income from the investment. But, what about other things you should consider? One of the ways you can improve your bottom line is by simply charging for a few extras. You could offer additional services for an added fee and charge a little more for an adjustment to check-in and check-out times.
Some guests will be more than willing to pay a minimal fee to adjust the time they can check in or check out. You could also expand your offerings with concierge services, where you charge extra for certain items or tasks as a hotel would. There are many guests who may prefer the convenience factor of adding these additional services to their reservation versus having to do it themselves.
Adjust pricing
Don’t forget to price your property based on the season. Create higher prices during the peak season, weekends and holidays. You may also want to set minimal stay requirements in certain situations to try and score longer bookings. You can also charge based on the number of guests who are staying in the property. If you want to expand on this income opportunity, add additional sleeping options so larger groups can book the property. For example, you could add a futon or sofa bed to a living area.
On this note, don’t forget you can also offer reduced pricing on days that aren’t as popular. Although you won’t be bringing in the same amount of income, it’s better than not bringing any income in at all.
Keep good records
Improve your bottom line by saving any receipts associated with the expense of the property. Familiarize yourself with state and federal tax laws so you don’t make any mistakes.
Price your rental correctly
You should base the price of your rental on what others are doing in the area. You need to rate it correctly, looking at the square footage and offerings. You want yours to be comparable, not set too high, or too low. This will help you maximize the occupancy rate while ensuring you are bringing in a good income per booking.
Connect with a reliable property management company
A property management company can actually save you money in the long run. You can save yourself the time and hassle of handling the property alone. You may even find that because you have the extra time it allows you the capability to start another lucrative venture on top of this one. A property management company can boost occupancy rates and keep guests happy, while also handling maintenance needs earlier rather than later when they become more costly.
Overall, there are plenty of ways you can make the most out of your short-term rental. If you’re looking to connect with a property management company that you can trust, contact the team at PMI today: https://www.propertymanagementinc.com/.
