The short-term rental space can have a lot of competition, so to make it a lucrative investment, look for ways to maximize your profit. We will help you do just that. In this blog, we’ll go over a few ways you can increase the potential success of a short-term rental investment.
Take Time to Craft Your Listing
Your listing shouldn’t be rushed. You need to carefully consider everything you will include in the listing. Make sure potential guests know how many rooms your rental offers. Talk about the amenities the space provides (show them a detailed list). Don’t stop at describing your space either. Add information about what the locale has to offer. Are there attractions or amenities nearby that you should mention? All of these things can help to entice guests to book with you.
Beyond just crafting the message, consider the photography included in your listing. Make sure that it’s high quality (professionally done is ideal). These photos need to have great lighting and be taken from various angles. You should show off the different rooms (clutter-free) and even include photos of what it looks like outside. To encourage people to come any time of the year, include photos of what it looks like in different seasons.
It’s also a good idea to go in and revise listings as needed. For example, update your listing if amenities change, the pricing increases or decreases, or you recently painted the walls. The listing should always be current.
Focus More on the Pricing
Your pricing also impacts your income. It’s not about pricing it high enough to earn more. It’s actually about finding that perfect, competitive number. The price needs to earn you money while not being so high that people choose your competition over you. This takes careful analysis. Prices can fluctuate, too. For example, you may offer a discount when someone chooses to stay longer. This allows you to encourage people to book more days. If it’s during the off-season, you may reduce your price as well, since people will need more motivation to choose your location. And if there’s an exciting event happening locally, you may be able to raise your price because of demand.
Keep Guest Reviews in Mind
Guest reviews can significantly impact how many bookings you have. If a guest has a great experience, they’re more likely to book with you again. The other benefit of great reviews is that they’ll tell their loved ones and often post about it online.
When potential guests are looking for a place to rent, they’ll inevitably look at the reviews. So, focus on the things that can help boost these reviews, and it will be good for your bottom line:
- Be available for your guests from the very beginning. If a potential guest reaches out to you with a question, respond with a friendly demeanor in a timely manner. When guests are staying with you, send them a message to check in on them and ask how their stay is going. Be quick to answer any questions or concerns they may have when they contact you.
- Welcome them with goodies and a guidebook. You can provide them with a welcome basket or just stock up a little with some essentials like water bottles, coffee, and eggs. Leaving a guidebook will also help their stay go more smoothly. Provide them with instructions on how to use anything they may not be familiar with like your TV setup or appliances. Also, include local grocery stores, pharmacies, gas stations, hot spots, and more.
- Give them the amenities they want. Wifi is a must for most guests. Beyond that, consider adding 4K TVs, higher grade linens, streaming platforms, a gaming system, a jacuzzi, a grill, and more. Decide what amenities fit your target market and the locale.
- Keep the place well maintained. Make sure your short-term rental isn’t just clean but that everything works well and is up to modern standards. Do regular inspections to see if anything needs to be fixed or upgraded. One of the things to keep in mind here is it can be better for your wallet if you make some upgrades that are harder to destroy. For example, luxury vinyl flooring is not only waterproof, but it’s tough against scratches. Also, the paint you use can make a difference. Here’s a guide for “The Best Paint For Your Home.”
As you can see, most of the ways to maximize your rental income fall under three main categories—creating a great listing, pricing the property right, and focusing on guest satisfaction. Beyond this, you’ll also want to have good knowledge of taxes and what write-offs you can take. In addition, we recommend hiring a trusted property management company to maximize your investment. Connect with us by visiting our website. https://www.propertymanagementinc.com/
