The rise of vacation rental platforms has provided more opportunities for property owners to make extra income. Individual landlords and investment companies can now avoid the hassle of working with long-term tenants in exchange for short-term guests. Because of that, more than 140,000 vacation rental companies are now in the United States.
But what can you do with so much competition when you want to maximize rental income? Here are some tactics to use to boost income with property rental for vacations.
Create Appealing Listings
Your listing is one of the primary drivers of bookings for vacation rentals. Many travelers browse listing platforms to view their rental options, so if your listing doesn't stand out, you may not get many bookings.
One of the best vacation rental tips is to optimize your listing. Create photos that show every part of your property and describe all the features in the description that make it stand out from the competition.
Use Multiple Platforms
Although Airbnb is still the most popular vacation rental platform, it isn't the only one available today. Not everyone uses Airbnb anymore, so you may miss potential bookings if you don't expand.
There are several other options to consider today, such as:
- Vrbo
- Homestay
- Booking.com
Explore those listing options and sync your bookings to manage everything in one place.
Monitor Pricing
If you want to maximize vacation rental income, you'll need to price your property competitively. If your price is too low, you risk minimizing income from property rentals and potentially running at a loss. Too high, and you risk not getting bookings at all.
Look at your competition in your area to see what their pricing is. You can price higher if you offer more amenities. However, don't go too far over and price yourself out of the market.
Set Ground Rules
People have less reason to care for a property when they don't stay long-term. That means some guests may not care for your property and leave it in disarray when they leave. This can lead to damage, complaints, and other costly problems.
Set ground rules for your property to tell guests what they can and can't do. This will turn some problem guests away and help ensure you attract quality bookings.
Encourage Reviews
People tend to look for vacation rentals with great reviews. They do this because renting from a trusted house reduces the risk of bad experiences.
Invest in reputable property rental management procedures or work with an experienced company to optimize the experience. Encourage guests to leave honest reviews to improve your rating and attract more bookings.
Maximize Your Property Rental for Vacations Income
More people than ever are searching for unique vacation experiences that aren't a simple hotel room. That leads to a lot of opportunities for property rental for vacations that normal people can take advantage of. Use the vacation rental tips above to maximize your income and make more money on your property investments.
Managing vacation rentals requires more work because of the regular maintenance tasks, including short-term cleaning and guest management. At PMI Gulf Property Solutions, our short-term rental solutions can help you keep your properties in great shape. Contact us to speak with a management expert to learn more about how we can help.
