Are you a property owner thinking about starting a vacation rental business? You may already know that it can be profitable, but there are many factors to consider. This blog post will go over some of the most important aspects of maximizing your revenue as a vacation rental property owner. We’ll start with an overview of what it takes to make money on these properties and then dive into 15 specific strategies that will help you generate more revenue in less time!
15 Ways to Maximize your Vacation Rental Revenue
Ways to Maximize Vacation Rental Revenue
List clear and concise descriptions.
When listing your property, make sure you have a clear and concise description of what makes the property unique. Create a detailed description of any special features so potential renters know what they are getting into. A clear and concise description will also eliminate any confusion if a customer needs to call or email with questions. This is especially important in the case where there is a foreign language spoken in your home country.
Utilize social media
Make sure you are listed on all the social media sites that your target audience members use. This will help you get more exposure for your business and attract local renters who may not be searching on the same websites where you list your property. To get the most out of social media, you should be posting daily updates about your vacation rental business. Use these social media accounts to post relevant links to your blog posts or helpful content for renters to read before booking their stay with you.
List Nearby attractions
Make sure potential renters know what is available in the area. Include a list of nearby attractions and restaurants. Update this once you find out about other interesting attractions like hiking trails or scenic drives. The goal is to make the rental as appealing as possible to as many people as possible. For example, suppose your property is in a tourist area. In that case, you should be able to come up with plenty of nearby attractions for renters to visit during their stay.
Offer discounts or incentives
Offering a discount or incentive to people who stay for more than one night will make it easier for renters to book their stay with you. By offering a discounted rate if they stay more than one night, you target people looking for longer stays. This is something that can be advertised on your social media accounts as well.
Address any issues from previous reviews
Keep an eye out for reviews from previous renters, and address any issues they mention in their review so it doesn’t happen again. It is always inevitable that there will be some complaints about your listing. For example, some people may not be satisfied with how close the property is to the beach or that the WiFi is not good enough to stream movies. While you can’t please everyone, you can use this feedback to improve certain aspects of your rental property. Please note any issues you need to fix and address before potential renters contact you with questions.
Make it Pet-Friendly
Consider adding pet-friendly rentals if you have land available. Add a pet fee to cover any potential damages caused by animals in the home. If you have the space available to add a dog or cat, doing so can be a great way to make money from your vacation rental business. Potential renters are more likely to rent your property if it is pet-friendly, but there is a downside. Pet owners often travel with their whole family, so you will have to consider whether or not this is something that works with your business model. If you do choose to go this route, charge a cleaning fee for damage caused by pets once they leave. This way, you can make up for the cost of any cleaning required during their stay.
Rent out to College Students
If you’re not using the property for an extended period, consider renting it out to local college students. If your rental is near a college and you know someone on the staff there, consider offering discounted rates to students who want to rent your property. You can also offer special deals for groups of two or more so they can stay at the property together. This will help you get more income from your investment. If you’re renting out a large home to college students, consider hosting a party for them as well. To make this memorable, have a local musician perform at your house. The goal is to keep your property looking nice and welcoming to renters while still bringing in a stream of income from renting the property.
Ask your customers to write a review about their stay so you can use it to promote your business. Once customers have stayed at your property, ask for a review of their stay so you can include it on your listing page. You can then use these reviews as a way to promote your vacation rental business online as people search for places to stay. In addition, having positive reviews about the property will make potential renters feel more secure about booking with you and encourage them to post their glowing feedback.
Include Utilities in your Price
If you haven’t included utilities in your rental price, you should be adding them now. There is nothing more frustrating for potential renters than not knowing exactly how much they will pay upfront, especially since they might need to make payments on their electricity bill or water bill while staying at your rental property. Consider splitting the cost between different bills if you’re charging for all utilities when people book their stay. This way, the final figure is much easier to understand when paying for them in full before checking out.
Offer Cheaper low-season Rates.
Offer special rates during the low season for those who are looking for cheaper accommodations. If the property is located in an area with different seasons, offer specials on your rental property during the low season. This will help you keep your property booked all year round. If an off-season special is not enough to get renters to book, consider offering incentives like free access to local attractions or discounts on local activities.
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Canceling policy that encourages booking
Include a cancellation policy on your listing that is longer than the standard option to encourage customers to book far in advance. You can use any extra time to market your rental property before it becomes available and give customers plenty of time to plan their vacation. If you have a cancellation policy beyond 30 or 60 days, be sure to include it on your listing so customers know the risk they take if they book far in advance.
Add Outdoor Grill
Consider adding an outdoor grill or fire pit to attract more customers. If you have a rental property near a large body of water, consider putting in an outdoor grill to make it more inviting for potential renters. The goal is to make people feel more comfortable or at home when they are in your rental, encouraging them to book their stay with you instead of another property in the area.
Keep it Well-Maintained
Make sure your rental is well-maintained and clean. Get a good cleaning company deep clean the place before you leave. If the property you are renting out is in good condition when people arrive, they will be more likely to book with you in the future. While you can clean the property yourself before checking out, it’s recommended that you get a professional cleaning company to do it for you. This way, it will look like nothing has ever been used in your rental property before. Also, consider getting the cleaning done before every guest even checks in. This way, it won’t get dirty between guests, and you can save on labor costs.
Offer Free Stays for publicity.
Invite locals to come to stay for free in exchange for publicity on social media channels. Inviting locals to stay in exchange for an advertisement on your rental property’s social media channels can bring new customers to your business. If you are looking to market your property online, this could be a great option for you since it is free promotion. Not only will this help you build hype around your place, but it will also help you entertain people when they are there, so they have a good time.
Your rental property can be a great source of income, but you must know what you’re doing. As long as you have a clear and concise description of your property on the listing site, utilize social media to get more exposure for your business, and offer multiple discounts to incentivize longer stays, you will be able to grow your rental business. The most important part is making sure you find a location that works for your business model. If it doesn’t, you will run into problems after your guest’s check-in.