Having a vacation rental property sounds like a dream. You get to relax and watch the money roll in while you’re on a beach or working your 9 to 5 job. But oftentimes you can hit a rut with your property. Maybe it isn’t making as much money as it used to, or maybe you are simply hoping to start on the right foot. Whatever the reason, these 5 tips we have found will help you bring in those stacks of cash in no time.
Improve Your Rates
If you have been in the vacation rental game long enough, it can feel scary and downright intimidating to even consider raising your rates. Questions like, “What will my clients say?” or, “How will I drum up new business by not being the cheapest place in town?” may abound, but there is one good reason why both of those inquiries don’t need to be fretted about.
Your rental property is worth it. This is your baby, something that you have poured your sweat and tears into. Once you start asking yourself what your property is worth, instead of how much people will pay, you will see that raising your rates isn’t all that scary. And that people are willing to pay for good, quality service.
Offer Special Deals
While seemingly in contradiction with our first point, making sure to offer special deals is not an ROI-crushing move. Why? Because offering deals at very precise times, such as national holidays, will usually increase client bookings as compared to your normal rates being in effect, and therefore increase your revenue. The key with this tip is to make sure you offer your deals at times that make sense. Just because it is the first Tuesday of the week does not mean you should lower your rates. But, choosing to lower your rates when all the hotels around you are raising theirs (like during peak season times) might be a great move.
Offer Additional Services
Although it may seem like a lot of work to offer more amenities through your rental property, the creation of property management software companies is going to make your life much easier.
They have apps and programs that can set up a simple page for your viewers to browse all of your services, such as spas, gyms, and other facilities. Sure, setting these up can be a headache, but is anything worth doing not hard? I didn’t think so.
Maximize Your Availability
It is important not only to ensure that your facility is in great condition at all times, but also that it is available as much as possible. Yes, you must maintain a proper work-life balance, so if you need to, hire someone to manage your rental property for it to stay open as long as possible. Remember, the longer you are open, the more possibility there is for clients to stay, and for revenue to increase.
Promote Your Property
While maintaining, improving, and cleaning your vacation rental property, make sure you aren’t forgetting to promote it. If people have no idea your property exists, they probably won’t try to stay there.
Some simple ways to promote your property are by word of mouth, social media, text messages, guest posts on other sites, and maybe even putting up flyers in your local neighborhood. Don’t stress out too much about making sure that the message is exactly perfect. Focus on making sure your vision, values, brand, and the key selling points of your property come through crystal clear in all of the marketing ads you produce.
If this is something that you aren’t sure you have time for, then it is well worth investing money into a marketing team or single individual to raise awareness of your location and your brand.