Vacation rentals and home rental companies are becoming an increasingly popular way for people to spend their vacations. Instead of hotels, vacation rental properties allow people to feel at home when traveling around the country or the globe. If you have an available property, there’s many reasons to consider turning it into a vacation property that can secure you financial benefits through the entire year.
While many people choose the summer months for their vacations, there’s no reason why you can’t keep your property populated throughout the entire year to ensure you’re remaining lucrative. Even in the off season, specific tactics and strategies can keep people selecting your property to spend their time.
Here, we take a look at some top tips for keeping your vacation rental property lucrative, and busy, throughout the entire year. Most people are surprised that many of these strategies are cost-effective and efficient.
VACATION RENTAL PICTURES
A picture is worth a thousand words, right? When vacationers are selecting a rental property, reviews and feedback are helpful in making the right decision, but pictures are always important in catching someone’s eye. When setting up your vacation property, keep a sharp eye on the pictures you use in advertising. Include a large selection of photographs, including interior and exterior, that showcase the greatest features of your property. For many, photographs are the first impression of a property, so you want to make it count.
Even if you have the best house on the block, you won’t be very lucrative if no one knows about it. If you have a vacation property, you’ll want to consider marketing techniques for reaching potential visitors. Use online postings, social media, and reach out to a professional vacation rental property manager to learn more about how to effectively market your property.
ADJUST YOUR RATES
While renting out your vacation property can be very profitable, you do want to consider adjusting your rates to match the market and current needs of your visitors. To stay competitive in the vacation rental home market, do your research to see the rates for nearby, comparable properties. Working with a vacation rental management team can help you with market research, but it’s always beneficial to understand your own market and the varying prices.
Even in the offseason, you can keep your property profitable by offering unique incentives. These will all depend on your property and the location, but try to get creative with possible perks that will make your home stand out. Knowing your clientele is important, so offering gift cards to nearby restaurants or shops can be a fun, and very affordable, method for bringing in more visitors.
Consider the location of your property. If you’re near the coast or a body of water, providing beach gear or supplies can make people love your home—remember, it’s all about capturing that comfortable feeling of home for your visitors.
Between visits, it’s critical to ensure that your vacation property remains at the highest level of quality. Initial work is crucial, but you need to keep tabs on the status and maintenance level of your property. If possible, check in between visits and see how you can make sure your property is at the highest quality.
Major repairs, of course, are important, but you should also keep an eye on smaller projects, as well. Be sure to keep your vacation property stocked with amenities, such as kitchen and bathroom supplies, to make sure your guests feel at home. For every new guest, it should feel like a brand new experience with their time at your vacation property.
Nowadays, almost everything can be done online, which is why you want to take advantage of this incredible tool for your vacation rental property. If you’re working with a property management company, they’ll have online postings for your home that can get your property in front of countless potential visitors. Don’t be hesitant to use online booking methods as they are becoming more popular.
In addition to a strong online presence, utilizing social media is a must if you want to make your property rental profitable for the entire year. Social media, such as Facebook or Twitter, is an opportunity to personalize your property and keep people updated on its availability and what it can offer them for their vacations.
Consider using social media to your advantage by posting updates or writing a blog about your location and all its many benefits. Potential visitors, especially those far away, appreciate feeling engaged with a property so this personal detail can make a property feel more immediate and more like home.
CONCLUSION – TIPS FOR KEEPING VACATION RENTALS LUCRATIVE ALL YEAR LONG
While every family loves the long-awaited summer vacation, there’s no reason to not make your rental property available (and lucrative) the whole year round. By offering incentives, adjusting your rates, and understanding your market and competition, you can see profits from January until December as people enjoy your property.
Working with an experienced vacation property management team can make this all even easier as they have the knowledge and experience to keep your property occupied and lucrative for the entire year. Regardless of the location of your property, careful planning and strategic marketing can keep a profit coming in even during the off season.