Gone are the days when having a vacation rental would suffice as a side hustle. Owing to the growing popularity of vacation rental properties amidst every section of travelers, running a vacation rental now translates to a steady, full-fledged business.
If you already own a vacation rental or are planning to invest in one, it is the best time to do so and multiply your earnings by manifolds.
Here is how you can make a vacation rental more profitable.
Buy the right property
If you are still looking for a vacation home, make sure you invest in the right property. A few factors play a crucial role in determining whether or not your investment will give you desired returns. Hence, it is essential to be vigilant from the very beginning.
First and foremost, consider the location of the property. It should be closer to nearby attractions to become an obvious choice for travelers. For instance, if you are planning to buy a property in New Haven, look for houses or apartments in New Haven CT close to the New Haven Museum or New Haven Green.
Next, it should be spacious enough to accommodate families and groups of friends together. Furthermore, consider a location that remains accessible throughout the year.
Furnish the property well
When looking for accommodation, travelers often expect an experience rather than a plain stay, and aesthetics is a significant part that determines the experience.
Properly furnishing and decorating the space enhances the home’s appeal and is also essential for marketing.
Bring in fine quality furniture and hotel-like furnishing. Pay special attention to drapery. Place outdoor furniture in outdoor spaces. Jazz up every corner of your second home with gorgeous plants and artifacts.
If possible, hire an interior designer to help you design a lavish space.
Optimize the listing
Optimize the online profile of your home to bring it to the notice of travelers. Start with getting your entire home photographed by a professional photographer. Next, upload the pictures on the internet and across your listings.
Provide a short description of the property. Upload an attractive video of your home, highlighting the main attributes.
Update the amenities
Guests select accommodations that offer them a host of amenities. However, a few essential amenities top their chart. To make your property more visible to the traveler, update your amenities. Apart from offering the basic amenities, add a few more perks. For instance, add a hot tub to the bathrooms, make your property pet friendly, etc.
The better amenities you offer, the more revenue you can generate.
Determine the rates
Today, accommodation rates have become very dynamic. As trends change by the day, the rates of accommodation, be it a hotel, resort, or vacation rental also change as per. Amidst this, only the properties that keep up with the latest demands of their consumers survive and churn out good revenue.
Use the latest technologies like machine learning to gauge the optimal pricing in moments and determine the rates. You can also reach out to regional revenue experts to monitor the fluctuating trends.
Market your vacation rental property
Buying and decorating your property is not enough. You need to market it the right way to gain the attention of the classes and the masses. Select the right listings sites for your property. Market it across your social media handles. Create a dedicated website and blog. Use the right set of keywords to get a better ranking on the search engine.
Furthermore, use other marketing measures such as PPC ads to market your property.
The bottom line
Vacation rentals give a feeling of home away from home. It is the biggest reason why most travelers prefer staying at vacation rentals. There are several other benefits of vacation rentals that make them a better option than hotels and resorts.
So, invest in a property and use these tips to make your property more profitable.