When looking to increase income, some people choose to rent out apartments for vacationers. There are many ways that people do this- some people do construction to make a vacation apartment using their own property, some people rent or buy a separate place to rent out to vacationers, and others go away to family or friends while renting out their apartment for visitors. Whatever the method in which it is done, here are some ways to manage your vacation rental more effectively.
Vacation rental properties are a terrific investment. To get the maximum income from a vacation rental, managers must stay ahead of the game. Keep reading for ten effective ways to manage vacation rentals.
1. Hire a Photographer
There are thousands of vacation rentals available, and it is difficult for one home to stand out from the rest. When managing your vacation rental, consider hiring a professional photographer to provide the most accurate and flattering residence pictures. Airy and luxurious rentals rent at a higher rate than those that look dingy and small.
2. Leave Instructions
Part of making people feel at home is ensuring they know how to work the systems and appliances in a property. Leave a packet of instructions so guests know the Wi-Fi password and how to work the heating system, television, and other appliances. Not only will guests appreciate this, but managers will appreciate fewer messages from guests asking questions about how things work.
3. Update the Interior Design
A well-kept and carefully designed unit has a higher likelihood of renting, and at higher rates. Consider upgrading to newer furnishings, furniture, sheets, dishes, and decorative items. Hire an interior designer to help make the space look stylish and bright.
4. Build on Customer Relationships
When choosing a rental, online consumers rely heavily on guest reviews. Reach out to former guests and ask them to leave reviews online. Likewise, responding to guest reviews can encourage repeat business. Take the time to thank customers for their business and their positive remarks.
5. Keep an Eye on Pricing
Vacation rental managers need to watch factors that impact the demand for a property. For example, look for sporting events, festivals, or high seasonal demands. These factors can guide how high or low prices need to be at certain times of the year. The goal is to keep properties rented as much as possible. So, it is essential to keep up with the rates of other rentals in town.
6. List on Multiple Booking Platforms
Use property management and channel management software to list a property on all major booking sites, such as Airbnb, Vrbo, and TripAdvisor. Management software allows the user to display properties over multiple platforms. When someone books the property, the software updates the calendar on all the platforms.
7. Use a Detailed Description
In a vacation rental listing, be descriptive yet honest. Be sure to capitalize on all of the lovely amenities in a property. Provide as many details as possible so future guests can picture themselves enjoying the property. There are even online tools that recommend listing updates and suggestions.
8. Encourage Referrals
Encourage guests to refer their friends and family to a property. Referrals can increase bookings. Offer to give guests coupons to use for a future booking and for their friends to use if they book. Referral marketing is some of the most effective marketing available.
9. Respond to Bookings Right Away
Some people ask multiple property managers questions abut rentals. The first manager to respond is much more likely to get the booking. Studies show that, if managers respond within an hour of the inquiry, the conversion rate will be seven times greater than if they do not.
10. Begin a Blog
Increase exposure of a property through search engines. Create web pages about travel in a specific area and include the property on the website. The blog can promote the rental property to readers, and this traffic can increase bookings.
Managing vacation rentals is a growing industry. Consider these tips to maximize profits in the future.