Renting your home in the short term vacation rental market is a competitive one. That means you need to give yourself an edge by making your listing stand out. Additionally, you have to keep your nightly rental prices competitive. It can be hard to find the right balance between filling dates and listing your rental for a premium. You may be wondering if you could make more money from your rental. The answer is, probably!
Finding the right balance.
Here are the best ways to ensure that you are getting the most profit out of your rental home while still keeping your calendar dates full and customers satisfied.
- Decorate your home for luxury. This doesn’t mean you have to invest in expensive items. Rather, pay attention to the small details throughout the inside and outside of your home that can translate to luxury. Think of new paint, simple furniture, and high end finishing pieces (such as light fixtures and hardware).
- Set competitive prices throughout the year. Keep your home available during both high and low seasons. You have the potential to keep it occupied throughout the year with the right pricing. This can be done nowadays without much thought on your part with high tech (but fairly easy to use) pricing software. These programs will take into account holidays, competition, and so much more to set a price that will work for you and your customers.
- Create a stellar listing. This means writing a detailed attention grabbing title and description. Then top it all off with professional photographs that will make your home irresistible. Make sure to talk about any special offers that come with your home, such as a fully stocked kitchen, amenities, or neighborhood perks that put your listing above the rest.
- Become a superhost or verified home to stand out. Whether you’re using AirBnB or some other listing website, shoot for getting the highest possible credentials. With so many options nowadays, many potential customers can choose to be picky and won’t even look at homes that don’t have excellent reviews and credentials.
- Hire property management. Having professionals help you manage your property can significantly increase your profit margins (Skye Management estimates up to 30%!). This is possible thanks to great customer service, quick cleaning turnaround between clients, offering invaluable recommendations for setting up your home, managing listings on several different rental websites to maximize bookings and optimizing pricing with pricing software. Basically, they are taking all the headache out of short term rentals WHILE making you more money. Now, that’s a no brainer!
Don’t get overwhelmed.
If any of these possibilities for maximizing your rental property’s value leave your head spinning, simply get in touch with a professional property manager. They will make owning and renting a vacation home a breeze.
If you are in the San Diego area, a particularly competitive market. Get in touch with Skye Management for all your vacation rental needs.