5 Ways to Maximize Your Rental Revenue in 2017
The New Year is upon us, and we’re all thinking about making some changes. If you own a vacation rental property, you may be thinking of ways you can increase your revenue in the New Year. Perhaps your investment isn’t returning as well as you had hoped. No matter how your rental performed in 2016, we’ve got some tips on how to maximize your rental revenue in 2017!
Tip 1. Know what the peak seasons are for your vacation rental’s location.
As a whole, the summer season is still very strong in most locations and the most powerful time to generate revenue. However, the really important seasons to be aware of are your off or low seasons. It is a challenge to book in the off season, but booking the off season will create year-over-year increases. Fill weeks in low and off seasons by using creative marketing and competitive pricing. This will equip your rental property to exceed expectations.
Tip 2. Know where your bookings come from.
A statistic that is becoming increasingly important is the location of the guest when they book. Do most of your guests come from a certain region or specific state? For example, we get many guests from Texas and Georgia during the summer since they are within driving distance to our location in Florida. We also get a lot of Snow Birds from Missouri and Kentucky. Knowing where your guests come from can help you understand the demographics of your guests and to target your marketing.
Tip 3. Know when the school breaks are in your feeder markets.
For rental weeks that are dictated by school systems, it is critical to understand school calendars in larger feeder areas to be able to properly market the open weeks and properties that fit the needs of the client. Many families plan their vacations around school breaks so that their kids won’t miss school. Rentals will see an increase in bookings that coincide with school breaks if they market correctly.
Tip 4. Know what travelers are looking for.
In general, guests are looking for four main criteria. These criteria can vary in order and importance but almost every guest is concerned about (1) how many people can fit in the home, (2) the price of the home, (3) the aesthetic quality of the home, and (4) the home’s location in proximity to the activities they plan to do while on vacation. Make sure that you communicate with your potential renters how your property will satisfy each of their concerns regarding these four criteria. If your property consistently falls below traveler expectations or is not comparable to other properties in the area, you should consider some simple renovations such as painting or adding bunk beds.
Tip 5. Partner with a qualified, experienced property manager.
One of the best things you can do for your property in 2017 is hire a property manager. Property managers possess expert knowledge on how to market, price, and book your property. Bliss Beach Rentals is offering competitive commission rates for properties that join their program in 2017. As a property management company, Bliss will take care of your home’s maintenance and housekeeping. They’ll market it online and in their catalog and make sure your property performs at its maximum potential. They’ll also take care of all the customer service needs of your guests! Do something different in 2017, and trust an experienced property manager to maximize your rental revenue in 2017.
Interested in renting your property with Bliss Beach Rentals? Want more vacation rental advice? Fill out the form below, and our Director of Business Development will be in touch with you as soon as possible.
Contact our Director of Business Development to hear about our competitive commission rates.