Running short-term rentals, either as an Airbnb host or a vacation rental owner, can be lucrative, but it does require some work on your part. You have to make sure your space is showing up on all of the platforms and that it’s getting traffic. But you also have to do work before guests even come.
There are several strategies for maximizing your short-term rental income. Here are a few, broken down by specific platforms.
1. Be Flexible
Many hosts offer their properties for rent on a nightly or weekly basis, but if you’re willing to be flexible, you can often earn more. This can be a great way to fill up your calendar and earn extra income. Whatever way you choose to be flexible, just remember that it’s often the key to earning more income from your short-term rentals.
2. Invest in Quality Furniture and Appliances
This will make your rental unit more appealing to potential guests and could lead to higher nightly rates. Additionally, it could also help you attract longer-term tenants who are willing to pay a premium for a comfortable and well-appointed home. Either way, furnishing your rental with quality items is a great way to increase its value and earning potential.
3. Offer Additional Services
This could include anything from laundry and cleaning services to airport transportation, and beyond. By offering these services, you’ll be able to appeal to a wider range of guests and ultimately increase your bookings and income. Plus, it’ll give your guests a more enjoyable and hassle-free experience, which they’re sure to appreciate.
4. Offer Discounts
This is a great way to encourage guests to book longer stays, and it can also help you fill up your calendar during slower periods. For example, you could offer a 10% discount for stays of 7 nights or more, or a 15% discount for stays of 14 nights or more. You can also offer other incentives, like a complimentary bottle of wine or a discount on attractions in the area.
5. Keep Your Property in Top Condition
As a property owner, you want to keep your rental in top condition to ensure it attracts quality guests and generates income. Here are a few ways to help keep your property in top condition:
Fix Any Damage
If there are any scratches, dents, or other damage, fix them in a timely manner. This will show guests that you take pride in your rental and care about their experience.
Keep It Clean
Make sure the interior of your rental is clean and welcoming for guests. This includes regular vacuuming and dusting, as well as cleaning the bathrooms and kitchen.
6. Advertise Your Property
This will give potential renters a chance to see your property and read reviews from other renters. You can also promote your property through social media, such as creating a Facebook page or Instagram account.
Another idea is to put up flyers in local businesses or distribute promotional materials in tourist areas. If you have a website for your rental property, be sure to include clear photos and detailed information about your rental.
Increasing Your Rental Income
There are a number of ways to boost your rental income, but it really depends on what you’re looking for and what you’re willing to put in. You can start by considering things like pricing, investing in some basic furniture and amenities, and marketing your rental to a wider audience. With a little bit of effort, you can definitely see an increase in your rental income.
Interested in learning more? Be sure to check out our other articles!