How to Make Money With a Vacation Rental ~ The Business Blog
Before you purchase your vacation condo, let’s get back to basics! Understanding just how to make money with a vacation rental is crucial when entering the industry. As part of our vacation rental management services, our Revenue Managers share their best tips and tricks for this practice.
Because many owners ask how they can maximize revenue in their homes or condos, our first recommendations are updates and upgrades. Our guests love to see granite countertops and stainless steel appliances in the kitchen. Since they are on vacation, they want to see something different than their own home. Changing up the bedding and throw pillows for a brighter, beachier theme can make a huge difference. Even something as small as changing up your shower curtain or a living room rug can be a game changer! Then, once you make significant upgrades, we ensure photography is kept current so guests see the most accurate reflection of your property to drive revenue.
Another way to make money with a vacation rental is maximizing sleeping spaces. Whether you are adding a sleeper sofa, hall bunks, or changing a bonus room into a bedroom, maximizing your sleeping spaces will, in turn, maximize your revenue. For example, a three-bedroom vacation rental should sleep approximately eight guests. Even adding another queen bed in a room where you only had one will help. If you do decide to add two beds to a room or install a set of triple bunks, just be sure they will comfortably fit in the room.
Last, be sure to make your property available. While we welcome and encourage owners to come down and visit our beautiful beaches and stay in their property, you won’t generate any revenue if you are staying in your property more often than guests are! Try to avoid staying during the peak season when you’re projected to make the highest amount of revenue. Having that open calendar will help us make reservations in the peak season, as well as make reservations in the shoulder season to bring in additional revenue.
We hope you’ve learned the basics of how to make money with a vacation rental! For more information about our vacation rental management services, visit our other blog posts.