Do you own an amazing property in Park City, Utah? It's no doubt one of the best cities in the country to visit and saw a 3% increase in visitors in Winter 2023 and Spring 2024.
If you've thought about renting your property to travelers, now's the perfect time. One of the best platforms on which to list your property is VRBO. However, if you've never used it before, you'll likely feel confused as to how to get started.
This guide will show you how much you can earn with your short-term rental and why you should consider Vrbo management.
Maximize Rental Revenue
The rate of your earnings through rentals depends heavily on how much revenue you make. It's relatively easy to keep your expenses low. But to increase your short-term rental profit margin, you want to have a high revenue.
The first step is to assess how much your property is worth. This will help you decide how much you can charge as a rental fee. This gives you a basic idea of how much profit you can earn.
Charging Higher Prices
What happens if you aren't satisfied with your profit margin? Let's suppose your expenses come out to $800 per month on average. After conducting a rental analysis, you find that you can reasonably earn $1,000 per month as rent.
But are you satisfied with a profit margin of only $200 per month? Is it worth the effort? You also have to remember that since you're running a vacation rental, you might have vacant periods. In other words, even the $200 per month isn't guaranteed.
You can charge higher prices, but you'll have to justify them. You can do this by offering premium amenities for the property. These amenities can include:
- High-speed Wi-Fi
- Smart Technology
- New bedding (used only for guests)
- Large refrigerator
- Electronic stove
- Kettle, coffee machine, blender
These are some amenities you can include that'll convince guests to pay higher prices. They'll be glad to pay more for increased comfort.
You can also charge higher prices during peak seasons. Additionally, you can charge a discounted rate if your guests stay for longer. They'll pay less per night, but you'll earn more in the long run.
VRBO Management
The final step should be to hire a Vrbo management service. This service will look after your property, so you don't have to.
You'll soon find that it can be rather strenuous to attend to your property at all times. The hassle is what puts off many would-be vacation hosts. However, if you have a property manager assisting you, they'll shoulder the burden for you.
Start Your Vacation Rental Business
Now you know how much money homeowners can earn from their vacation rentals. Follow the steps in this guide to earn a high short-term rental profit.
You can use Vrbo management services to look after your property. This will put you ahead of your competition.
PMI Mountain Collection is one of the best options for landlords in Park City. We have over 20 years of experience working with homeowners like you.
