You know what's better than taking a vacation? Earning extra income while others enjoy their vacation!
Since the pandemic, many Americans have decided to prioritize traveling both abroad and within the country. If you own a property in Park City, Utah, you can consider using it as a property rental for vacations.
But how do you maximize your income potential? How do you ensure you succeed in a competitive market?
Here's what you should know about vacation rental hosting:
Preparing Your Home
Even though you're renting your property for the short term, your guests must feel at home. Your property has to have a welcoming atmosphere if you want to succeed as a landlord.
Before you rent your vacation home, hire a professional inspector. The inspector will assess if your property is ready for guests. They'll suggest any renovations or repairs if needed.
You want to also hire a professional cleaner before each guest arrives. You want your guests to feel that your home is up to the standards of a luxury hotel!
Promote Your Vacation Rental Property
To successfully promote your vacation home, you have to keep an eye on the market trends. For example, do you want to rent your home to tourists? Is your home a great spot for digital nomads?
When you advertise your property, you have to present it as a unique vacation experience. Here are some examples to consider:
- "Best Apartment for Sundance Film Festival Attendees"
- "Great Family Home in the Heart of Park City"
- "Romantic Getaway With Your Soulmate"
Your vacation rental property has to stand out. Make sure you provide details of what your property offers. You can discuss amenities, location proximity, decor, etc.
Pricing Your Utah Vacation Rental
The next step is to offer competitive pricing for your Utah vacation rental. You shouldn't lower your price just to attract more tenants. This can actually deter tenants who may think that your property is substandard.
However, your pricing should justify what it offers. For example, a property near Park City's hot spots can bring a high price. If you have fast internet, SMART technology, and modern furniture, you can also charge a high price.
For short-term rentals, you can charge a flat fee. You can also use services such as Airbnb to handle rental collections. If you're renting for a longer vacation, such as three months, you may wish to charge a security deposit.
As a side note, make sure you're always in compliance with Utah's landlord-tenant laws. If you follow these steps, your property will stand out, and you'll be able to maximize your income potential.
Succeed With Property Rental for Vacations
Now you know how you can use your property rental for vacations and increase your earning potential.
The first step is to prepare your vacation property. You'll have to adapt to the market trends to make your property stand out.
When you promote your vacation property, you'll have to discuss its unique factors. You'll also have to offer competitive pricing.
Sounds like a strain? It doesn't have to be if you hire PMI Mountain Collection as your property manager. Contact us to learn more!
