Are you thinking about converting your property into a property rental for vacations? There are many benefits to managing a short-term rental rather than a long-term leased property with tenants.
You may be wondering how to maximize your rental income with a property rental for vacations. If you want to boost your monthly income, read on to learn more.
Price Higher During Peak Season
Park City's peak season is definitely during the winter months. Thousands of visitors flock to the famous slopes to ski and snowboard.
As a vacation rental owner, take advantage of the higher demand with increased pricing. People are more likely to pay a premium during the most popular time to visit Park City.
In contrast, lower pricing when peak season is over. You may be able to attract more budget-conscious travelers during a time when your vacation rental would normally sit empty.
Make Luxury Upgrades
Provide top-of-the-line amenities for your guests to increase your passive income. For example, a washer and dryer in-unit, stainless steel appliances, or a premium shower experience can all impact the guest experience.
Outsource Your Duties
You may want to work with a third party like a property management company. They can handle the day-to-day operations of your vacation rental business so you have more time to focus on other things.
A property management company can do things like:
- Manage bookings
- Communicate with guests
- Coordinate maintenance
- Cleaning
- Restocking amenities
If you want to expand your rental property business, a property management company is an ideal solution. You will be able to keep investing without worrying about workload and generate even more passive income.
Focus on Property Marketing
The first step to making more in rental income is getting guests to stay at your property. It is important that your listing stand out from the rest on vacation rental websites.
Especially for tourist-oriented cities such as Park City, you may be competing with dozens or even hundreds of other options for potential guests.
Come up with a unique name for your property and include it in the title of your listing. To attract more attention, hire a professional photographer or take good-quality pictures to feature on your listing.
Encourage Longer Stays
You won't have to spend as much on things like cleaning fees or maintenance if guests stay longer on your property. You can set a minimum number of days guests can book.
Another way to encourage longer stays is by offering reduced rates for longer than a designated period. For example, let guests know there will be a discount if they reserve for over a week.
Property Rental for Vacations: Make More Rental Income
If you own a property rental for vacations, you shouldn't have to worry about turning your investment into passive income. Try these strategies to boost your rental income today.
For vacation rental owners in Park City, UT, PMI Mountain Collection is the resource you need for property management. With our extensive experience, we can help you bring your vacation rental to the next level.
Ready to get started with a property management company? Reach out to us today for more information.
