Maximize location – Although you can’t always choose the exact location of your investment property, it might just be a space that you already have and are trying to make the most out of. What you can do is make the most of your location. This can be done by providing unique amenities or by focusing your guests stay on activities to do close by! Include directions to close by hiking trails, access to rivers/lakes, site seeing, or other activities. Make sure you have options listed for every season – not just tourist season.
Set your pricing according to season – many people have their rental prices set for the busy season or tourist season and then do not cater to slower times of the year. The reason you can charge more in the peak seasons is because there are more travelers therefore less rental inventory for guests to choose from. When the seasons change, and traveling is less prevalent you need to adjust your prices accordingly so you can stay competitive with other hosts in your area. Maybe even consider looking for long term renters in the off season so you don’t have to deal with as much turnover and still can earn a steady profit. Another pointer on maximizing your pricing is look ahead at busy weekends or events in your area. If there is a concert or festival coming to town be sure to know these things ahead of time so you can price based on special events.
Become a Superhost – this is just what Airbnb uses to label that your stay is above and beyond. Other sites have different labels for this achievement, but it essentially lets guests know you take pride in your vacation rental. To achieve a Superhost status you must
- Completing at least 10 trips or 3 reservations with a total of 100 nights
- Maintaining a 50% review rate
- Having a 90% response rate
- Having no cancellations other than under extenuating circumstances
- Maintaining a 4.8 overall rating
Focus on positive reviews – this is obviously something that accumulates over time as you host more guests. The way you can earn positive reviews is by being attentive and communicative with your guests. Listen to their requests and respond in a timely manner. Pay attention to details of your property like cleanliness, order, and make sure everything is functioning properly. Once your guests are ready for check out make sure to check in with them and see how everything went with their stay. Afterwards you can politely remind them to leave a review.
Invest in professional photography – photography is the first thing every single guest will see before even reading into the details of your property. It will only cost you a couple to a few hundred dollars depending on photographer and size of rental you have, but it’s an investment worth every dime. It greatly impacts the way guests get to see your space when deciding where to book.
Hire a professional property manager – When managing your property on your own, especially when you have more than one, it can take up more time than you have to offer. Pass this on to someone who dedicates their time to be completely reachable. A property manager will not only take care of your property and keep it to its highest potential, but they will also earn you the highest return on your investment.