3 Tips to Boost Your Vacation Rental Income That Actually Work
In recent times, investors in vacation rental properties have witnessed a shift. In each of the last few years, the private accommodation business grew exponentially. This means that your vacation rental home could rapidly become a fully fledged business.
You may or may not have the time to welcome such a change, but you’re probably wondering about ways to maximize your income on your vacation rental property - and we’ve got you covered. In this article, we’re going to be talking about some of our best tried and tested tips to boost your vacation rental income.
Up your marketing game - take good care of your listing
First impressions matter - especially nowadays, in the digital era. COVID made 2020 pretty tough for most of us, but many families across the world found great comfort in future holiday plans. 61% of families had to cancel vacation plans, though 82% immediately started organizing future stays. Time off from work has always been important for mental health, now more than ever, at the time in which we’ve been cooped up inside for so long.
That’s why people have great expectations of vacation rentals. There’s an increasing need to appeal to holiday goers’ senses. It might seem scary to take care of your own marketing strategy, but it’s definitely a good investment in optimizing the performance of your vacation rental property. In your listing, make sure you upload as many high-quality, high-resolution photos and videos of your place as you can. If photography is not your thing, hire a professional photographer and go all out! Many vacation rental specialists swear by clean, dazzling photography - some even say good photos are the most effective marketing tool.
Potential visitors will probably be browsing through hundreds of listings at a time. So you have to make that yours stand out by creating beautiful listings, with up-to-date descriptions and detailed lists of all the amenities and advantages your property provides. Every word is an opportunity to impress your potential guests!
Invest in the right amenities
You’ve now dazzled your guests with a promising description and beautiful photographs of your rental. They’re expecting a lot and want to continue being swayed by your property’s useful and comfortable features - 97% of travelers in the US claim that amenities have an effect on their travel experience. The top 10 amenities searched on Airbnb include:
A coffee machine
A fully-equipped kitchen
Air conditioning
Parking spaces
A pool
Wine glasses
Pet-friendly rental
WiFi
A washing machine
A jacuzzi
A TV
A heating system
Your best bet to push your Airbnb demand and revenue up is to offer as many of these amenities as possible, though it’s sometimes difficult to include a fully equipped kitchen for example, when the space doesn’t allow for it. Thankfully, there are many other amenities you can focus on to give guests the 5-star experience that they expect:
24-hour check-in with an automated system
Streaming services
Surround sound
Books
Family games
Guide books and local tourist recommendations
Adapters and chargers
A welcome basket (food, drinks, toiletries, local delicacies, etc.)
Office supplies
Fireplace
If your property lacks space, you can always try to optimize smaller spaces like bathrooms by giving them a luxurious, hotel-like feel. Try stocking up a small basket of shower essentials like shampoo and conditioner, body soap, and moisturizer. Invest in beautiful towels that you could roll up and fold at the corner to wow your guests as soon as they walk into the bathroom. For a little extra flair, include appliances like a hairdryer, a curling iron, and whatever you think will make your guests’ experience incredible.
Sell updates and upgrades for more flexibility (and revenue)
Improving your guests’ experience is a great way of boosting your vacation rental income, by ensuring that people come back and leave great reviews. However, you could also opt for the additional option of creating more revenue streams for your property. Consider selling upgrades and perks such as mid-stay cleanings that people can order before or during their stay. Not only will you earn more, but your guests will feel like they’ve got more choices and flexibility, which can do wonders for their impression of their stay.
How, you ask? Well, by leveraging the wonders of technology. There is now plenty of booking and management software available. You can choose through powerful guidebook creation and hosting platforms like Smoobu, Booking Planner, Hostfully, Touch Stay, HelloHere, Duve, Yoomondo, and so many more. This means that you can create a digital guidebook for your property, and implement add-on options like:
Kid-friendly features such as baby baths, child pool safety equipment, etc.
Pet-friendly features like dog and/or cat beds, pet food, pet bowls, etc.
Bike rentals
Private yoga or fitness instructors that can come on-site
On-demand chefs
Connect with local artists or artisans to supply your guests with an on-demand gift shop they can browse through
Fridge-stocking so that they won’t have to buy groceries, with everything being ready for them upon arrival
A daily cleaning service
Babysitters and/or dogsitters
Guided tours in your local area
The extras you offer at your vacation rental are basically items, experiences, or services your guests would have paid for out-of-pocket. Allowing your guests to purchase great add-ons in a seamless and effortless way, you’ll not only be able to quite drastically increase your revenue for each rental, but you’ll see much-improved guest satisfaction. Your guests will have everything they could possibly need for a perfect stay, and they will be much more likely to leave you a positive review.
Tip: Use this as an opportunity to connect with your local community and get your rental’s name out there - offer to use a local catering company for one of your add-ons if they promote your vacation home during their events. Creating a catalog of add-ons will also allow you to establish durable partnerships with your locals, which can do wonders for your marketing strategy.
The bottom line
There are many ways of increasing your vacation rental income. You could approach things by going for the 100% guest satisfaction angle, to make sure every single one of your guests recommends your place and visits again. The bottom line is the more appealing your rental is to potential guests, the more bookings you’ll get, and the more opportunities you’ll have to increase your income each month.