The vacation market is booming, and for good reason. Rather than staying at hotels, people are looking to rent out homes instead. If you have a Telluride cabin rental, it's time to turn your attention to the different ways you can maximize your vacation rental property. You don't want to miss out on an opportunity to make a huge profit from your vacation home.
Cision PR Newswire found that "the global vacation rental market will reach $169.7 billion by 2019." Not only that, but they also found that "the key regions where global vacation rental adoption is highest are Europe and North America." This goes to show just how much people are investing in and succeeding in the vacation rental business.
If you're thinking about bringing your luxury home into this lucrative market, there are few ways you can maximize returns. There are many different ways to earn more from your vacation rental-whether that's through marketing, improving guest experience, revenue management, and more.
10 Ways to Earn More From Your Vacation Rental
Marketing Tips
1. Be Honest & Accurate in The Description (constantly update your description)The description of your home needs to be as straightforward as possible, but more importantly, it needs to be honest. Constantly update your description to include any additional amenities, or if something big has changed. If there's suddenly construction in the view from the back porch-include this.Don't just gloss over unflattering information and hope that no one will notice. Guests are much more accepting when descriptions are transparent. Think about it as though you're adding a helpful disclaimer—honesty and accuracy will only make guests trust you more.
2. Photos Sell the HomePhotos are the most important selling tool for your vacation rental. Without various-and plentiful-quality photos of your home, your listing isn't going to do as well as it could. Travelers won't feel comfortable if there aren't a wide range of photos showcasing the entire home.A study by FlipKey found that "on average, listings with 20+ photos receive more inquiries and bookings than listings with fewer photos." Photos should be updated and changed with the change of the seasons too. Make sure that these pictures are done well; you wouldn't want to stay at a place that had blurry pictures either.
3. Think About Listing Your Property on Major SitesYou should determine if you want to list your home on a vacation rental listing site. Look into the fee structure for companies like Airbnb and VRBO and decide which fits for you.For VRBO, there is an annual subscription fee to list your vacation home, or you can choose to have an 8% fee taken out of each booking. Airbnb only has one option, which is that owners pay a percentage of every booking. If figuring out how these work sounds overwhelming, there are plenty of top-notch property management companies-like Exceptional Stays-that have secure partnerships with these sites that can figure this all out for you.
Guest Experience Tips
4. Personalize Each TripIf you want to get good reviews and ratings, then you should think about customizing each stay for each guest. When guests book your home, you should have something for them to fill out that details why they're coming and if there's anything you can help them with. Use any information they provide to your advantage.If you know a group of girls are coming for a bachelorette party, leave a celebratory bottle of champagne in the fridge and a list of the best clubs to go to. Personalized recommendations go a long way-especially for guests who come from far away.
5. Keep Your Kitchen Up-to-DateA vacation home with a great kitchen brings in a lot more guests than one with only a microwave and a fridge. You'll also be sure to get a massive return on investment if you choose to update the space. An up-to-date luxurious kitchen may help keep your guests' costs down during their stay, which makes them more likely to come back again.
6. Improve Outdoor Living SpacesA seamless integration between indoor and outdoor living spaces is one of the most important things the real estate world focuses on. When it comes to vacation rentals, this is even more important, as the access to the outdoors plays a huge role in booking rates.There is more to it than just a seamless integration, though. Your vacation rental home also needs to have-and maintain-a few specific amenities. A private pool or hot tub, a grill, and comfortable, up-to-date outdoor seating options are big necessities for a lot of people.
7. Spend Money on Good Interior DesignWhile you may know certain pieces don't go together, quality interior design may require the trained eye of a professional. You don't need to spend a ton of money, but good interior design is beneficial for the home in the long run, so the investment is worth it. You need to, or find someone to, pay attention to the small details-accent chairs around a window with a view are much more appealing than making your guests stand.
Revenue Management Tips
8. Create a Financial PlanBefore you put your vacation rental on different listings, you need to decide what goal(s) you want to reach with the home. You should determine if the home is purely an investment, or if you plan on staying in the home at any point in the year. Answer these questions to help you figure out how much money you need to bring in throughout the year for the rental home to be worth the investment.
9. Use Your Profits to EnhanceOne of the best ways to utilize the money generated from your home is to put it back into the home. If you notice that something needs to be updated or upgraded, put your profits into fixing those items. Adding more luxurious aspects to your home will not only make you happier but will generate a much higher demand.
10. Fluctuate Pricing with SeasonsDynamic pricing is your saving grace. Don't fall into the trap of keeping prices the same throughout the year-it just doesn't make sense if you want to bring guests to your home. There are specific seasons where people will want to travel out to yourTelluride cabin rental, and there may be specific events that draw people into the area. Think about all these things as you generate prices for your home-you won't regret it.
