Taking a vacation can boost people's psychological well-being. Studies show that it makes people feel positive and can even stave off depression. By managing a vacation rental property, you give people the chance to access these benefits in style.
That's why it's important to know how to get people into your properties so you can turn a profit. Read on to learn the ins and outs of optimizing your vacation rental occupancy rate.
Create Reasonable Prices
Many vacation rental properties have fixed rates year-round. Unfortunately, people tend to take more trips during some seasons than others. While people likely aren't booking much in the fall and spring, vacations tend to spike during summer and around the holidays.
Because of the hefty demand, you can get away with raising your prices during these seasons. But if you ask for too much money in the off-peak seasons, you're not going to find many renters since they'll opt for other properties with more competitive prices.
Dynamic Pricing
You shouldn't just adjust your prices seasonally. You should also be dynamic about changing them as rental dates get nearer.
If you initially were asking for $200/night but have no one staying in your unit in the next few days, consider only asking for $100/night for those days. Turning any profit is better than making nothing because of a vacant property.
This may sound like a lot of work, but a quality property management company can research and implement reasonable prices.
Allow Pets in Your Estes Park, Colorado Vacation Property
Many landlords shirk the idea of letting pets into vacation properties, but doing so can make you a lot of money. 53% of travelers want to bring their pets along, and letting them into your vacation rental can attract guests. You'll stand out above the competition.
This is especially important for long-term rental properties. People don't want to leave their dogs and cats at home for weeks or months on end. You'll increase bookings this way, and people are more likely to book far out when planning their trip.
This means that you can rent at higher rates while decreasing vacancies. Plus, a pet fee is a great way to turn a little bit of extra profit.
Market Appropriately
Many vacation property owners struggle to get visitors simply because no one knows about their accommodations. Luckily, developing a good rental marketing strategy can resolve this problem easily.
Optimize your listing with creative descriptions and quality photos. Show off the best parts of your property and talk about the unique amenities that set it apart. Make sure to put listings on social media platforms like Instagram and TikTok as well as your official website.
Start Optimizing Your Vacation Rental Occupancy Rate
Optimizing your vacation rental occupancy rate can be challenging for individual property owners. Luckily, property management experts in Estes Park, Colorado make it simple.
Now that you know how to decrease vacancy year-round, it's time to talk with a professional. Contact us to learn more about our diverse services and how we can help you find high-quality tenants for both short and long-term rentals.
