Get a Higher Return on Your Vacation Rental

The vacation rental market is in the process of a rapid incline, even in these hard economic times. So as a landlord for vacation rental property are you ready to maximize your investment? If you have a vacation rental property dedicated only for rentals there are some things that can help you make the most of your income property.

Weekly Rates

The first step is to determine a realistic number of rentals you can book per year. Your objective here is to determine how many weeks you can rent out your property on a yearly basis. This includes the summer months and the winter months. Some property’s can be rented year round while others can only be rented during summer months. So determine what your property is capable of and look at competitive pricing. Once your rentals are broken into weeks, we need to find out how much money you need to cover your expenses per month.

Example: 17 Weeks of Rental during on-peak times with no off-peak rental.

Let’s say your expenses are $2,000 a month on your property and you have 17 weeks of rentals.$2,000 x 12(months) = $24,000 a year, Divide that by 17 weeks = $1,412.

This means that in order to cover your expenses on your rental property for the year spread across 17 weeks you will need to rent for at least $1,412. If you are able to rent in off-peak times the average rent you will need in order to pay your mortgage is going to be significantly less.

The point is to know all of your numbers so you can maximize your property’s income.

Marketing Plan and Budget

Planning is very important to being successful, especially in the vacation rental market. You should have a clear detailed marketing plan detailing where you plan on marketing your vacation rental and how much money it will cost you. It’s important to also take these costs in to consideration when determining how much you should rent your property for.  Using a website like ours will save you money and get you a highly targeted customer base at absolutely no cost to you! Our services are free unlike many of our competitors.

Repeat Tenants

Make your guests feel important. Provide them with the best value that you possibly can and in return they will tell their friends and family how great of a time they had, and you will get free referrals. Ask your tenants for feedback on their stay and use it to your advantage. Send your old tenants a friendly reminder or a pamphlet with information that is beneficial to them on a regular basis. It’s much easier and cheaper to retain a customer than it is to find a new one.