A vacation property is an incredible asset. Property owners can benefit from relaxing vacations on the Gulf Coast with a vacation home ready to go any time you're ready to visit! Plus, offering your property as a vacation rental means you also generate income when you're back at home in the "real world."
How can property owners capitalize on a return to summer travel and a busy vacation season? An Englewood property management professional can help! Consider these tips to maximize rental income for your vacation home.
Don't Miss Out On the Return to Normal
As we head into these summer months, vacation property owners are seeing a return of summer travel. Vacations are coming back in a big way in 2021. Travelers are ready to visit their favorite destinations, and your vacation property needs to be ready for prime summer bookings!
Property owners can take advantage of this return to normalcy by reviewing a few critical aspects of their vacation rentals. In the Englewood area, partnering with expert management services can help you tackle the following aspects of generating more income and keeping your rental property up to the quality guests expert from short-term rentals when visiting the coast.
Maximize the Return on Your Property
Are you maximizing the return from your vacation properties? It might be tough to know after a rough vacation rental season last year! A rental property manager can help you collect the data you need to analyze ROIs and implement property updates that can help you recover lost income after last year.
Working with the best property management in Englewood makes it easy to find out what's working and what needs to improve to meet current vacation rental compliance standards and guest expectations. From updating cleaning practices between guests to responding quickly to maintenance issues and adding smart upgrades that travelers look for this summer, critical changes can help investors achieve an optimal ROI.
Review Current Costs and Adapt As Necessary
Do new Covid cleaning protocols add expenses to your bottom line? Does it take more time to get a rental ready for new guests with additional cleanings and safety guidelines for travelers in 2021? Did your condo association raise fees to cover additional safety protocols for maintaining common areas for guests? Many materials for repairs or upgrades have seen a cost increase this year, as well.
Take time to review current expenses to manage your vacation rentals safely and in a way that attracts quality guests. If your overhead costs have increased since the last busy vacation system, it's time to consider rate increases to go along with the boost to your operational expenses.
Guests are ready to visit the Gulf Coast! Make sure you're not losing money when adopting new protocols and costs while accommodating guests this season.
Compare Your Rental Rates to the Market
Are your rental rates competitive in the market? While it's critical to make sure you charge rates that cover new costs, as we mentioned above, it's also essential to make sure your guest rates aren't too high for the Englewood vacation real estate market. A vacation investment stays in demand (and maximizes your bottom line) when rates are competitive while delivering properties that guests love to rent during their travels!
When rates are too high, your vacation property can sit empty--even during the busy rental season. However, if rates are too low, you won't generate the profit you need to justify owning a vacation investment on the Florida coast.
Optimal Rates Boost Marketing!
Setting optimal rental rates also boosts your marketing efforts! When guest tenants see attractive prices on a vacation home that offers everything they need for a perfect getaway, you'll enjoy more bookings throughout the year.
Handle Rate Increases Wisely
If your guest rates aren't ideal, make a change! However, be careful when you apply an adjustment and by how much. A vacation management expert can help you make wise choices when it's time to increase rates for guest tenants. It's best practice to maintain current rates for existing bookings. Increasing the guest rent rate after confirming a booking can lead to bad reviews, canceled bookings, and lost income.
Time It Right
Property owners should also avoid a significant increase in new bookings during the busy season. Apply a modest increase to available dates and make that your "standard" rate for new bookings from now on. If former guests are concerned about higher rates when they rebook for next year, create a statement that mentions the new process and protocols for providing safe and comfortable rentals with amenities guests love.
Most travelers expect rates to increase for in-demand rentals with improved protocols that keep them safe while enjoying your property!
Maximize Returns With Englewood Property Management Services!
Ready for a return to normal this vacation season? An Englewood property management professional will help you each step of the way! Gulf Coast Property Management specializes in services for short-term investment properties. We apply expert strategies to help owners optimize operations, maintain consistent guest bookings, adapt to new cleaning guidelines, and maximize returns! If you're ready to get the most out of the vacation season, reach out and learn more about how we can help.