With millions of people vacationing on Airbnb and HomeAway, the short-term rental industry is growing rapidly. While this is great news for homeowners and property managers who want to earn extra cash from their homes, it can also be overwhelming when it comes to finding ways to get more out of your short-term rentals. But don't worry, there are plenty of easy ways you can boost your profits as a short-term rental owner that doesn't require you to spend much time working on them!
One: Watch Your Pricing
You can make the most of your short-term rental by using a pricing strategy that will attract the right guests and keep them happy.
Price it at a competitive rate: You want to be sure that you price your rental in line with other places in your area, but also within reason. If it’s priced too low, you risk attracting low-quality guests who won’t have the money for incidentals and may not treat your home as well as they should. On the flip side, if it is priced too high, potential guests might be turned away because they think they can get something similar somewhere else for less money (or aren’t sure if they can afford it).
Be honest about what amenities are included: This could include things like cable TV or Wi-Fi access; make sure that whatever is included is clearly mentioned in descriptions on sites like Airbnb or HomeAway so that people know what they are paying for.
Two: Work With a Property Management Company
A property management company can help you with the day-to-day operations of your rental. They can also help you market your rental on various platforms, like Airbnb and HomeAway.
Thirdly, they can help manage your guest reviews and ratings. Lastly, they can find new and more renters for you!
Three: Make it Easy for People to Book
Not only is this your first step in making more money, but it's also the most important. You want people to be able to book your property easily, quickly, and securely. But what does that mean?
It means using a property management company that takes care of all the details so you don't have to. They will do all the heavy lifting in terms of coordinating with guests and making sure everyone has access codes or keys at every stage of their stay (check out our top picks here). This makes it really easy for guests who are booking via Airbnb or another platform because they can just start making reservations without needing any contact information or other details from you upfront—and if something goes wrong during their trip (like if their flight gets delayed), the PMC handles everything!
When it comes down to booking directly with owners themselves, however...this is where things get tricky. One way around this issue is to make sure everything about your listing is clear and simple: pictures should be high quality; descriptions should include all relevant information about amenities like Wi-Fi/TV channels etc.; any fees associated with check-in/out times should be clearly stated upfront rather than buried within fine print somewhere deep inside each guest's confirmation email after booking has been confirmed."
Four: Take Great Photos
Taking a good photo is an art that can be learned. It's not just about having a good camera and knowing how to use it. A great photographer will know how to make your home look its best, and they will know how to showcase the unique features of your property that make it stand out from all others. If you can afford it, hiring a professional photographer may be worth considering as they will likely take more than one set of photos so that you have plenty of options when choosing which ones to post online or print off for marketing materials.
Use different angles and times of day
It's often easier said than done but taking photos from different angles helps give people an idea of what living in this space might feel like. Try setting up some furniture in the room if possible so there is something interesting for people looking at these images to focus on if nothing else!
Five: Market Your Rental on Multiple Platforms
Marketing is key to a successful rental. You need to get the word out about your home and how many people can fit there, but you also want to make sure that you are getting the best price for your property. You can do this by marketing your short-term rental on multiple sites, such as Airbnb or HomeAway.
If you're just starting out with renting, this may seem like a lot of work; however, once you've established a good reputation as a landlord (as well as made back some money from hosting), it's worth it!
Six: Give Guests the Ultimate Experience
Make the property super clean and inviting. This means having a clean, fresh-smelling home when guests arrive. You can do this by keeping up with regular cleaning throughout the week and making sure that any messes are cleaned up right away.
Provide amenities like toiletries, towels, and linens (if applicable). The more you can do to make life easier for your guests, the better!
Provide a welcome package with local information. This will include things like maps of the area, guides on what to see or do in that particular city/town/village, etc., as well as some suggestions on places to eat and drink at night time (if applicable).
Taking advantage of these tips are easy ways to boost your profits as a short-term rental owner, and it doesn't require you to spend much time working on them.
You're probably aware that short-term rentals can be a lucrative business, but you may not realize how easy it is to improve your rental income without spending much time working on them. These tips are easy to implement and don't require much time to work out the kinks.
Hopefully, these will get you started on the right path so that you can start making more money from your rental property!