Did you know that North Carolina is the ninth most-visited state in the United States? With 44 million people traveling to the Tar Heel State in 2022, it's a great place to invest in the vacation rental market.
Have you ever wondered how much money you can make from a vacation rental listing? Read on to learn about tips for maximizing rental income on your property.
Competitive Pricing
Look at other listings in your area to get an idea of what people charge for their properties. The key to competitive pricing is to price high enough so you turn a profit, but not to dissuade potential guests from booking with you.
You may want to start at a lower price point if you want to get reservations right away. As you rack up reviews, you can raise the price.
Seasonal Pricing
You should also consider seasonal bookings when you set your prices. During popular visiting times, you can raise the price because visitors will be willing to pay more.
Price lower during the off-season to attract guests. It is better to make some money than none during times when your area isn't as popular.
Provide Valuable Amenities
You need to make your vacation rental listing stand out from the rest. This is especially important if your property is in a tourist area with lots of competing homes.
Highlight the things about your property that make it unique. For instance, if it has a hot tub, or a fun and quirky feature, make sure to note that in your listing.
If your property is close to popular attractions, put those in the listing as well. Tourists and visitors will want to know what they can access that is close by.
Promote Your Vacation Rental Listing
The best way to maximize profit is to have your rental fully booked. Although vacation hosting platforms can do a lot of the heavy lifting, you can still actively promote your property.
Use tools like social media to advertise the vacation rental. Investing a little time can go a long way in finding new guests for your property.
Work With a Property Manager
Vacation rental hosting can be rewarding, but it's also time-consuming. You may want to outsource some or all of your responsibilities to avoid the stress.
A property management company can manage every aspect of the process for you. From screening short-term tenants to performing maintenance, you won't have to worry about a thing.
This will also give you flexibility and freedom when it comes to your real estate investing. When you work with a property manager, you don't have to live in the same city where you purchased the rental.
Key Strategies for Maximizing Rental Income
Maximizing rental income doesn't have to be complicated if you own a vacation rental. Use these strategies and watch the extra cash start rolling in.
Are you interested in managing property in the High Point, NC area? PMI Marathon is the partner you need.
With our combination of skills and industry knowledge, we can handle all things related to property management. Reach out to us today to schedule a free consultation.
