There are over one million vacation homes in the U.S., which shows how many of us book them for a getaway.
Learning how to grow your income means you can reinvest in your property and earn a killing. But if you're a new landlord or haven't yet dealt with rentals, you likely won't know where to focus your efforts.
Sounds like your situation? Luckily, we're here to help. Here's everything to know about maximizing rental income for your Wilmington vacation rental.
Focus on Marketing the Rental
Before brainstorming Wilmington rental strategies, create an effective marketing strategy to spread the word.
Upload professional photos onto the listing and create arresting copy that intrigues readers. The key is to focus on your rental's features, whether it's desirable amenities or being in a popular location.
If you haven't already, compare similar listings to figure out how much you can charge guests. You may notice that tweaking the price point means you can increase rental earnings with minimal effort.
Once you've got a marketing strategy, measure how well it does. Focus on the number of inquiries you receive, occupancy rates, and where you're losing guests on the booking journey. This will show you which areas to improve on.
Hire a Property Management Company
Hire a reputable Wilmington property management company to oversee your rental. These professionals will handle daily tasks, such as communicating with guests and book-ins/check-outs. The beauty of hiring locals is that they understand local regulations, laws, and market trends so that you can boost vacation rental income.
Offer Package Deals
One of the top vacation home tips is offering guests package deals. Make sure that it's tailored towards your target audience; otherwise, you'll miss out on a profit for your vacation rental. For instance, if you're advertising to families, create a family-friendly package with beach toys and discounts for children.
Landlords should also harness the power of upsells. This includes airport transfers, baggage storage, and even arranging day trips for guests. It's an effective way of growing your income because it's affordable and if each booking buys upsells, you'll earn a decent profit by the end of the season.
Get More Reviews
When you receive more customer reviews, guests are more likely to make a booking. In fact, 95% of customers read online reviews before buying a product or using a service. It will also boost your listing to the top, giving you free advertising for your vacation rental.
If guests have left their e-mails, shoot them a message asking them to leave a review several days after they leave. Don't be pushy or give incentives; simply ask them to leave an honest account of their experience. Once you receive a review, respond quickly as it shows you're grateful for their time and business.
Enjoy Our Maximizing Rental Income Tips
Now that you're an expert on maximizing rental income, it's time to get started.
A great place to start is honing your market strategy and working with a property manager because they have invaluable advice.
At PMI Wilmington, our team of professionals oversees every aspect of property management, from accepting bookings to marketing. If you're interested in our services, we'd love to hear from you. Contact our team today.
