Trying to rent out your property in the off-season can be an infuriating and stressful experience. Tenants are few and far between, and your bottom line takes a hit. But, have no fear! No matter where you live, there are simple strategies you can implement to keep the momentum, and your money, going year-round.
Your rental property may have taken a beating over the peak season. It’s important to look for opportunities to repair and upgrade your home. Are your appliances working properly? Is it time to get rid of some old carpet or flooring? Are the interiors and exteriors up to your standards? Is your home up to date with the latest smart home technology?
Whatever the case may be, you want to make sure that your place is up to your potential tenants’ standards. Performing an in-depth inspection of your home will help you answer these questions and differentiate you from the competition.
Millennials love to travel. And going during the off-season is often attractive to them because it’s more cost effective. Being flexible with your stay length requirements and price will attract a younger audience to your listing. Fortunately for you, you can also do some competitive research—all by doing a quick search via Google or Airbnb. As long as you are offering people competitive pricing and stay requirements, your chances of people booking your place will increase. It’s also important to remember that some money is better than no money. So, don’t be afraid to be flexible!
You don’t have to restrict your property to vacationers. Try making your property attractive for corporate retreats. According to landlordology.com, you can get two or three times the normal long-term housing rates focusing on corporate housing. If you’re serious about converting your home into a corporate retreat, follow this step-by-step guide.
If a corporate retreat is not plausible with your property, consider hosting community events. It might not be the most profitable option, but it’s great for word-of-mouth marketing. Hosting events can also build a rapport with your local community, leading to future business opportunities.
It’s likely that your property is already listed on Airbnb, Hotels.com, or Booking.com—but you should consider finding smaller niche sites your potential tenants are using. For example, if you own a beach house in Newport Beach, CA try listing your property on a site like newportbeachvacationproperties.com.
You can also invite bloggers and other influencers to stay at your property for a night or two. They’ll share your listing with their followers and link back to your website. This can drive referral traffic to your listing and create some solid leads for your business.
By getting creative and executing on the above advice, you can attract new clientele and increase the amount of money you make from your vacation rental. Instead of looking at the off-season as a potential money waster, it could be your best season yet.
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