Vacation Rental Property: Tips for Success and Profit

Vacation Rental Property: Tips for Success and Profit

Did you know that about 40% of people who own two homes in the Midwest have one in Lake of the Ozarks? Are you one of those people? Why not rent out that extra home when you're not using it?

Owning a vacation rental property is a great way to earn some extra income with a home you already have. We're here to offer some tips to help you succeed. Read on to learn more.

Keep Up With Cleaning and Maintenance

It's your responsibility to regularly maintain and clean the property to ensure that it's in excellent condition for your guests. Remember, you're competing with hotels and professional vacation rentals. If your property is dirty or in a state of disrepair, it won't be appealing to your potential guests.

Address any issues as soon as possible to prevent negative reviews. If your guests report an issue, try to take care of it or offer a partial refund if you can't fix it in time.

Consider hiring a professional cleaning service and maintenance team to assist you. This will take some of the hard work off of your shoulders.

Offer the Right Amenities

As we mentioned before, you're trying to compete with hotels. Many hotels offer fantastic amenities, and while you won't be able to offer all of them, you can offer some extra special touches to entice guests.

First, many guests choose vacation homes over hotels because they like the ability to cook on vacation. Make sure you supply cooking essentials (like pots and pans) as well as a way to clean them.

You should also consider supplying basic toiletries as well as some extra things, such as bandages and sunscreen. These little things will make a big impact on your guests.

Put Money Back Into the Business

When you make money on your vacation property, make sure you're putting some of it back into the business. Of course, you can keep some of the profits you've worked so hard for. However, the more you improve your property, the happier your guests can be and the more you can charge.

Perhaps you improve the furniture or add a special amenity, like a pool or hot tub. There are so many ways you can improve your property!

Consider Investing in Property Management

Owning a short-term rental is a lot of work. A short-term property management company can help you out. They can handle things like marketing, maintenance requests, hiring a cleaner, and so much more for a reasonable fee.

This will allow you to sit back and relax while still collecting income from your rental property. What's better than that?

Good Luck With Your Vacation Rental Property

Owning a vacation rental property can be incredibly fulfilling and lucrative if you play your cards right. It's not, however, easy. These helpful tips can get you on the right track with your property so you have many happy guests.

At PMI Property Management, we offer vacation rental property management services to people in Lake of the Ozarks, Missouri. Contact us to learn how we can help you today.