Are you looking to increase your revenue and make more profit from your property this year? Look no further because I’ve got some great tips for you!
Here are three ways to increase your vacation rental profits:
- Get Your Own Website
One way to increase your profits for your vacation rental is to decrease your expenses per booking. Did you know most booking platforms charge anywhere from 3%-15% commission per booking. When you have your own website for your vacation rental, you can offer your guests the best price and avoid paying any commission fees when they book! You can also choose to partner with a property management company that has their own website and is actively marketing their website to potential guests to increase your bookings that don’t require extra commission.
- Purchase a Dynamic Pricing Tool
Dynamic pricing eliminates the “guessing game” of pricing! Save yourself time and stress often caused by static/seasonal pricing. Dynamic pricing has the ability to meet demand where it’s at - automatically increasing or decreasing the price of your listing based on historical and real-time data, all done on a daily basis. When considering a property management company, you will want to verify if they use a dynamic pricing tool in order to get the maximum profit on your vacation rental.
- Increase Your Number of Returning Guests
Another way to increase your profits is through increasing your number of returning guests. Studies state, “Repeat customers have been measured to spend an average of 67% more than new customers.” The best way to increase your number of returning guests is to provide them with a 5-star experience through excellent communication, accurate property descriptions, and dedication to cleanliness!
In conclusion, it's essential to stay innovative in the vacation rental industry, embrace technology, and continuously refine your rental strategy to grow your vacation rental business. By implementing these tips, you'll be on your way to increased profits and happier guests in no time! Happy renting!
Give us a call at 727-333-5951 today and make sure to follow us on IG @sandyfeetvacationrentals