The vacation rental industry has made it extremely simple for ordinary people to list their homes on a long or short-term basis. If you’ve ever searched online for a getaway, you have probably visited VRBO.com or Airbnb.com. These vacation rental sites continue to be popular, and the market is evolving as more people enter it. Let’s explore the ins and outs of listing your property as a vacation rental starting with the trends and demands of the industry.
Vacation Rental Property Trends and Best Practices
If you are considering diving into the vacation rental industry, it’s important to keep up with the latest buzz in the vacation rental world. Tracking trends and keeping an eye on what’s hot will keep you a step ahead when looking for bookings.
The industry continues to change, but this is what we are seeing so far along with some friendly tips to make you stand out:
Luxury Rental Demand
Luxury rentals are in high demand this year, including premium amenities, privacy, and unique offerings. If you are looking to join the vacation rental market, consider adding some luxury touches, upgrading amenities, and investing in high-quality furnishings and features. If you do add luxury features, make sure to highlight this premium experience to let your guests know they’re in for a treat!
Unique Rentals
Unique accommodations like treehouses, houseboats, and other out-of-the-box rentals are also hot right now. If you have a short-term rental that “defies the norm,” highlight the unique features or experiences that make it the unicorn of rentals. Make sure to use words like “unique” or “alternative” to describe your rental and make it more discoverable to those adventure seekers.
Custom Experiences
The vacation rental trend of customizing customer experience is becoming more popular. Sites like Airbnb use AI to tailor search results for travelers, and hosts can do the same. Hit your guests with a killer welcome package–local guides or maybe some in-room perks. Those curated goodies are like secret sauce to boosting your customer reviews, and better reviews mean more bookings!
Using AI To Enhance the Guest Experience
Airbnb began its use of AI integration last year by broadening host profiles to gather info. This year, Airbnb is expected to start using that information to improve host, listing, and guest matching based on preference.
Use AI tools to your advantage to help cultivate more positive reviews (smart homes, anyone?) With things like smart locks and thermostats or AI chatbots for guest communication, you can increase your property’s appeal. Just remember the point is to seamlessly integrate these technologies for convenience, not make the experience an added headache for your guests. Drive those positive reviews and increase guest loyalty!
Getting Your Property Ready
Now that we’ve discussed the market, let’s talk about getting your property ready. It’s important to remember that guests who book vacation rentals are usually doing so because they want an experience outside of a sterile hotel room. Style your vacation rental to appeal (think Instagram-worthy), while also taking into consideration your target audience. Vacationers to Lake Eufaula are often planning activities on the lake, so designate a spot to store their gear. Leave a set of beach towels, beach chairs, or anything to make their lakeside experience more convenient.
Determine Your Nightly Rate
There are a few things to factor in when you are figuring out how to price your vacation rental. Setting prices too high will cut into your bookings while placing it too low can cut into your profits. So how do you come up with a rate that works? There are a few things to factor in that will help:
Figure Expenses and Operating Costs
Take a look at fixed costs like mortgage, insurance, salaries, etc., and add in variable costs like utilities, supplies, maintenance, and upkeep to figure out how much you are spending each month. This will help you figure out the bottom line for your property.
Competitor Pricing
Take a look around at other properties on the market. Compare apples to apples–same amenities, size, number of rooms. Then adjust accordingly.
Change with the Season
Seasons change–and so should your rates. Lake Eufaula is booming in the summer, so guests are more likely to pay peak prices at that time. When things slow down, adjust your rates to reflect that.
The key thing to remember is rates will fluctuate. Stay on top of what’s happening on the market as well as your bottom line, and make changes when you need to.
Stand Out on Rental Websites
Rental websites will notify you when someone books. Take this chance to reach out and chat to get to know the people who are looking to book your rental. You can skip this step with the “Instant Booking” feature, but you are missing out on a valuable chance to market your property.
Stay ahead of things by checking the resources and tips to learn how to get the most bookings. Be aware that the fees on these sites are hefty, sometimes reaching up to 20%!
Don’t forget to ask for reviews. People check on user experiences for unbiased opinions and help them make a decision. Incorporate guest feedback into your profile, and look for recurring themes. Improve upon anything that you see needs addressing, and highlight the positive.
Property Management Services
Take the guesswork and added responsibility out of managing your vacation property by using our property management services! With our boutique property management company, guests have the unique advantage of having access to concierge services to enhance their stay. These include add-on options such as grocery delivery, spa services, charcuterie boards or fresh local baked goods, wedding and anniversary packages, welcome gifts, s’mores kits, a culinary package with a private chef, and more!
Our ultimate goal is to secure more rentals for lake homeowners by creating a unique guest experience. Our management fee includes the following services:
Booking and Account Management
Manage bookings, calendars, and account info for all of your properties.
Marketing and Advertising Strategy
We will market your property on top rental sites, the Porches and Pastures website, and in search results. We will also work with you to develop a competitive pricing strategy that keeps your pricing on target with other rentals in the community.
Cleaning, Laundry, and Hospitality
From cleaning services to property maintenance, let us create a team of people to keep your rental serviced and running.
Welcome Gifts for Guests
Make your guests feel right at home with a custom welcome gift!
Exclusive Concierge Services Offered to Guests
Access to amazing add-ons to enhance the stay of your guests. We can help create a custom experience that results in repeat customers.
24/7 Guest Relations & Communication
We will respond to questions and look at check-in details. Communication is key for guests and helps to boost your reputation.
Monthly Financial Reports & Updates
We will help you stay on top of your vacation rental’s performance with financial reports and updates. Keep an eye on your bottom line and make changes as needed to keep up with the competition.
Let Us Help
Many people are turning to vacation rentals as a source of income with the popularity of these sites. It can be a great way to purchase a lake home and recoup some of the costs! If you’d like to learn more about real estate in Eufaula and its surrounding areas as well as our Property Management Services, Porches & Pastures can help!
To learn about start-up costs as well as our management fees, contact us today!
