Do you own property that you rent out to vacationers? In the United States, the typical person who does this makes more than $27,000 each year. You may not have an issue renting your beach condos during the busy season but are you looking to do more business in the off season? There are ways to make vacation condo rentals more profitable during this part of the year.
Tips to Making Vacation Condo Rentals More Profitable During the Off Season:
- Talk to your summer renters. People who have taken advantage of beach condo rentals and had a good experience are not only more likely to come back, both during the summer and during the off season. During the off season, make it a point to reach out to guests who have rented from you and offer them special deals on your property. They may know other people who are looking for vacation rentals during the fall or winter as the beach makes for a great vacation destination all year round. Offer a discount for them if their friends rent from you.
- Tailor your message to your audience. Are the vacation condo rentals most often taken by families with small children? Do the renters often have pets? People with small children may be interested in some of the amenities that you offer at oceanfront condo rental such as laundry facilities. It can be hard for people who like to bring their animals on vacation to find a hotel that will accommodate them. When you send messages to the people who have rented your property, make sure your message meets their needs.
- Charge less. It is not possible to charge the same amount for beach rentals in the colder months than can be charged in the summer. Owners of vacation condo rentals need to change their pricing for the off season. It might also help to drop some of the minimums. If you require people stay for four nights during the summer, you may want to lower that to attract people who are looking for a getaway for a long weekend, for instance. In the summer, many areas see their populations swell by tens of thousands. All of those people go back to their homes after the season. That means that when people want to visit your area, they have more options. To be competitive with the hotels and resorts, your prices will have to come down.
- Work with the businesses in your area. You can find arrangements that benefit you and them. When vacation condo rentals are full, the other businesses in the area benefit as well. More people in the area will equal more people eating at the area restaurants, drinking at the area bars and shopping at the local stores. Call around and see what kinds of discounts you can offer the people who rent from you. They can either give you coupons or you can work out a deal where proving they rent from you will get them a discount. Many businesses will be happy to give something away for free when they see how it will improve their bottom line.
- Do not neglect your marketing plan. People will not rent from you if they do not know you exist or that your vacation condo rentals are available during the off season. Some people prefer to only offer their oceanfront condo rentals during the summer and they use them during the off season. Take out some ads, in print and on social media. Facebook ads cost very little but can be great for spreading the word about goods and services. Craigslist is also a great place to list your property. Many people look to this online classifieds site to find a wide array of goods and services and finding vacation rentals is absolutely one of them. Update your Facebook page regularly with your availability and rates for the off season.
Renting out your home to vacationers can take a lot of work. Making the space profitable during the off season may take a lot of effort but you will find it well worth it.