Making money from your short-term rental property takes more than just increasing your nightly rate. Raising your rates without proper consideration can quickly push your target market to your competitors. However, when done correctly, you can gain an entirely new range of guests who are willing to pay your increased prices at a more consistent rate.
From including in-demand added extras like fast wi-fi or pet accessories to upgrading and refurbishing your home decor with Adairs flannelette, improving your profit return on your short-term rental is realistic and sustainable.
What is a Short-Term Rental?
A short-term rental is a furnished rental property that allows guests to rent by the night or for an entire month, as opposed to traditionally yearly lease agreements most places require. These properties will typically cater to those who are looking for temporary accommodation while away on vacation, on work trips, or seeking a short-term stay between moving.
Many different types of short-term rental properties appeal to guests and produce a high turnover. These can include vacation rentals, private rooms in a residence, tiny homes built in large backyards, or luxury tents.
Upgrade Amenities
If you want to charge your guests more, you have to be able to provide your guests with more. Upgrading your amenities can include everything from installing an expensive hot tub to making smaller but significant changes like providing luxury towels, offering local tea and coffee as opposed to generic global brands, ensuring your wi-fi is fast and reliable, beach towels and accessories if you live close to the ocean, and offering guests a welcome pack that includes small treats and recommendations from local businesses.
Furthermore, ensure your guests are happy to pay for the extra items by making them high-quality goods that are thoughtful and personalized to them, like providing dairy-free milk for vegan couples or a welcome dog toy for guests traveling with pets.
Additionally, one of the advantages of owning a short-term rental is that you can regularly check on the condition of the home’s structure, appliances, and utilities between guests, allowing you to address and fix any issues that arise before they get out of hand and potentially cause expensive damage, saving you a lot of money and effort in the long run.
Become Pet-Friendly
Pet ownership significantly increased during the global pandemic, and more families are traveling with their pets than ever before. Allowing guests to bring their pets will instantly expand your target market to a much more comprehensive range of guests. Additionally, most owners will appreciate the added consideration for their furry friend and will likely be willing to pay an additional surcharge or cleaning fee at the very least.
Allowing pets does have potential drawbacks, such as a higher risk of damage, additional cleaning and sanitizing, and possible noise complaints. However, many owners will be thrilled that you are catering to their pets by including a dog bed, toys, and extra blankets, and they will be happy to pay an added premium on their stay.
Update Your Brand
Charging more for your rental can be as simple as shifting the way guests perceive your property. When you charge more, guests expect to have a better experience and are more likely to pay a higher fee if they are getting the high-end luxury experience they are after.
In order to set yourself apart from the other rentals in your area, you need to use words like ‘high-end’ and ‘luxury’ in your listing and ensure that you meet the expectations and promises that you have stated with the necessary images, videos, and reviews to prove it.
Professionalism doesn’t just mean having a luxury property. It also extends to the way you communicate and interact with guests. Having friendly, fast, and professional communication will leave the guests feeling prioritized and cared for, creating a far more positive impression.
Add Minimum Night Stays
Managing your guest turnover can be one of the most time-consuming aspects of being the owner of a short-term rental. Each new guest means you must dedicate time to communicating necessary information, property cleaning, and restocking complimentary products. This time can quickly add up if you have a new guest every single night. Instead, consider adding a minimum stay to your vacation rental to limit the number of times you have to complete a full turnover per week or month.
The minimum duration you choose is ultimately up to you, but selecting a number that won’t turn too many guests away is vital. Minimum night requirements work best in areas that naturally have a high demand for short-term accommodation. During the off-season or in areas with low demand, you may find yourself with few guests because of these restrictions.
Identify Additional Selling Opportunities
A large part of giving your guests the ultimate experience is anticipating the added extras they may want or need and providing them with thoughtful additions, which they will happily pay for.
Depending on the location of your property, you can include added services like bike or snorkel hire, workout equipment, the use of a gym or pool, flexible check-in and check-out times, and luggage storage. Additionally, you could sell extra nights at a reduced rate to fill any unwanted gaps in your calendar that may appear before or after their stay.
Finally, you could collaborate with local businesses to offer vouchers or discount codes to your guests for popular eating spots or attractions, taking a portion of the fee should your guests use the service.
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