Let’s face it, no matter where your vacation rental property is located, there’s a time of the season where inbound tourism drops off and you adjust your income streams to compensate for a lack of income from that property. For those who rely primarily on the income generated by such rental properties, this can be a very challenging transition, especially if you had a slow tourist season or unexpected expenses pop up somewhere else.
What if there was a way to leverage your vacation rental property even during the off-season though? Would you be willing to get a little creative and out of the box if it meant there was no gap in income generated by your property? Let’s talk about some ways to do just that.
Shift Your Strategy to Increase Your Exposure
Just as you spend the tourist season targeting your marketing efforts at the proper demographic for what your vacation property offers, you must spend as much effort – if not more – identifying and pursuing potential renters in the off-season.
Change Your Marketing Tactics
Do the research in your market to see the kinds of people traveling and renting during the off-season and shift to the advertising channels and methods that are effective for that demographic.
And don’t just post your old listing in new channels – update your listing to attract your new targets with a fresh new option that meets their every need. Highlight neighborhood features and hot spots they can visit nearby that will appeal to them. Since you’re using a service to list the property, make sure you adjust potential clients’ ability to book more than a year ahead to make it clear the property is available when they might be planning their own off-season excursions.
Get creative with package deals and special rates. Work with local service providers to include coupons or special rates on services and meals with your rentals to appeal to other businesses who are likely working as hard as you are to attract business. The community approach will take you further than going at it alone.
Shift Your Income Expectations to Fit the Season
When determining your rental rates, be realistic and think of any rental activity as a windfall. Your usual rates during the height of the tourist season will scare away people looking to get away during the downtime and off season. Research local hotel rates and other rental rates during the off-season and price yourself competitively. Give them a rate that screams “mini-vacation” or “weekend get-away” and you’ll catch their attention. If your usual rates include extra costs for extra visitors or minimum rental periods, reconsider these as well. Again, this isn’t a time of the year rife with visitor traffic, so any business you can draw in during this period is a boon.
Leverage Vacation Property Rental Management Services
Whether you use an Airbnb management service or a property rental management service during the tourist season or manage your property yourself, chances are you’ve structured your professional and personal life around being at least available to engage with your vacation rental property during the tourist season. Using a property management service to position your property to appeal to potential renters in the offseason allows you to increase the profitability of your property without disrupting your life. Contact Venture Yours today if you need a hand with prepping your vacation home or marketing it to potential guests.