Visitor spending in Columbia increased by 12%, generating a total economic impact of $2.6 billion. As more people visit, you have the chance to generate more revenue. Overnight visitation increased from 5.4 million to 5.7 million in a single year.
Not sure how to start optimizing your vacation rental occupancy rate? Read on for the strategies you need to ensure financial success!
Apply Vacation Rental Pricing Strategies
Potential guests won't consider your vacation property if there are cheaper options available. Before listing the property, research other rentals in the area. Consider their nightly rates.
As demand increases, your pricing should, too. Use dynamic pricing tools to adjust rates based on seasonality and demand. Adjusting your prices can maximize your profitability.
Use discounts to attract more guests. You can offer a discount for last-minute bookings or longer stays.
For help, consult a property management company. Their local experience and state-of-the-art tools can improve your pricing strategy.
Upgrade the Property
Guests won't stay in your vacation rental if it's falling apart. Upgrade the property to make it more attractive.
Start with the exterior and work your way inside. Add a fresh coat of paint, colorful flowers, and a spruce up the yard.
Choose vacation rental property upgrades that will increase the property's value. These include:
- Smart home technology
- Tasteful decor
- A functioning kitchen
- A luxurious bathroom
- Optimized sleeping spaces
Consider adding fun amenities, like a gaming station for kids or outdoor hammock that fits couples. Mention the unique amenities you offer when marketing the property.
Creating an Appealing Vacation Rental Listing
A lackluster listing won't get people excited to stay in your vacation rental. Provide helpful information to ensure the listing meets each guest's needs. Use storytelling language to grab their attention.
Provide a list of the amenities you offer. Some platforms allow guests to discover properties based on their offerings.
End your vacation rental listing with a strong call to action. Use urgency to encourage immediate bookings.
Screening Guests for Vacation Rentals
Work with a property management company to start screening guests for vacation rentals. Guest screening will help you avoid potential problems.
For example, some guests may damage the property, leading to expensive repairs. Others may not have the funds to afford a longer stay.
Start Managing Bookings and Reservations Online
Use state-of-the-art technology to save time and minimize human error. An online portal can make managing bookings and reservations easier. You can avoid overbooking and recognize gaps in your schedule.
If you notice a gap, use paid advertising to direct more people to your listing. This can lead to a higher occupancy rate.
Simplify Optimizing Your Vacation Rental Occupancy Rate
Optimizing your vacation rental occupancy rate can take time. Every day the property sits vacant is a day you're not making money. Instead of missing the chance to generate bookings, consult an expert.
Our team at PMI Soda City has 20 years of local management experience. Trust our expertise, state-of-the-art resources, and effective strategies.
We can maximize your earning potential! Contact us today to learn how.
