photo credit: carterjk
If you’re looking to make a profit with your vacation property then you may have to approach it a little differently. First of all, stop thinking of it as your vacation property and consider it your little money maker. You’re going to need to get a lot of renters to turn a profit and the competition can be stiff.
Research the area and see what other vacation homes are charging for weekly rentals and what amenities they’re offering. Set a price for your property that’s competitive and yet one that will not only pay the mortgage, but garner a profit.
Be an outsider in your own home and try to incorporate little treats and comforts that you would be delighted to find. The right touches will not only make your guests feel comfortable and increase their enjoyment, but they may be prompted to recommend you to their friends and family. Word of mouth advertising is one of the strongest drivers of consumer behavior and may boost your vacation rentals.
Advertise your property. Word of mouth is great and a strong way to advertise, but you can’t rely on it alone. Use the internet to advertise as you can often post ads for free. If you have a little to spend, invest it wisely in publications that will hit your target market.
Forego your own vacations. You may have to skip your family vacations so you can free up the property during the peak seasons. This is when you’ll earn the most money and your guests will be happiest at your place because the surrounding area is at its most attractive.