Do you own a vacation property in Steamboat Springs, CO? It's a popular town and is ranked as one of the top ten vacation spots in the entire country.
But if you look at your rental income, you might feel you're being short-changed! You have to find a way to increase your rental income without deterring any potential vacation guests.
This guide will show you the best tips for maximizing rental income for your vacation property in Steamboat Springs.
Here's what you need to do:
Start Marketing Now
While every month isn't ideal for tourists to visit Steamboat Springs, you have to promote your vacation home at all times. The first step is to post your vacation home on various listing platforms.
For example, if you have an Airbnb rental, it can attract potential tourists throughout the year. Even if you don't receive immediate bookings, potential guests will save your property to look at later.
Rental Management
Another method for maximizing rental income is to invest in short-term rental management services. This is when you hire a property manager who will handle many vacation host duties for you!
How does this maximize rental income? Your property manager will offer your vacation guests a hotel-like experience. For example, they can handle the following tasks for you:
- Rent Collection
- Maintenance and Cleaning
- Paying Bills
- Resolving Disputes
This is what will make your vacation property stand out among the competition. Your vacation guests will feel more comfortable and won't feel the stress of living in a substandard property.
Upsell Your Vacation Home
The final method is to upsell your vacation home to potential guests. You want to offer amenities that other vacation homes might not have.
Likewise, you can offer a bed-and-breakfast service to your guests. You can offer to provide a home-cooked breakfast during the stay. You can also stock the fridge and pantry. This allows your guests to prepare meals when they don't want to go to restaurants.
Make sure you advertise the special features that your vacation home offers. Let's presume you want to attract digital nomads. You can mention that your property has a workspace, fast internet, and proximity to cafes.
You can describe your property's decor to vacation guests as well. Some guests will pay extra to stay in a modern home. Other guests will prefer to stay in a place with rustic furniture.
You should work on improving your vacation home at least once per year. This will put you ahead of your competition at all times.
Start Maximizing Rental Income Today
Now you know how to start maximizing rental income for your vacation home in Steamboat Springs.
Make sure you have a great property manager to help you. They can assist with management, marketing, and finding the right tenants. Without a doubt, you'll have no problem increasing your rental income thanks to them!
PMI Steamboat offers the best property management services in town! We have over 20 years of experience and we're happy to help you.
