Did you know that many people consider Park City, UT to be the "perfect mountain town?" With its pristine winter sports culture and stunning summers, you can't go wrong with owning a rental property in this part of the country.
If you have a short-term rental, you may wonder how to make more money from your business. Here are some key tips for maximizing rental income for your Park City vacation property.
Provide Valuable Amenities
You can't charge maximum rates for just any property. The best listings have fun names that reflect some of the unique amenities they have to offer.
You need to ensure your short-term rental stands out from the pack. For instance, consider installing a hot tub. After a long day of hitting the slopes, guests can relax into steamy oblivion.
Look at the existing market and see which amenities the best properties have. You may be able to emulate some of them in your rental property.
Fluctuate Pricing Seasonally
Since Park City is a popular tourist destination, you can price according to the peak season. The demand for accommodations will undoubtedly increase in the winter months.
When more people want to find a place to stay, they are also willing to pay more. These higher prices will provide a boost to your rental income that can get you through the off-season.
If you want to fill more vacancies during the spring and summer months, consider lowering your prices. The lower rates can attract people who want to visit and save money. The more nights your rental property has guests, the more money you make.
Rack Up Good Reviews
When your property is verified to be good, it will give you more leeway to charge higher prices. Encourage guests to leave five-star reviews and explain the benefits of your property.
In addition, higher-rated properties show up at the top of listings for most of the short-term rental apps, such as Airbnb and Vrbo. This increases the likelihood that your property will be fully booked.
If you work with a property management company, they can give you guidance on how to get perfect reviews every time.
Encourage Long-Term Stays
Guests who stay longer will ultimately make you more money. This means fewer vacancies and less money overall spent on things like housekeeping.
When you market your property, inform potential guests that you have lower rates for longer stays. It may encourage them to extend their vacation and take advantage of a cheaper average rate.
By giving them lower rates, you can also save your guests money. They may be encouraged to return to your rental property in the future.
Use These Tips for Maximizing Rental Income
Maximizing rental income for a vacation property may seem daunting, but it doesn't have to be. With these strategies, you can get the most out of your rental property and even expand your business.
With over 20 years of property management experience, PMI Park City is your ideal partner for your vacation property.
Ready to get started and boost your rental income? Reach out to us today to learn more.
