Maximizing Your Vacation Rental Market Share and Income Potential

When you have decided to market your vacation rental property, there are several strategies you can choose from, but if you are not careful, there are mistakes that can be costly to your overall success. Below is a list of common mistakes PMI Annapolis wants owners to avoid when marketing their new or existing vacation rental. 

Marketing – Not listing your property on enough online channels can be impactful to your overall profitability. When self managing your property, keeping up with all the marketing channels can be overwhelming to maintain and costly if not managed correctly. Consider using a property management company or setting up a consultation with a local marketing company, to review the best tools, technology, and strategies to maximize your property’s visibility and increase your booking percentage and revenue. 

Pricing – When you have invested a lot of time, money and sweat equity into your vacation rental, there is a tendency to get personally attached. This may lead to pricing yourself out of the market. When people are looking for a vacation rental, quality and price go hand in hand when reviewing property comparisons. Seasonality, coupled with supply and demand are key in determining the right price for your vacation rental.  Property management companies utilize dynamic pricing tools and analyze trends to help market your property at the right price and maximize profits but if self management is your goal, consider utilizing a tool like this one to analyze the local market and set the best price for your property.

Theme – Your goal should be to create a competitive advantage, answering the following questions can help you set a theme for your property; what story does your property tell? What story is the curb appeal telling? Is there cohesiveness in décor throughout the rooms? Does your property have a unique name that helps to market it? Hiring a property management company or local interior design company can help you curate an experience that will appeal to guests and help you generate 5 star guest reviews.

Pictures – A picture is worth a thousand words, per Frederick Bernard.  So don’t skip on investing in quality photos or a video of your property.  Photos tell a story for what potential renters will experience when renting property. To be a step above local competition in the vacation rental market; high quality, professional, and accurate pictures, can be the advantage you have above other local properties . A professional property management company or local marketing company will ensure professional photography is used to market your property across all vacation rental websites.

When managing a vacation rental the top two goals should be to maximize income and guests experience but the day to day management can become overwhelming, so making the investment in support (property managers, marketing experts, photographers, etc.) is beneficial to overall rental success.