8 Ways to Increase Your Vacation Rental Income

Local markets are heating up for second ownership. The vacation rental industry is booming and with the help of popular short-term rental sites like Airbnb, VRBO, and many others, making money from short-term rentals is easier than ever.

For a lot of owners, vacation rental properties can become a lucrative investment. So, start optimizing your rental to earn more revenue with less effort on your part.

Here are 8 ways you can make money from a short-term rental.

#1. Consider Pet-Friendly Policies

Many pet parents have difficulty finding vacation rentals or hotels that accommodate their four-legged, furry family members. As you know, maximizing short-term rental income boils down to finding the right balance between occupancy rates and strategic pricing. By accepting animals, you can attract guests who are actively seeking rentals that allow pets. Another option could be only allowing certain pets, like small dogs.

Of course, pets can increase the risks of damages and wear and tear on your property. Therefore, you can charge an extra “pet fee” to cover the costs of additional cleaning or minor repairs.

#2. Look for Opportunities for Extra Beds

When you discover how to market your vacation rental, you’ll learn that the more beds you have, the more you can charge. Even a sofa bed could mean an additional $50 per night. Appeal to families with children or larger groups of guests by adding sofa beds, futons, or airbeds.

#3. Hire a Management Company

You can’t maximize short-term rental income without renters. However, for some owners, self-management isn’t the best option. If you’re short on time, uninterested in running a short-term rental business, or prefer not to deal with the stress involved, hiring a short-term property manager can help.

Your manager will help ensure your home is rented regularly to hand-vetted guests – with the best balance of occupancy and pricing. That way, you can rest assured knowing you’ll get paid without having to take on the responsibility of being a landlord.

#4. Make Sure Your Pricing is Appropriately Adjusted

If you work with a property manager, they’ll do this automatically, but if you’re handling your short-term rental, be sure to adjust your prices based on events, weekends, local demand, and season. For example, prices in Sonoma are likely going to be higher between June and October when the weather is at its best.

#5. Strive for 5-Star Ratings

Positive guest reviews are critical. Your short-term rental will probably be posted online, meaning visible 5-star reviews are essential for building credibility with possible guests who come across your listing.

Some ways to enhance your ratings could be creating a house manual to show guests how to use the TV, the Wi-Fi password, or giving them other helpful information. Consider giving away free items like bottles of water, chocolate, coffee, or fruit. If you have a dishwasher or a laundry machine, stock up on dishwasher tablets and detergent. Sometimes these minor things can make a significant impact on a guest’s overall stay. Plus, who doesn’t like free chocolate? Once you build a reputation, you can also market your vacation rental as a top-rated place to stay.

#6. Target Business Travelers

Learn how to market your vacation rental to business travelers. You might be surprised by how beneficial they can be. If you’re renting a vacation home, business travelers might not be your go-to guest. However, they can be great to fill weekdays, especially in the non-peak season. In addition, business travelers will often make more repeat bookings, so proving a stellar experience the first time will likely result in future business.

Plus, people on business tend to be tamer than people on vacation. They often spend most of the day outside the home and partying usually isn’t an issue.

#7. Make Your Property Feel “Homey”

Aside from any obvious repairs, updates, and improvements that need to be made, creating a welcoming space is also important. One of the biggest reasons guests opt to stay in a privately owned short-term rental over a hotel is to enjoy a more organic experience.

Try decorating your home with a bit of local character and a splash of your unique personality. A fresh coat of paint, subtle decor, and investing in good quality finishes can be a huge selling point for potential guests. Plus, the better your home looks in the photos, the more likely people will want to stay.

#8. Invest in Security Features

When vacationers browse sites like Airbnb, VRBO, and others, they’re looking for homes that stand out. Another way to maximize short-term rental income is by letting your guests know you care about their safety. That could mean adding a smart door lock or a keypad lock to help guests feel more secure, installing doorbell cameras, or investing in innovative home security systems.

Whether guests are coming from the next town or traveling across the country, they want to feel safe, secure, and comfortable during their stay at your short-term rental.

Make More Money on Your Sonoma Short-Term Rental

Owning a vacation rental is fun. You can enjoy it occasionally while earning some extra income. Make more money from a short-term rental by investing in the property, working with a property manager, and creating the best possible customer experience.

Standout Stays specializes in Airbnb management and short-term rentals around Wine Country. Using the tips above and our management services, you can quickly be on the path to earning a steady income from your second home.