Before you even decide to put up a vacation rental, it is imperative from the start that you consider it as a business and not just some hobby. Are you looking to have an alternative to your current career? Or maybe, you want some extra cash? The potential for vacation rentals in some areas can be so great that it can become your full-time job. It can even double the income that you generate.
There are strategies that homeowners can do to turn their home into a full-blown business listed on Vacation Homes 365. These are some of the most effective strategies done by successful hosts in the VacationHomes365.com platform.
One of the most popular segments in the travel industry are those travelers who travel on a small budget. Those with small budgets don’t usually search the VacationHomes365 platform for private rooms. Instead, they opt for shared spaces with other guests.
Considering the popularity of shared rooms, you can maximize the profits by having bunk beds in one room. Instead of catering one room for a single person, you can have two to four people stay in the room.
Bunk beds, if done correctly can potentially double the income in one room. On the downside, you have to know the limit of your room. How many people can fit without affecting your reviews? Can it be redesigned in such a way that people can still have space for their belongings?
Some homes rentals get so much money on their add-ons. Add-ons can add to your income. For instance, some homeowners are offering pocket wifi to tourists that are looking to stay in their property. Pocket wifi can be a good idea especially if you are living in countries with complicated train systems.
Ultimately, the add-ons will depend on the place where your vacation rental is located. And also, it will most likely be affected by the type of tourists that go towards your location.
Consider increasing the rate
If you opt to increase the rate on your vacation rental, you have to be very careful. You need to understand that it can work on your favor or it can backfire. However, you made the necessary updates, it means that you can increase the rate. Or, if you opt to increase the rate, you might as well give more to your market.
Offer transportation option
Transportation is a must for any traveler. What if you can offer transportation offer for an additional cost? For instance, instead of them worrying about the airport pick up, why not offer to pick them up? This can be a good way to establish rapport and also earn more from your venture.
Know when to cut prices
It isn’t ideal to maintain the same price for the entire year. You have to also learn when to cut the prices. For instance, if it is during winter when you have few people going to your location, then might as well cut the prices to make it more competitive.
And also, might as well always monitor the pricing of your competition whether in hotels or other vacation rentals.