Do you own an investment property in Lafayette, Indiana? The city currently has a low growth rate of 0.46% per year.
This means it's ideal for both long-term and short-term rentals. Since it's an exciting city, your investment property might be perfect for attracting tourists.
But how do you maximize your vacation rental income? This guide will show you the best tips to increase rental income for short-term stays.
Here's what you must do.
Treat It Like a Business
When you rent out your property, you have to treat your tenants as if they're your customers. Even if this is a side income project, it must be treated like a business.
You have to first prepare your property for vacation guests. Make sure you clean it and fix any damage. Even if any proposed repairs or renovations take several months, it's better to postpone inviting tenants than to offer them a substandard property.
Take your time to find the right platform to promote your property. Platforms such as Airbnb or VRBO are often best for finding guests and managing your reservations.
Pricing Your Property
The next step is to charge accordingly based on when most visitors arrive. You'll have to look at similar properties in Lafayette to determine how much you can charge.
You don't have to charge the same amount, but you'll have to justify a price hike. For example, let's suppose similar properties charge tourists an average of $700 per week. Let's presume you wish to charge $1,000 per week.
You have to offer premium amenities and services to justify charging $300 more than the average price. For example, you can offer a bed and breakfast service. Many tourists will pay an extra price so they don't have to worry about preparing their morning meal!
Another service you can offer is airport pickup. If you have guests flying in, then you can pick them up and drive them to your vacation home.
The next consideration is to offer in-home amenities. For example, vacation guests might be willing to pay more for a faster Wi-Fi connection. They might also pay more if your property has Smart technology.
Many guests like to do their own cooking while staying at your property. You can help maximize rental revenue by adding a fully stocked kitchen. If you include a few basic ingredients, that's a major plus for them.
You can hire a property manager to oversee your vacation home. They can attend to any issues your guest might have. Guests will pay a premium if they know they don't have to resolve any issues on their own.
Build Your Vacation Rental Income
You can now maximize your vacation rental income for your home in Lafayette, Indiana.
Your goal should be to build a long-term rental business. You don't have to do this alone and can always rely on a property management company.
PMI Lafayette is one of the best options for landlords in the city. We have several positive testimonials, and we know you'll be satisfied with our services.
