Back in the days when pollution wasn’t a big concern, tourists used to enjoy living in the bustling city centers. But that has considerably changed with cities getting overpopulated.
Today, tourists like to stay adjacent to the countryside with less rush, traffic and noise. That is why short term rentals St. Louis MO are in high demand.
The good news is that a large number of people are investing in short-term rental houses these days. The U.S vacation rental industry’s revenue is expected to hike up to $20 billion by 2025. With more players joining the industry, the existing ones have to do several things right if they want to maximize their revenues.
And that is what we are here to shine light on. So, let’s delve straight into five things to do to maximize your return on investment:
1. Add professionally clicked photos
A picture is a thousand times more appealing than just words. That is why getting a professional photographer onboard should be your top priority.
Guests will be compelled to pay higher prices for their stay only when they are mesmerized by your property. A professional photographer knows how to take perfect shots in both natural and artificial lighting.
Moreover, they are experts in making a property look more appealing through filters and other edits. It would be best if you could spare some of your marketing budget for professional photographs.
2. Get your guests to review your property.
The importance of reviews in the age of online business is a no-brainer. Reviews on Google My Business have considered an authentic source people look up to while making decisions.
Therefore, getting your guests to review their stay can help your overall revenue.
A complimentary goodbye gift can do well if you want people to leave good reviews. Your guests will likely get obliged and leave a good review in that case.
3. Write an appealing description.
Property description can be a make-or-break factor for you. It serves as the first point of contact between you and your guest.
Therefore, it is essential to draft a crisp, informative and detailed property description that discusses the type of experience guests can expect after checking in.
Also, ensure that you mention all the amenities your guests can expect to enjoy on their vacation. So, be as descriptive as you can with the property description.
4. Automate unnecessary tasks
There is no point in doing things that can be automated by a little bit of budgetary spending. You can outsource tasks like cleaning, overall property maintenance and management and spend your time marketing your property better.
Moreover, if you have another thing going apart from the short-term rental business, you can also spare time for that.
By delegating tasks like property repairs, maintenance and cleaning, you allow your property to stay ready to be rented 24×7. Thus, tourists get a clean space to live in upon arriving.
5. Adjust your prices often.
If you want your revenues to grow exponentially, you must have a versatile approach toward pricing.
The on and off-season prices should differ, and upcoming events in your location should also be considered while drawing pricing plans.
The price diversification will trigger a FOMO (Fear of Missing Out) reaction and entice customers to book their stays before the prices shoot up.
However, it is best not to harbor greed and exploit customers. In other words, keep your prices in sync with the industry rates.
As an investor, you can enjoy exponential returns from short-term rentals. But you will have to step up your marketing game for that to happen. So, revisit your descriptions, pricing, review strategies, and revamp your vacation rental for great returns.