Vacation rentals are becoming a more and more popular option for lodging at a vacation destination. In 2022, more than 60 million Americans stayed at a vacation rental.
If you have noticed this trend, you may be looking to rent out your house and take advantage of it. This guide can show you how to do it right and help you make passive income.
Do Some Market Research
One of the biggest things you need to do before you list your property is conduct some market research. Doing this early gives you an idea of how much you should be charging guests to stay in your property.
A few factors you need to consider here are how big your house is, how many people it can fit, what neighborhood it is in, and what type of tourist attractions are nearby. Once you account for all of these factors and do the appropriate research, you should have a good guideline for a nightly rate.
Dynamic Pricing
Once you have an idea of what your average nightly rate should be, use that as a baseline for a dynamic pricing strategy. For those of you unfamiliar with this, it is when you price your vacation rental based on expected demand.
Holidays are a good example of when you should be charging a higher rate. That is because more people are likely to have off from work and have free time to travel. You can even price the days right before and right after a holiday higher than normal.
The Fourth of July and Thanksgiving are two of the busiest days of the year for Americans to fly. These holidays and other big ones such as Memorial Day, Christmas, and New Year's should draw higher demand.
What about times when there is little demand? Here, you should charge a discounted rate to try to draw tourists who want to take a budget vacation.
An example of this is September when school is back and section and it is the middle of hurricane season in Brevard County, Florida. You have a better chance of filling vacant dates like this with a discounted rate.
List Online
Finally, you are likely going to have to list your property online for the maximum amount of people to see it. This means providing accurate information such as the location, dates available, and nightly rate to those interested in your property.
You should also mention how large your property is and what kind of amenities you have. Also, clearly communicate any house rules you have for the property before someone books it under false pretenses.
Rent Out Your House
If you decide to rent out your house in Brevard County, it can be a great way to earn passive income if you do it right. However, this can be a lot to manage by yourself.
Luckily, PMI Brevard is here to help. We are the best property management franchise in the country and are quickly growing.
Message us here to find out more about how we make life easier for property owners.
