Looking to get ahead of the competition? Even the smallest improvements can have a massive impact on your vacation rental income.
Here are some ways to increase revenue and maximize bookings:
Offer more amenities
Stand out from the competition by offering amenities and thoughtful extras that add value to your guests’ rental experience.
By investing in features such as high-speed Wi-Fi, Smart TVs, gaming consoles, and docking stations you already put yourself ahead of the curve. Guests also value having access to a washer and dryer, dishwasher, and a hairdryer.
Make your property Instaworthy and memorable for guests by adding a unique feature like a photo wall. Consider making space on one wall that has a cool background for selfies. A great budget option is patterned wallpaper, a custom wall decal, or a fun phrase painted on the wall or drawn in chalk like – Having a Whale of a Time, #Lakelife, or Out of Office.
Offer a bonus play area for kids of all ages. If you have unused space, even if it is in the garage, consider adding a ping pong table, air hockey, or foosball. If your home is by the beach or a lake, provide plush beach towels, beach toys, bikes and kayaks. These thoughtful extras can really take your home – and your reviews – to the next level.
Consider making your property pet-friendly
Properties that allow pets have the potential to earn more revenue due to the fact that many people choose short-term rentals over hotels so they can bring their beloved pets along. We suggest including a designated food and water bowl, toys, and a dog bed for the furry guests.
Don’t neglect your outdoor living space
A deck or patio with durable and comfortable outdoor furniture, a BBQ, fire pit, and a hot tub are all investments that will quickly pay off in the form of higher-dollar bookings. If you have the space, consider upping the fun ante with a putting green, corn hole, a croquet set, horseshoes, a hammock or porch swing.
Make sure your grounds are well-maintained.
Upgrade your decor
Upgrade your home’s decor to create a welcoming and comfortable atmosphere. The ambiance and visual appeal of your vacation rental can play a significant role in attracting and retaining guests. Invest in stylish and durable furnishings that not only look great but can also withstand the wear and tear of frequent use.
Pay attention to details such as lighting fixtures and decorative accents that enhance the overall aesthetic. If you choose a theme – nautical, mountain-chic, etc. – we recommend not going too overboard or kitschy. Remember the mantra, less is more. Many guests prefer a non-cluttered space.
Cater to guests that like to cook
Make sure your home has enough glassware, coffee cups, silverware, and serving utensils to accommodate the number of guests you are hosting. We recommend taking inventory and restocking at least twice a year. Replace pots and pans before they start looking too worn, and add additional items like foil, saran wrap, Tupperware, Ziplock bags, a spice rack, oven mitts, and dish towels.
Listen to your guests’ reviews
Reviews are a free way to evaluate your rental business performance. Whether positive or negative, feedback of any kind can highlight what’s working well for your guests and where there is room for improvement.
If a guest comments about the amenities you provide, you’ll know it’s worth maintaining and something that enhanced their rental experience. Similarly, if several guests mention an uncomfortable bed, it may be time for a replacement
Create a home away from home
Make your guests feel at home with a welcome basket with a bottle of wine or an assortment of local snacks/goodies. A thoughtful touch could be including a welcome note where you can also highlight a special feature about the home. Guests also appreciate recommendations for things to do, see, eat as well as operating instructions for fireplaces, hot tubs, sound systems, thermostats, etc.
Meredith Lodging prides itself on being an “owner-first” company. Our expertise and experience in the vacation rental market can help maximize your profits and increase bookings. Our team can audit your home and read through your reviews to help you identify the upgrades that will make the biggest difference for your bottom line. To get started, reach out to your Owner Experience lead, or email us at Owner@MeredithLodging.com. We look forward to partnering with you!