Maximizing Your Rental Property During High Season

Understanding the Changing Landscape of Your Locale

As an owner of a vacation rental, you’re likely well-versed in the ins and outs of your area. However, it’s crucial to remember that changes can occur. There may be an influx of new listings, shifts in popular amenities, or fluctuations in nightly rates from one season to the next. Therefore, it’s beneficial to periodically research your market to identify any changes and make necessary adjustments to maintain your competitive edge. Utilizing a reliable data tool can expedite this process and provide accurate insights.

Identifying Seasonal Variations

It’s essential to pinpoint the exact timing of your peak season. While you may think you have this information down pat, it’s always wise to verify. Since 2020, travel trends have evolved significantly, with more people traveling during what was once considered off-peak seasons. This shift means that traditionally popular ski areas may see a surge in summer bookings, and flexible travelers are discovering the charm of beach locations in the fall. Additionally, midweek travel may be on the rise as travelers seek to save on airfare or avoid traffic. A quick check of seasonality trends for the past year can ensure you’re not underpricing your property during high-demand periods.

Revisiting Your Policies

With the increase in available short-term rentals (STRs) in many areas, it’s crucial to make your listing as attractive as possible. While decor, amenities, and pricing play a significant role, your policies also matter. Consider whether you can afford to be more lenient with your cancellation policy, ensure your cleaning fee aligns with those of other properties in your area, or contemplate becoming pet-friendly or waiving charges for extra guests. Even if you decide against changing any policies, it’s beneficial to review them annually before the peak season to brainstorm innovative ways to attract guests.

Anticipating Future Trends

The timing of vacation bookings can vary slightly each year. During prosperous times, people tend to plan and book trips well in advance. However, during uncertain economic periods, travelers often delay their vacation bookings. This delay can cause hosts to worry about unfilled calendars.

Before you start worrying, investigate booking lead times to understand when guests are currently booking stays in your area. Just because guests have traditionally booked months in advance doesn’t mean they always will. It’s also useful to compare the number of properties in your area already booked for the peak season versus those still available. If there’s still a significant amount of availability, it’s likely a market-wide trend, not just your listing. This knowledge can help you strategize when to adjust your rates, if necessary.

Optimizing Your Listing

Ensuring your listing is as appealing as possible is key to attracting guests. This could mean updating your professional photos, ensuring your listing details are accurate, and utilizing any new features added by Airbnb or Vrbo.

Before each peak rental season, take a closer look at the amenities section on the listing platforms. As more options are added to these lists, you’ll want to highlight all the amenities your property offers. Keeping your listing fresh and current can boost your visibility in search results and attract potential guests.