Increase Vacation Rental Revenue
Do you own and/or manage a vacation rental? If you do, you're probably looking for ways to increase the revenue your vacation rental generates. Well, you're in the right place! In this blog post we'll review several ways in which you can increase the revenue your vacation rental generates.
There are a number of reasons why it is important to offer add-ons and extras in vacation rentals.
First and foremost, it can help to increase the overall income that you generate from your rental property. Additionally, it can help to attract new guests and keep your current guests coming back for more. By providing a variety of different add-ons, you can create an experience that is tailored to the needs and wants of your guests. This can help to make their stay more enjoyable and memorable.
One way to immediately increase vacation rental revenue is by offering extras. Popular additional services include:
- Airport pick-up & drop-off
- Breakfast or dinner service
- Welcome baskets with local foods & drinks
- Rental cars or bikes
- Concierge services
By offering supplemental services, you can not only make more money but also provide your guests with a superior experience that will result in repeated visits and great reviews.
In-House Activities & Events
Another great way to increase vacation rental revenue is by offering in-house activities and events.
- Guided tours
- Board & card games
There are endless possibilities when it comes to in-house activities and events. The ones you choose will depend on your property and location.
These activities can really help to create a memorable experience for your guests and set your rental property apart from the competition, but they can also be expensive and time-consuming to manage.
That's why it's important to carefully consider which in-house activities and events will be the most beneficial for your business before you commit to offering them.
Upsells & Upgrades
Upsells and upgrades in short term vacation rentals can be a great way to increase revenue and improve the guest experience. Some common upsells & upgrades include:
• Adding breakfast or other meal options
• Offering a Welcome Package with local information, coupons, and samples
• Including amenities such as Wi-Fi, Netflix, or Hulu access
• Offering laundry services or a maid service
• Upgrading the linens, towels, and other amenities
The best way to determine what upsells are right for your property is to ask your guests what they would like. You can also survey them after their stay to get feedback on what they liked and didn't like. Upgrades can be a great way to show your guests that you appreciate their business and want them to have a great stay!
You could increase the revenue your vacation rental generates by offering package deals. Examples of package deals include:
- Stay + Activity Bundles - you could offer tickets to a local attraction
- Dinners - you could offer vouchers for dinners at local restaurants
- Wine Tastings - depending on where you are you could partner with a local winery and offer a wine tasting experience
There are endless possibilities when it comes to package deals. Figure out what your guests are likely going to want to do and formulate some package deals tailored to them!
Finally, you can increase vacation rental revenue by partnering with local businesses. For example, you could partner with a local tour company and give your guests a discount on their tours. Or, you could partner with a local restaurant and get a commission for every guest you send their way.
There are many other ways to increase vacation rental revenue but these are 5 of the most effective. By implementing even just a few of these tactics, you can significantly increase the amount of revenue your vacation rental generates. So, what are you waiting for? Get started today and watch your vacation rental business take off!