Cincinnati welcomes around 26 million visitors per year, bringing in billions of dollars to the local economy.
For property owners, these tourism numbers present a golden opportunity. By turning your property into a short-term rental, you can take advantage of the countless tourists coming through our city. Eventually, you may find that you can parlay your rental income into a career as a property investor.
It's still going to require some know-how, though. In today's post, we'll give you a quick guide to running a short-term rental and tell you how a vacation rental management company can help. Keep reading and you'll know what you need to do to maximize your ROI.
Property Marketing
When you're starting a new vacation rental, you need to realize that you're going to be at a disadvantage. Cincy is home to hundreds of established vacation rentals that have loads of guest reviews. If you're going to steal a piece of the pie, you need to get crafty with property marketing.
Start by writing a detailed listing of the property itself, but include plenty of detail about the local neighborhood and its amenities as well. Pair that with a few dozen professional-quality real estate photos that showcase the property in the best possible light.
If need be, you can implement a few digital marketing tactics as well. Things like SEO and paid social media ads can put your property in front of more vacationers.
Set Competitive Rates
The other way to attract guests to a new vacation rental is to set competitive rates. Research what other similar short-term rentals are charging per night and keep your rates lower to start. Once you've established yourself as a top-level rental, you can raise rates.
You should also price your rental on a sliding scale. During slower months, offer cheaper rates, then when tourist season kicks off, bring them back up. This is the best way to keep a steady stream of guests in your unit.
Take Care of Your Guests
Getting guests in the door is important, but once they're there, you need to make sure they're happy. Providing a solid guest experience starts as soon as they've made the booking. The key to it all is communication.
Before their arrival, make sure guests understand the house rules and check-in protocol. Beyond that, the biggest thing is to make sure they know they can contact you with any questions they have. Give them their privacy until something comes up.
When happy guests check out of the unit, always ask them to leave you a positive review. The more positive reviews you have, the easier it'll be to secure future guests and keep occupancy rates high.
Hire a Vacation Rental Management Company
If you follow these tactics, you'll have a successful short-term rental in no time. The busier your unit becomes, however, the more work it'll be for you, the property owner. If you're having trouble keeping up, you should consider hiring a vacation rental management company.
A company like PMI Gatekeeper Realty Services is one of the top property management options in Cincinnati. We can help you with everything from marketing to maintenance, so contact us today to hire the best property manager out there.
