What do all vacation property owners have in common?
Well, they all want their vacation rentals to have year-round bookings. Unfortunately, this only remains a dream for most hosts.
Unless your rental is located in a tropical state like Florida or Hawaii, it's unlikely that it will record anything over 60% average annual booking rate. When winter rolls around, the low season for travel also kicks in. For investors with rentals in winter-struck locations, the cold sips into their wallets too!
Don't despair, though. Attracting guests in the off-season isn't rocket science.
Read on to learn what you need to do.
1. Choose a Location with Off-Season Travel in Mind
As with investing in any type of physical real estate, location is important. For holiday rentals, you obviously want a location that's buzzing with travelers. States with a tropical climate are the go-to location, but property prices are typically higher.
If your options are limited to non-tropical states, it doesn't mean you should settle with the fact that you'll only make money in the high travel seasons. Even in the off-season, some locations still have a good appeal to travelers.
For example, locations with chilly, but not freezing, weather during the winter still attract a decent number of winter vacationers. Setting up your retail in such a location increases your chances of getting high off-season bookings.
2. Transform Your Rental into a Warm, Cozy Winter Retreat
The biting cold of winter keeps many people indoors, which is the season that is well-known as the off-season for travel. What's stopping you from turning your rental into a winter chillout that radiates warmth?
Set up a fireplace, repaint some walls in warm colors, heat the floors, and install a hot tub and sauna. These are some of the features that will evoke an urge to book your rental when they would otherwise prefer to curl themselves on their sofas.
Some of these features can also increase the value of your property. You could be justified in raising booking prices.
3. Offer Attractive Discounts/Promos
Consumers love a good discount. Vacationers aren't an exception.
It's true that the high cost of travel is the main reason most people don't travel as much as they'd like. As a vacation property owner, you don't have much control over how the forces of supply and demand in the vacation rental industry affect the price of services, but you have complete control over your property's pricing.
Lowering the rate per night in the off-season, or offering a steep discount on multi-day bookings, will help you keep the rental occupied.
Of course, big discounts can reduce your profit margins. That shouldn't be a big deal in the off-season. Some guests will become repeat guests in the future (earning you future business), and others will refer the rental to their friends (increasing your client base).
Attracting Guests in the Off-Season Simplified!
The travel off-season is a dreaded moment for many short-term rental owners. Even when guest bookings cool off, you still have to keep up with mortgage payments and other expenses.
Thankfully, attracting guests in the off-season isn't rocket science. Follow these tips and you'll see positive results. Or, hire our vacation property management company and take advantage of our superior marketing services.