If there's one place to spend your next vacation, it's Breckenridge, Colorado. The 2023 holiday season saw an increase of 4% in tourist arrivals compared to 2022's numbers. It won't be a surprise if 2024 brings in even more visitors.
If you've invested in a vacation rental in Breckenridge, you've made a smart investment. Nevertheless, you'll often find it challenging to earn a decent vacation home income.
How do you go about boosting rental revenue? What are the strategies for maximizing rental profit?
Here are our five best vacation rental income tips:
1. Price According to Season
Breckenridge has its peak season times and its off-season. As a result, you must adjust your price accordingly based on the season.
This is a simple step to keep your property occupied at all times. During the holiday season, you should research the average rental fee of similar properties.
During the holiday season, you should research the average rental fee of similar properties.
2. Offer Premium Amenities
What happens if you wish to charge a much higher rate than your competitors? You have to give your guests a luxurious experience for which they'll gladly spend extra.
There are amenities that homeowners use to increase their property value. These same amenities can justify a price hike.
3. Market and Book Early
The time to start marketing your property for the holiday season is as soon as possible. Many travelers are willing to book a vacation home in spring for a trip in winter.
Take advantage of this and aggressively promote your property even when it's nowhere near the peak holiday season. You can also offer discounted rates to guests who book early. This simple incentive is one of the quickest ways to get booking requests.
4. Communicate With Guests Ahead of Time
While visitors will look forward to visiting Breckenridge, they can also feel anxious as they prepare for their trip.
Reach out to them one or two weeks before their arrival. Let them know that your property will be ready for them. You should let them know that they can contact you at any time with questions.
Your guests should feel that you want them to make the most of their trip. You don't need to message them constantly, but it helps to check in once in a while.
5. Hire a Vacation Management Company
The final step is to have a professional property manager to help you. They'll handle many of your tasks. This can include property marketing, accounting, and even guest services.
Vacation homes that are under a property manager's supervision offer the best quality. You can bet your guests will pay a higher price for a fully managed property.
Follow These Vacation Rental Income Tips
If you follow these vacation rental income tips, you shouldn't have a problem increasing your profits. If you need more help with your vacation rental business, the next step is to reach out to a property manager.
PMI Breck has 30 years of combined experience in the property management industry. We'll be glad to help you get started.
