If you’ve heard about how much money people can make running a vacation rental property business you might feel an urge to get in on the action. Take that instinct and run with it, you can make a killing on vacation rentals, especially in lucrative areas like Estes Park. Keep in mind, however, renting to vacationers isn’t the only way to make a buck from vacation rental properties. If you want to capitalize on your Estes Park rental properties, you’ll want to check out these tips.
1. Offer Storage
For those of you with rental properties that are equipped with a large garage or additional storage areas, you can utilize that space and put it to work for you! Vacation rental properties with large open or enclosed spaces can charge people for storage space.
This can be a great way to make extra money on your vacation rental property, especially if business has been slow or if you operate seasonally. There are all kinds of ways to charge money for storage space. You can charge for boat storage, ATV storage, and general storage.
2. Charge for Parking Space
Another way that you can make money on your Estes Park rental properties through the slow periods when you don’t have any tenants is to rent out parking space. Parking is one of the most profitable yet most overlooked ways to make extra money off of a rental property.
If your vacation rental property is located near a busy area or local attractions you can charge more for parking space. Neighbors with growing families and additional vehicles will appreciate the proximity and convenience of being able to utilize parking space nearby.
3. Make Money on Services
When a vacation rental property is unoccupied by tenants you can do almost anything you want with it. Entrepreneurs looking to operate a seasonal business might be interested in renting out your property to operate.
It’s fairly common to see houses and residential buildings that have been converted into businesses. For example, there are plenty of law offices and real estate agencies that operate out of residential structures.
Sit down and write out a list of services that could take advantage of the space that you have to offer and start pursuing those opportunities. You can place an ad for the space and market it as office space. Remember, since it’s a vacation rental property you should be targeting high-end clientele. While a used car salesman might not be the best sort to rent out office space to a lawyer or real estate agent might be a better bet.
Start with professionals like real estate agents who are easy to approach, and work your way up from there. New real estate agents or agents who are going independent and leaving an agency are particularly good targets.
Now that you know about different ways to make money off of your vacation rental properties it’s time to put that knowledge into action!
Partner with PMI Estes Park and Watch the Money Roll Into Your Pocket
If you don’t feel up to trying to explore these opportunities yourself or if you don’t want to deal with all of the marketing to advertise parking/office space etc. don’t worry, we can do it for you. Making extra money on vacation rentals takes creativity, drive, and experience, at PMI Estes Park, we have all three and we bring those qualities to the table when providing vacation rental property management services.
Want to make some extra cash on your vacation rental properties? Get in touch with PMI Estes Park and ask about how to make more money on your vacation rentals!
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