The vacation rental property business is a highly profitable one, at least in most cases. If you’re not making a profit on your vacation rentals, something is wrong. It doesn’t mean that there’s something wrong with the idea of running vacation property rentals as an investment, it means that something is wrong with the way that investment is being managed.
Here’s some insight on some of the most common reasons why vacation rental property businesses lose money and how to avoid these problems.
The Vacation Rentals Are Not Actively Managed
When it comes to the vacation rental property business, it’s essential to manage your rental properties actively. If you treat it as a side business, you’ll get the profits to match. Worse than that, you could easily end up losing money on your investment because the vacation rentals are not being actively managed.
If you find managing your vacation rental properties tedious or don’t have the time to do it full-time, you can turn things around by partnering with a vacation rental property management company.
The Vacation Rentals Haven’t Been Updated
There’s nothing wrong with the cozy cabin look, but if your vacation property rentals haven’t been updated in a long time and are starting to look like Camp Crystal Lake, it’s time to make some changes.
Staging your vacation rentals won’t do you any good if customers can see that the property is extremely dated. In most cases, you won’t have to completely overhaul everything. Start by upgrading some of the appliances and show them off in the next staging.
There’s No Marketing
No marketing, no sales. Unfortunately, even if you have the most beautiful, relaxing, and amazing vacation rental property in all of Estes Park you won’t get many customers unless you market it.
Think of your vacation rental properties as a combination of product and service that needs continuous marketing to sell. If you don’t have a mind for marketing, you can count on the talented team at PMI Estes Park.
The Owner Can’t Keep Up with the Maintenance
Maintaining vacation property rentals can get old fast, especially when you own a lot of them. Many owners struggle to find the time or motivation to run out to each property to do maintenance work.
When vacation rental properties aren’t properly maintained, they lose money and they get bad reviews from customers who seem to notice every little thing that’s wrong with the place and feel the need to share it online.
There are gardens to maintain, repairs to make, bedsheets to change, dusting to do etc. You can bypass all of that tedious labor by working with a vacation rental property management company.
There’s No Backup Plan on How to Handle the Slow Periods
Vacation rentals also lose money when the owner doesn’t know how to handle the slow periods. Experienced vacation rental management companies like PMI Estes Park know how to make a profit on a vacation rental during the slow season.
There are countless innovations like renting out parking spaces that can help you keep the money coming in when your tenants aren’t. Making money through the slow season is an advantage that will put you ahead of other vacation rental businesses in the area.
Looking for a Cure-All, Try PMI Estes Park
No matter what your situation is or why your vacation rental property is losing money, PMI Estes Park can help. We pride ourselves on the wealth of talent and experience that we’ve used to help vacation rental property owners make more money than they ever dreamed of.
Call PMI Estes Park today and never lose money on your vacation rental properties again!
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