Having a property manager for your vacation rental isn’t just about taking the load off your shoulders. While that is certainly a huge perk of having a dedicated team manage your vacation home, there are many other reasons why choosing a full-service property manager, like Resortigo, will benefit you in the long run. One of those reasons is the immediate increase in revenue you will see. And isn’t that the reason you decided to rent out your lovely spot in the first place? Here are the top 4 ways vacation rental property managers create more rental revenue:
1. They Increase Your Home's Exposure to Travelers
Having the right exposure for your vacation home is crucial. Without good exposure your home will often be looked over, or worse - never even seen. Why is this? When travelers are searching for a place to stay, they usually only look through the first few pages of their search results before deciding to book. Getting your home to the top of those search results, and on their preferred sites, can be a real challenge if you are renting on your own. An experienced property manager can help you get there by marketing your property across multiple platforms, and in a way that generates more clicks and views. Higher exposure ultimately equates to more potential guests, which in turn brings in more revenue for you.
2. They Know How to Dynamically Price Your Place
Did you know you can lose out on hundreds – even thousands – of dollars each year if you don’t take advantage of dynamically pricing your vacation rental? And we’re not just talking about pricing your place too low. We’re talking about missed opportunities for extra revenue when you could have raised the nightly rate on your vacation rental, whether it be because of an event in town or a holiday weekend. Dynamic pricing and real-time rates, like those used by hotels and airlines, allow businesses to receive the highest revenue possible for any given time. In an industry flooded with options, dynamic pricing is one of the best ways to ensure you are not losing out on bookings while still getting the highest dollar possible. Make sure to choose a property manager who has done their due diligence in market research and has the proper technology built out to implement this revenue generating strategy with your rental property.
3. They Are Able to Allocate More Funds to the Care of Your Home
If you choose the right full-service property manager, you will be able to get the same services of a marketing and booking property manager for only a fractional increase in fees. You may assume that if you are paying more to receive full-services such as housekeeping and maintenance, you are losing profit in the long-run. This is absolutely false! The best way to think of this is in a full circle diagram: Putting more money into the care of your home results in a better experience for your guests, leading to more satisfied clients with higher reviews and repeat bookings. Your home will turn into a reputable money-making machine, backed by social proof.
In many cases, such as with Resortigo, property managers are also able to list your home on travel sites for a smaller fee (because of their advantageous relationships with those sites), giving them an edge in allocating additional funds to the upkeep of your home. By the time you were to list your property and outsource all its needs, you would end up paying MORE than if you were to simply let a full-service team handle everything.
4. They Understand That Time Equals Money (And Bookings)
The age old saying of ‘time equals money’ is incredibly accurate when dealing with the vacation rental industry. Potential bookings - potential revenue - are frequently lost when travelers’ inquiries are not addressed in a timely manner. If you are managing your vacation home on your own, chances are you have experienced this if you were not able to respond the moment a request came in – which is completely understandable because you have a life outside of managing your vacation rental. But think of how much more money you could make if you were to book every single guest who was interested in staying in your home? With an experienced property manager like Resortigo, you will have a team working for your home 24/7 to confirm booking requests and convert leads. Then you’ll be able to use your extra time to start another business or hobby while your property is at work making money. The possibilities are endless!
Are You Interested in Property Management for Your Vacation Property? Resortigo Will Help!
Having a trusted property manager can do wonders for driving your revenue. If you are still deciding whether to hire one or are having a hard time deciding which property manager to team up with, contact Resortigo today and we can help you make the decision. Call us at 1-888-573-7678 or visit our contact page!