For such a small city, Annapolis has become a major tourist attraction with over 2 million annual visitors.
If you're an Annapolis property owner, these tourism stats should make you very happy. They present an amazing opportunity to earn some side income on your real estate investment.
That said, just owning property isn't enough. You need to put the right rental income strategies in place to get ahead of your competitors. In today's post, we'll give you some short term rental management advice to get you started.
When you put the work in, your rental can become an integral part of your investment portfolio. Keep reading and implement these short-term rental tips ASAP.
Invest in Marketing
Start by preparing your property for listing on the short-term rental market. Make sure there are no personal items around and consider staging it professionally so that you can appeal to potential renters right away.
Once you're satisfied with the state of the unit, you're ready to create your listing. Take plenty of detailed real estate photos and write a thorough description of the property, its amenities, and any local amenities you think visitors might be interested in.
When you're ready, list the property on the vacation rental site of your choosing. You can boost the views on the listing by looking into digital marketing tactics like SEO and paid ads.
Pricing Your Rental
Having a great ad is important, but it's always going to be difficult to secure guests when you're starting. There's plenty of competition, so you need to find ways to stand apart from the other established rentals.
The best way to do this is to offer competitive pricing. While you're waiting for your first good reviews to come in, you can secure guests by offering affordable pricing.
Make sure to utilize sliding scale pricing as well. This involves lowering your nightly rates during slower tourist seasons and raising them again when it gets busy and there's more demand.
Satisfying Guests
Securing guests is just the first step. Once they've completed their booking, you need to make sure they're completely satisfied with your offerings.
The key to a satisfied guest is to be available without being overbearing. No one on vacation wants you to be around all of the time. Make sure to provide everything necessary for a great stay and let the guests know they can contact you with any questions or requests at any time.
When your happy guests check out, always ask them to leave you a positive review and take any suggestions they may have to improve your rental. Guest reviews are integral in helping you secure future guests without having to invest much more in marketing.
Hire a Short Term Rental Management Expert
This short vacation rental guide gives you all of the property management tips you need to succeed in the Annapolis short-term rental market. The more successful you are, the more guests you'll secure and more guests means more work.
If you're feeling overwhelmed by the amount of work your property requires of you, it could be time for short term rental management. At PMI Annapolis, we're the area's leading rental management service.
We can help you set up your rental, attract guests, and offer guest services. Contact us today to learn more about what we do.
