Posts

, ,

How Las Vegas Property Owners Make the Most of Their Vacation Rental Opportunity …

… On and Off Airbnb.

Let’s start with the financial opportunity for Las Vegas homeowners currently renting to vacationers – or planning to. Statistically, your property sits in one of the world’s most in-demand locations. We’ll share what some of those statistics look like.

According to the Las Vegas Convention and Visitors Authority (LVCVA), 2018 Sin City visitor volume added up to a staggering 42,116,800 visits. The city’s available room inventory to serve those guests came to 147,238. And those visitors brought money: gaming revenues on the Strip and Downtown alone amounted to a cool $7.2 billion. That didn’t include food, drinks, shopping, entertainment, and other stuff.

As Las Vegas Airbnb property management professionals, we consider these figures a mixed blessing – because while the opportunity for homeowners is excellent, the competition is fierce.

On Airbnb, your Las Vegas vacation rental property obviously competes with other rental properties. But the competition doesn’t end there. Many Airbnb users compare private vacation rentals to hotel-owned properties. So, if your property is located within walking distance of, say, the Vdara, among many prospects, you may be competing against that hotel brand. But nail Airbnb property management and you’ll not only compete against the best of the best – you’ll win more than your share of business.

We’ll reveal what’s needed to make that happen and beat your competition at every level – including top hotel brands. But before we do the big reveal, we need you to promise not to become unsettled when you see everything involved. At the end of this post, we’ll reveal how to get it all done with minimal effort. Promise? OK, here goes.

For starters, optimal Airbnb property management means optimizing your property’s exposure. That means not simply relying on Airbnb to get the word out on your property’s availability. Yes, Airbnb is a vital tool in your vacation rental property management mix. But it’s by no means your only tool. Your property should be listed on 50+ sites. Each listing needs to be expertly written and take advantage of each site’s characteristics, to attract the maximum number of prospects. Photography should be shot by a professional experienced in making properties like yours look inviting.

But successful Airbnb property managers know vacation rental optimization doesn’t end there. Inquiries from prospects and requests from renters need to be handled promptly, accurately, and completely. If not, your ratings take a hit.

Rates you charge renters shouldn’t be static and should be optimized daily. Your property must stay consistently stocked with basic necessities. And it should be very clean – because thorough Airbnb cleaning with every turnover is a key contributor to high ratings. Renters expect cleanliness of vacation rentals to exceed their efforts at home and be on par with cleanliness found in well-run hotels. You also need to know when to make the right improvements to that existing vacation rental property. And if you’re in the market to buy another vacation rental, you should have a clear understanding of your potential return on investment before you buy.

Now, if all this seems beyond your own capabilities, we have good news. Many owners of Las Vegas vacation rentals find it highly cost-effective to use a full-service Airbnb property management company. We’re One Fine Flat, a leading Airbnb property management service headquartered in Las Vegas. We make it surprisingly easy for property owners to optimize earnings while avoiding common (and costly) mistakes.

Everything we’ve listed in this post can be handled by us, so you largely sit back and collect an electronic deposit each month. In short, we make it a breeze for you to relax and enjoy the owner’s life. Get more details on optimizing your vacation rental opportunity by downloading our guide, Capitalizing on the Vacation Rental Boom: 8 Keys to Success.

Get Everything You Need to Know About Price Optimization for Vacation Rentals – in Under 5 Minutes

Price Optimization for Vacation Rentals

More than a fancy marketing term, price optimization raises vacation rental revenue by as much as 25%.

So, what is price optimization, how does it work, and what’s the best way to start using it to raise revenue on Airbnb, HomeAway, Vrbo, and other sites?

As it sounds, price optimization is about optimizing pricing on your vacation rental property.

Before we go any further, it’s important to add that unless vacation rental pricing is optimized daily, it isn’t true price optimization.

Price optimization in vacation destinations like Las Vegas, Fort Lauderdale, Nashville, and other hot areas should include a wide variety of factors. “Comps” (comparable properties) need to be continuously reviewed, considering a full range of factors that contribute to pricing on a given day.

On that note, as a vacation rental property owner, you’re not just competing against owners of private houses, townhouses, condo hotel properties and the like; among many users of sites like Airbnb, you’re also competing against conventional hotels (yes, that Westin down the road may be your frequent competition). Their daily prices are data that must go into your price calculation … if you’re aiming for real optimization.

And as they say in those middle-of-the-night TV commercials, “But wait – there’s more.” When that big music festival inks an agreement to stage their event in Nashville in two years, pricing on those dates should quickly reflect that reality.

Besides special events, holidays and off-peak periods must be part of daily price optimization. Look at it this way: At the end of the year, it’s all about your annual bottom line. Some revenue during quieter times will be much better than no revenue – and be a serious contributor to optimization.

On top of all that, price optimization should rapidly reflect legislative or regulatory changes, as well as site commissions that can impact your bottom line.

Vacation rental property owners who’ve tried to do all this on their own have generally been unable to pull it off – even when using tools of different sorts. Fortunately, at no added cost to you, the right full-service vacation rental property management service will apply advanced technology to optimize your pricing and help maximize your bottom line throughout the year. In many cases, the lift in revenue from price optimization covers the cost of a vacation rental property management company that takes care of everything and allows you to sit back and collect a check each month. 

Find out more about optimizing the bottom line of your vacation rental using Airbnb and other sites. Download Capitalizing on the Vacation Rental Boom: 8 Keys to Success.

Why Many of the Highest-Earning Vacation Rental Owners Use a Full-Service Property Management Company

Let’s say you’ve decided to become one of the 2.9 million hosts on Airbnb. Your aim: earn as much money as possible – as fast as possible – while enjoying your vacation rental property each year.

As you consider the possibilities, you find yourself saying something like, “Surely I’ll earn more if I keep all the revenue, rather than turn over a percentage to a vacation rental property management service.”

If that’s you, consider this: whether you act as your own vacation rental property manager or hire a full-service vacation rental property management company, your bottom line will ultimately depend on this simple calculation:

Revenues – Expenses/Costs = Profits

To optimize profits, let’s start with the revenue side. Your vacation rental property absolutely should be listed on Airbnb – and on 50+ other sites. You’ll want listings to take full advantage of each site’s unique characteristics, with words and photography that compel viewers to act.

After your listings go live and you begin hearing from potential guests online (in the vacation rental property management industry we call them “inquirers”), you need to respond to each inquiry in a complete, polite, and timely manner – even if it’s 10 p.m. and you’re exhausted after a long day. If you don’t, you’ll reduce the quality of the experience before a guest even walks through your door.

While communicating with inquirers, it’s important to not “double book” – a common mistake among do-it-yourselfers in vacation rental property management (particularly when listing on multiple sites). When you book different guests for the same dates, someone ends up being disappointed.

A key contributor to revenue is, of course, pricing. Anyone who prices their property at the same rate throughout the year is guaranteed to be missing out on substantial income. Optimal pricing means scanning supply and demand of comparable properties daily – factoring in holidays, special events, and hotel room prices.

Vacation rental owners who attempt to perform price optimization manually tend to find the process time-consuming and almost impossible to pull off.

Fortunately, the right full-service vacation rental property manager will use technology to perform daily rate optimization … as part of their fee. And get this: the increased revenue from daily rate optimization may cover the entire cost of your property manager!

Now let’s return to communication, which by no means ends at the inquiry phase. Booked guests need to hear from you before arrival. If a problem comes up during a stay, they’ll want it quickly addressed. This is particularly true of urgent issues – including the 3 a.m. type. And after each stay, your guests should be encouraged to do something that contributes heavily to revenue: post a review.

On that note, let’s look at a significant contributor to ratings on sites like Airbnb: the expense side. Your property should be thoroughly cleaned before the arrival of guests (the right property manager will include this as part of the management fee). The unit should be sufficiently stocked with starter supplies like shampoo, toilet paper, dishwashing liquid, and more (the right manager will also include this as part of the fee).

So, feel you’re up to the task? If your answer is a big “HECK NO!”, you’ve discovered why many of the highest-earning vacation rental owners use a full-service property management company. 

Find out more about optimizing the bottom line of your vacation rental using Airbnb and other sites. Download Capitalizing on the Vacation Rental Boom: 8 Keys to Success.

,

The Best Vacation Rental Property Managers Are Strategic

As we pointed out in our last post, when managing vacation rentals promoted on Airbnb and elsewhere, the devil is indeed in the details.

But there’s more to the art and science of vacation rentals than optimizing tactical elements like listings, pricing, cleanliness, customer service, and use of the latest technology.

There’s the strategic side. For example, determining if it’ll be cost-effective to make a major furniture investment in a Palms Place Hotel and Spa vacation rental in Las Vegas. Or whether that next vacation rental property purchase should be in the Mondrian South Beach condo hotel on Miami Beach or in Fort Lauderdale’s Conrad hotel.

Best Vacation Rental Property Manager

Most owners of second homes and investment properties who go into vacation rentals lack the skill to make the right strategic moves entirely on their own. That’s’ where a full-service vacation rental property management service comes in.

When deciding on the Big Stuff, your property management company should be a key resource. After all, they’ve repeatedly seen what produces the best return on property investment for owners. Strategic advice is a value-added service you should expect from your manager.

Find out more about acting strategically and optimizing all major elements of vacation rentals, on Airbnb and everywhere else. Download Capitalizing on the Vacation Rental Boom: 8 Keys to Success.

,

In Vacation Rental Property Management, the Devil Is in the Details

Let’s say you own a gorgeous property in a spot popular with vacationers. You should be a shoo-in to earn big bucks from vacation rentals – right?

Maybe.

Even if your property sits in a prime location in Las Vegas, Miami Beach, or Fort Lauderdale, it’s not enough to simply post your vacation rental on Airbnb and expect the money to keep rolling in.

To succeed, you need to optimize a full set of factors, starting with the fact that your property profile should appear on 50+ sites (yes, there’s more to vacation rentals than Airbnb). In every listing, your property profile should be complete and compel the right viewers to book a stay. On that note, listings should be well-written, with professional-grade photography.

Full Service Airbnb Management

So that’s THE big secret?

Actually, there’s considerably more. Your property also needs to be consistently stocked and cleaned like clockwork after each stay. If that doesn’t happen, reviews – and occupancy rates – will be lower. And to ensure higher revenue, you should use what’s called “dynamic pricing,” with fees to your renters optimized on a daily basis.

“Touchpoints” before, during, and after each stay are critical for success. Inquiries from potential guests need to be answered promptly and thoroughly. When a guest requires assistance during a stay, someone in a position to help must be readily available. And because so much depends on ratings, after each stay, a review should be solicited, to help maintain your edge over comparable properties.

Your property needs to be carefully inspected after each stay, to identify wear and tear, including items in need of repair. When repairs are required, they should be done promptly, before they compromise the experience for a guest and yield a less-than-stellar review on Airbnb or elsewhere.

On top of all that, local policies and special events can (and do) at times create challenges and opportunities. Vacation rental property management isn’t first-rate unless those aspects are adequately addressed as well.

Okay – that about does it. We know it’s a lot. Now here’s the good news: You don’t have to go it alone. The best full-service vacation rental property management company for you will handle those tricky details, so you sit back and collect a check each month.

Schedule a complimentary consultation on potentially relying on One Fine Flat to sweat the details and enable you to make the most of your vacation rental opportunity … every single day.

,

How to Get Top Dollar for Your Vacation Rental – Every Day of the Year

It’s one of the most common mistakes made by do-it-yourselfers renting out their own vacation rental properties.

It inevitably results in less-than-optimal rental revenue.

The mistake? Charging the same rate … every day of the year.

annual revenue for property owners

Maintaining a set fee for your vacation rental means it’ll at times remain unoccupied when it could be earning you money. At other times, you’ll reach a state economists call “excess demand.”

When the latter happens, owners may say things like, “My place is booked solid for weeks.” Property owners in this boat may not realize it, but they could be losing big bucks by not charging enough.

Fortunately, there’s an easy way to avoid these losses.

Software technology is available that continually scans supply and demand on comparable properties and even hotel rooms. It takes into account holidays, special events, and even site commissions, to optimize rates daily across all travel sites, including Airbnb.

Daily rate optimization raises annual revenue for property owners by 15%-25%. And all that money goes right to the bottom line.

This lucrative technology is out of reach of typical property owners, but it’s standard for all clients of One Fine Flat, the full-service vacation rental property management company.

Think of daily rate optimization as a key to proper “revenue management.” Because it is.

Schedule a complimentary consultation with us on optimizing revenue from your vacation rental property … every single day.

,

Excellent Vacation Rental Management Means Making the Most of Your Listings

Detailed, gorgeous, compelling listings for your vacation rental property can be your sales reps on steroids. This means doing much more than answering basic questions like, “What’s the maximum number of occupants?” Your listings should stop viewers in their tracks, stir readers’ emotions, and convert prospects into confirmed guests.

grow their vacation rental revenue

On the all-important visual side, professional photography tends to be well worth it. Pros use special lighting, high-quality camera equipment, and expert composition to put your property in the best possible light.

Listings written by professionals are also an excellent idea. Pros present facts while skillfully describing the experience. When it’s appropriate to “sell a dream,” they do it – without overpromising. As a result, a higher percentage of viewers convert into confirmed guests. And by providing accurate details on your vacation rental, you’re more likely to receive coveted five-star ratings.

As we said in Optimizing Revenue From Your Vacation Rental Property Requires More Than Airbnb, your listing can and should appear on 50+ sites, including the most popular online travel agencies.

Now, if you’re thinking all this sounds great, but you can’t imagine doing it yourself, here’s good news: the right full-service vacation rental management service can take care of all this and more. One Fine Flat uses professional photos to make your property look better than ever, the latest technology to optimize your listings (including dynamic pricing), and master calendar management to avoid double-booking.

We help homeowners grow their vacation rental revenue while they largely sit back and collect a check each month. Take the next step and schedule a complimentary consultation with One Fine Flat on optimizing revenue from your vacation rental property.

,

Optimizing Revenue From Your Vacation Rental Property Requires More Than Airbnb

Maximizing income from your vacation rental property means making the most of Airbnb. But vacation property management is about much more than Airbnb management.

airbnb property management

Many advertising textbooks discuss the contribution of reach to marketing success. By reaching more prospects for your vacation rental, you raise demand. As a result, you command higher fees.

To make this happen, your property should be shown where short-term vacationers are searching. Besides Airbnb, your property can and should be listed on 50+ sites, including Booking.com, Expedia, HomeAway, KAYAK, TripAdvisor, and VRBO – plus Google, social media sites, and other online locations.

Now, you may be thinking, How on earth will I ever be able to do all that? Short answer: You don’t have to. Even if a property owner somehow manages to pull all that off on their own, they’ll find it hugely difficult to track reservations from multiple sources and avoid double-booking. But the right full-service property management company will take care of all of these listings and resulting reservations for you, and let you largely sit back and collect a check each month.

To find the ideal service in that sea of property management companies, it’s not enough to search for Airbnb management companies. They’ll tend to be good at only one aspect of vacation rental property management. Quite possibly, for lower fees than an Airbnb-only company, you can get full-service vacation rental management that ensures your property’s presence is optimized wherever it belongs.

See for yourself by speaking with One Fine Flat. Take the next step and schedule a complimentary consultation on optimizing revenue on your vacation rental property.

“One Fine Flat always has their customers and clients in their best interest. They are very professional and their rates are very reasonable. This company’s ultimate goal is to make sure you get the most for your property IF done within the necessary tools needed to have a successful vacation rental. Highly recommended if you want your home to generate income!” – Chrissy Taks on Google