You might love your vacation rental property. But with over 23,000 vacation properties in the US, have you considered how you will make yours stand out from the crowd and turn it into a long-term profitable enterprise?

Vacation rentals are the same as any other investment. You need to take innovative steps to maximize your profit and market it as a business.

To help, we’ve put together these five tips to boost profits when owning vacation rental property.

1. Professional Interior Design

Customers spend lots of time browsing rental properties online and love to choose something that has that “wow” factor.

You can impress your potential guests by investing money in a unique and beautiful professional interior design. That will help you achieve a more cohesive look to your property, helping it stand out from the competition.

As a bonus to secure more bookings, why not submit your gorgeous interior to travel articles? Journalists love featuring travel destinations that feature unusual and stunning designs.

2. Durable Furnishings

Maximizing your rental profits means keeping costs minimal. You’ll need to have a budget set aside for broken and damaged furniture, but there are ways to help you lower this budget.

Use durable, easy-clean furniture for sofas and chairs. And opt for laminate wood instead of more expensive hardwood that your guests might scratch. Use plastic plates and cups where you can, too.

Don’t forget about having excellent short term vacation rental insurance too. That will cover you for significant damage and help you get your property back on the market quickly.

3. Luxury Upsells

Here’s a savvy way to boost your profits. Offer a menu of luxury extras that your guests can purchase before booking or during their stay. Here are some ideas:

• Late checkout or early arrival
• Extra towels
• Cooked meals
• Grocery box on arrival
• Flowers, champagne, or chocolates on arrival
• Wellness services such as massages

By pricing these added extras with a healthy profit margin, you can help boost your income for each stay in your vacation rental property. Plus, it will give you more opportunities to get great online reviews from happy guests.

4. Professional Photography

You can only do justice to a beautiful property by investing in high-quality photographs for your listing. It’s the first thing potential guests will browse so search for a real estate photographer near me online to make a great first impression.

They’ll compare your property against hundreds of others, so you want photos that stand out for the right reasons. For that reason, it’s worth paying for a professional photographer.

5. Dedicated Website

Listing websites are fantastic, but they sometimes limit what information you can share about your property. But many include a field to add a dedicated website.

So why not hire a freelancer to build you a low-cost but impressive brochure website? You could also add a video of your property as a different way for potential guests to see all your home’s fantastic features.

Focus on Profit When Owning Vacation Rental Property

Owning vacation rental property is the first step to your investment. Now it’s time to add all these helpful extras to ensure that your investment is profitable throughout the year.

For more inspiration on making more money from your investments, head to our financial freedom section now.

Jane