Made a recent decision to introduce your Hawaiian home or condo to the vacation rental market? Now wondering how to convert it into an income generator? With just a bit of insider information, watch your new business take off and continue to thrive.
To establish nightly rates for your rental, ask your property manager to prepare a comparable analysis, so you’ll know exactly what similar homes/condos in the area typically charge. Consider whether you’d like to keep your rates on the lower end, to maximize reservations, or slightly higher, to minimize wear and tear on your investment. Your property manager should also create a plan for adjusting rates based on factors such as the season and special events happening nearby.
Keep in mind that with professional photography, a vacation rental might command up to 20% higher nightly rates. Written descriptions of the property should also emphasize its unique attributes, so potential guests recognize it as the ideal choice for their Hawaiian getaway. And since 95% of travelers won’t even look at a property listing unless it has one review from a previous guest, and 50% won’t look unless it has two reviews, get as many reviews as possible as quickly as possible.
Lastly, your management company should ensure that your home gets exposure by listing it on all major vacation rental websites and using strategies like search engine optimization and strategic database marketing. Separate your Hawaiian property from its competitors with optimized rates, high-quality listings, and a comprehensive online presence, and let it go to work for you!