Are you having trouble with a vacation rental in San Antonio that’s not bringing in enough income? Don’t worry; you’re not alone. The vacation rental landscape in San Antonio has changed drastically over the past couple of years and owners / operators have to change with it! Many vacation rental owners are struggling right now and it can definitely be frustrating. But, there are ways to turn things around and make your rental profitable. In this blog our Owner, Andrew White, will explore five solutions to boost your low-earning vacation rental in San Antonio. Andrew also owns and operates Mouse House Rentals, a top tier vacation rental management company in San Antonio and is an expert in the market.
1. Re-evaluate Your Pricing Strategy
One of the first things you should do if your vacation rental is not generating enough income is to re-evaluate your pricing strategy.
Are you using a Dynamic Pricing Tool such as Price Labs or Beyond? If not, you are absolutely missing out! Even worse, if you are using Airbnb’s “Smart Pricing” tool then immediately turn it off and run! Traditionally, before Price Labs came along, I’d tell you to begin by conducting thorough market research to understand the pricing landscape in your area. You may be charging too much or too little compared to similar rentals in the region, which can significantly impact your occupancy rates and revenue. But, thanks to technology, a dynamic pricing software can help you stay more competitive. They’ll monitor the market for demand, other bookings, competitors rates and even events. They also allow you to develop “COmp Sets” to better watch what your competitors are doing. Do not sleep on dynamic pricing tools!
2. Improve Your Marketing Efforts
Another solution is to improve your marketing efforts. Make sure your vacation rental is listed on popular vacation rental sites like Airbnb, HomeAway, and VRBO. Use high-quality photos and write compelling descriptions to attract potential renters. You can also consider investing in paid advertising to increase your visibility online, whether that be Facebook ads, Google ads or some other form of advertising. You just want to make sure your marketing costs don’t obliterate your profits. Additionally, consider reaching out to past renters and asking for reviews or referrals. Positive word-of-mouth can go a long way in attracting new renters. You can also offer incentives or discounts for repeat guests to encourage them to book again.
3. Offer Additional Amenities
If your vacation rental isn’t standing out from the crowd, why not add some extra perks to attract renters? Look at the list of amenities that you can select in Airbnb…which of those could you add for a relatively small investment? Rice cooker? BBQ grill? Fire Pit?
If you really want to make a huge jump in income and are willing to invest in the property, thing about a hot tub or even an in ground pool! I have installed In Ground Pools at homes before for $80k and increased the annual revenue by $50-60k/yr. Although it is a significant investment, I’ll make my money back in 18 months!
4. Hire a Property Manager
If you’re struggling to manage your vacation rental on your own, consider hiring a property manager to ease your burden. A skilled property manager can handle a wide range of tasks, including marketing your property to potential guests, managing bookings, and ensuring that your rental is always clean and well-maintained. They can also coordinate any necessary repairs, respond to guest inquiries, and even manage check-in and check-out processes. While hiring a property manager might be an additional expense, it can significantly save you time and reduce stress in the long run, allowing you to focus on other priorities. However, it’s crucial to conduct thorough research by inspecting reviews and references to ensure you hire a trustworthy and competent person to manage your home. Take your time to ask for recommendations, read online reviews, and maybe even meet with a few candidates to find the best fit for your needs.
5. Sell Your Vacation Rental to Forged Home Buyers
If none of the above solutions work for you and you’re tired of pouring money into a short-term rental that just isn’t paying off, it might be time to think about selling your vacation rental. Selling your property directly to Forged Home Buyers can be a great option if you’re feeling frustrated or overwhelmed. Forged Home Buyers specializes in buying homes straight from homeowners in San Antonio, and the process is simple and stress-free. By selling directly to Forged Home Buyers, you can skip costly repairs, commissions, staging, marketing, and negotiations. Plus, you can sell your vacation rental quickly and in as-is condition.
Selling your vacation rental to Forged Home Buyers can be a great solution if you’re facing financial difficulties or a sudden change in circumstances. It can provide you with the cash you need to move on to the next chapter of your life.
If you are struggling with a low-earning vacation rental in San Antonio, there are solutions that can help. Re-evaluating your pricing strategy, improving your marketing, offering additional amenities, hiring a property manager, and selling your vacation rental to Forged Home Buyers are all viable options. Consider your situation and choose the solution that works best for you. Our team is happy to make you a fair and straightforward offer, free of any cost or commitment. Give us a call today to find out what we can offer you! (830) 264-6361