Long Island is one of the hottest vacation destinations on the East Coast. Visitors spent a record $6.6 billion last year. This figure represented the first increase from the previous pre-pandemic record.
There is a lot to love about Long Island. Beautiful beaches, shopping, luxury, and entertainment are just a few of the reasons that visitors flock to Long Island.
As a vacation homeowner, you stand to take advantage of the tourism dollars flowing in. Read on to learn how to manage Long Island vacation home rentals. Explore how Long Island property management companies can help you maximize profit.
1. Hire a Property Manager
Managing a rental property is hard work and time-consuming. You are responsible for filling short-term vacancies and cleaning between visits. Maintenance requests need a rapid response in accordance with New York law.
The best strategy is to hire short-term property managers. Here, you can earn passive income while the property manager takes care of all the work.
They do everything from rent collection to maintenance coordination. Short-term property managers perform routine inspections, coordinate bookings, and respond to tenant requests.
2. Consider the Seasons
Like most vacation destinations, there is a peak season. The tourism industry in Long Island is hot from Memorial Day to Labor Day. You can book listings before and after, but the demand is not nearly as strong.
The beach is too cold for swimming and lounging. Many restaurants and venues shut down for the winter.
You will likely have to adjust your rental rates in the off-season. To attract tenants, you can offer cheaper rates. Some savvy vacation rental owners offer promotions or discounts to book off-season days.
The offseason is also a good time for vacation property housekeeping. Without steady tenants, you can use this time for major renovations, upgrades, or preventative maintenance. It is a good opportunity to bring in HVAC or appliance technicians to fine-tune your major items.
3. Launch a Marketing Campaign
No vacation property can thrive without bookings. Your goal is to fill every possible day in the peak season. You also want to land some tenants in winter to increase revenues even further.
An effective marketing campaign can bring more tenants in. The best vacation rental property management companies have marketing experience. They can run various marketing campaigns to get the word out for your property.
These campaigns include social media advertising. Also, they do mass e-mail campaigns and know how to steer web traffic to your property. They generate more leads for your property, which ultimately leads to more revenue.
Your Guide to Long Island Vacation Home Rentals
You are now ready to rent out your Long Island vacation property. A short-term property manager can reduce your workload and help generate passive income.
Marketing campaigns and an off-season strategy are important considerations for a vacation rental. PMI Eastern Long Island provides marketing and property management expertise to its clients. If you need assistance with a Long Island vacation home rental, contact us today at PMI Eastern Long Island to speak with an experienced professional.
