Do you own a rental property on Long Island? The island has faced a population decrease, particularly in Nassau County. In recent years, however, this has made it perfect for travelers looking for short-term stays.
This presents a great opportunity to succeed as a vacation host. It also brings a lot of competition with other landlords.
So, how do you create a sustainable and profitable business from your vacation property? Here's our guide to maximizing rental income with your vacation rental.
Communicate With Your Vacation Guests
Before you open your doors, you must understand the landlord-tenant relationship. While you aren't signing a long-term lease contract, you'll have to learn how to look after your tenants.
One of the first things to do as a vacation host is to share your contact information on your listing page. If you use a booking platform, they'll have an in-built messaging system. Make sure you respond to any direct messages within 24 hours maximum.
Before you confirm any bookings, you should buy vacation rental insurance. This protects against any liability and damages that might be caused by your vacation guests.
The Price Is Right
The next step is to set the right price for your vacation property. You can start by checking the average price for similar properties. Stick to this average price if you wish.
Alternatively, you can also choose to charge more or less. If you charge lower prices, you'll get more booking requests. However, make sure not to charge too low; this takes away value from your property and gives the impression it's poor quality.
If you wish to charge higher prices, you'll have to justify this as well. For example, is your vacation property near any popular tourist attractions? Do you have any luxury amenities within the property? These additions are perfect if you wish to charge higher prices.
Focus on Repeat Vacation Guests
You might find a few vacation guests who'd like to keep visiting Long Island each year or several times per year. You want to maintain a good relationship with them so they keep coming back.
Just as tourists have a favorite resort, you want your vacation property to be the go-to accommodation for your guests. Reach out to them after they leave to ask for their feedback.
You can create an email newsletter to send them occasional updates about your property.
If they would like to visit your property during the summer, you should contact them around that time. You can also hire vacation rental management services to assist with guest communication.
Start Maximizing Rental Income Today
You can now start maximizing rental income with your Long Island vacation property.
Make sure you communicate with potential guests regularly and take time to strategically price your vacation property. Focus on guest retention rather than constantly finding new guests.
PMI Eastern Long Island is here to help you with your vacation rental property. We have many positive stories and case studies from landlords just like you. We look forward to helping you.
