As a vacation rental property owner, you have two primary goals: providing a stellar hosting experience and maximizing rental income.
There couldn't be a better place to achieve those goals, as Saint Augustine receives about 2 million visitors every year, according to the Custodian of Public Records of the City of St. Augustine, Florida.
However, even with these numbers, it's not uncommon to find hosts who are struggling to run a profitable business. If you're struggling to optimize vacation home earnings or think you could do better, you've come to the right place.
Read on as we dive into some practical tips you can use to increase rental income.
Make the Most of the High Season
Although St. Augustine is a popular destination for travelers throughout the year, there are peak seasons. July to September are the busiest months, with Independence Day celebrations and the Oktoberfest festival being some of the most popular attractions.
It's during peak seasons that a vacation host stands to make the most money from their rental property, but not everyone knows how to capitalize on the season. Having a fully booked property brings you a steady income, but it doesn't necessarily mean you're maximizing your income.
An effective way to earn more money is to implement surge pricing during the high seasons. As the demand for short-term accommodation rentals increases, many travelers will not have a problem paying higher prices a night. A 10-30% price increase is reasonable, but be careful not to go so high that you discourage bookings.
Encourage Repeat Bookings
Don't just sit around waiting for new travelers to book your property. There's a greater chance of a guest who has previously stayed at your property to book it again, especially if they're a frequent traveler to St. Augustine.
A simple strategy you can use to encourage repeat bookings is to keep an email list and send exclusive, personalized offers to the guests. For example, you can offer a 15% discount on the nightly price for a future booking, or book a certain number of minimum nights and get 1 night free.
Repeat bookings can lower your operating expenses, as they can help you reduce your marketing spend.
Utilize Local Expertise
Running a profitable vacation rental business often requires more than one head. You have done well to invest in the property, but that's only one-half of the job. The other half is handling everyday operations, which requires you to utilize local expertise.
For example, engaging a local property management firm can help you gain unique insights into the short-term rental market in St. Augustine. You'll have a better understanding of local regulations, guest preferences, and pricing trends, all of which you can use to gain a competitive advantage.
Maximizing Rental Income in St. Augustine Simplified
Maximizing rental income from your St. Augustine vacation home shouldn't be a big challenge. There's no shortage of guests in the city, so you just need to find ways to ensure they're spending money on your property.
Implement these tips, and when it comes to hiring Saint Augustine property management experts, come to PMI Ancient City. We're a full-service real estate management company offering a range of services, including short-term rental management.
Contact us and let's help you maximize your income.
