Idaho is home to a $3.7 billion tourism industry that hosts millions of visitors per year.
If you're a Coeur d'Alene homeowner, these numbers should grab your attention. Turning your real estate investment into a vacation rental property can bring you plenty of passive income that could turn into a career if you do it right.
Finding success as a vacation rental property owner isn't simple, however. In today's post, we'll do our best to explain how to get started in Coeur d'Alene's short-term rental market. Keep reading and you'll have the easiest path to guest bookings for your rental listing.
Property Marketing
You'll need a strong property marketing strategy to stand out in a competitive short-term rental market. It all starts with strong rental listings that appeal to visitors. A good rental listing includes professional-quality photographs or virtual tours of the rental and a thorough description of the property and local amenities.
Once you've got a good listing, post it on the vacation rental platform of your choosing. You can take things up another level by implementing digital marketing tactics, like SEO or paid marketing to put more eyes on the listing.
Pricing Your Rental
Another way to appeal to vacationers is to price your rental property competitively. Even a place built on tourism, like Coeur d'Alene, goes through busy periods and slower periods. By offering sliding scale pricing, you can maintain a high occupancy rate all year round.
During busier months, bring your prices up to match the competition. When it slows down, lower your rates so that the few visitors that do come are more likely to choose your rental. Do a bit of research on the competition and offer better prices to appeal to more frugal visitors.
Offering a Great Guest Experience
Getting guests into your rental is just one aspect of the job. Once they're there, you need to make sure they're having a great experience. Start with a seamless check-in/check-out process that's both clear and concise.
Make sure you're offering plenty of rental amenities, even if it's just local tips or goodies from a local bakery. Every little thing you do will go further in impressing your guests.
When a satisfied guest checks out of your rental, always ask them to leave you a positive review. The more positive reviews you accumulate, the easier it will be to secure guests in the future without investing heavily in marketing.
Hire a Property Manager for Your Vacation Rental Property
Use these few tactics to get started with your vacation rental property. If all goes well, you're sure to see countless guests come through your Coeur d'Alene rental this year. It's important to know that the more guests you host, the busier your life as a vacation rental owner becomes.
If you're finding yourself struggling to keep up with demand, it might be time to hire a vacation rental manager. Property managers can handle everything your vacation rental needs, from property marketing to guest services.
PMI Coeur d'Alene is the area's top property management service. To learn how we can help you maximize your rental, contact us today.
