This is the ultimate guide for turning your short term rental into a luxurious one.
Let’s start with how you should be measuring your Vacation rental performance?
Your performance should be measured based on the income you generate yearly rather than monthly.
This is because it’s important that you take into consideration the off-season as well as the busy season where you would be generating good profits.
Now that we’ve covered how you should be measuring your revenue. Let’s jump into where you want your short term rental to stand?
Here are types of short term rentals explained in 5 levels below to give you a better idea on which type would generate more income.
1.Private Rooms-
These kind of short term rentals are those where the guest lives with the host. The host usually has a spare bedroom which they like to rent out to generate extra income.
These are alternatives for guests who are looking to couchsurf. Such rentals are usually ones with moderate quality furniture and beddings.
Such hosts don’t generate high pay-outs and are only looking to earn some extra cash.
2. Private Apartment-
The second level is again hosts who are looking to get some extra cash from empty spaces. This could be apartments, basement apartments.
Such rentals do give the guest the entire space but they aren’t the best quality. These would generally be furnished with Ikea or second-hand furniture and would only provide bare necessities.
These listings are usually priced lower and do not generate higher income.
3. Quality Short Term Rental-
The third level is usually rentals in a newer condo or house. If it is not a new building or house the hosts can still make the interior look modern and contemporary.
These kinds of vacation rentals usually attract guests who prefer staying in 2-3 star hotels.
They have quality linens, comfortable mattresses, TV with Netflix for guest entertainment.
They go a little above providing basic necessities to ensure good guest experience and are usually ones with a Superhost title.
The income generated from these listings is also higher compared to the first and second level. They can charge higher rates for the services they provide and also attract quality guests.
To improve the amenities in your vacation rental Check out our blog on- Essential Items you must have on your Airbnb.
4. Luxury Vacation Rentals-
As an old saying goes “Sometimes you have to spend money to make money”
These vacation rentals are known to attract guests who stay in 3-4 star hotels.
These hosts have a rental that truly replicates hotel experience. From High-Quality Bed and mattress which costs no less than a $1000 along with crisp linen.
The entertainment system includes no basic TV, here you would find a 40-50 inch Television with full cable along with Netflix.
A fully stocked kitchen with coffee machine, welcome hampers,a welcome tablet that contains details on how to operate systems and a basic guide, are also a part of these luxury listings.
They also have an automated home with heat controls, keypad locks, etc.
To know more on Automation Check out our blog on How to Automate your Airbnb?
Luxury vacation rentals are known to generate high-level profits, if you want to reach this level get in touch with our partner company Global Guesting who will help manage your property and turn your vacation rental to a luxurious one.
5. Ultra- Luxury Vacation rental-
These rentals usually consist of big houses or mansions however, condos too can be a part of this group. These luxury units attract people who are looking for a 5-star hotel experience.
They wouldn’t mind paying anywhere between $300-$5000 for such rentals.
Such vacation rentals would include everything a luxury rental would contain and more.
Host’s provide the guests with-
- Bottles of Wines
- Guided Tours
- Laundry and dry cleaning services
- Butler services
- Airport pickup and drop off services.
Other amenities to provide in such rentals are –
- Swimming pool
- Sauna room
- Hot tub
- Fully equipped gym
- Gaming room
- Surround sound entertainment system, etc.
Guests also expect the property to be cleaned every day so it’s important to have a professional cleaning service provider.
In such vacation rentals,everything needs to be perfect and it’s important to stand out from the rest in order to reach this level. No doubt these vacation rentals earn a fortune with listings of this kind.
To get to this level it’s important to partner up with property management companies such as Global Guesting who help property owners reach this level and earn top dollars.
Additional things to boost your Listing and Revenue-
1.Location-
This one may be out of your control if you already have a property for short term rental. But you can still optimize pricing to reap great benefits.
For those looking to invest in a property for short term rentals. Location of the property plays a great role in the number of bookings you will receive, even during off-season.
2. List on Multiple Platforms-
This has turned out to be an effective way to receive a good amount of bookings rather than staying on one platform. It maximizes your return on investment and ensures great reach.
Check Out A List of Airbnb Alternatives to maximize your profits.
3. Professional Housekeeping-
If you are in the vacation rental business to earn and invest it’s important to hire a housekeeping service in order to ensure quality cleanings. You will be wasting plenty of time cleaning your unit yourself.
We have an entire article for you on Airbnb Cleaning to ensure you deliver quality experience to your guests.
4. Excellent Reviews-
Delivering a quality experience will ensure that guests leave back good reviews. It’s important to maintain a 4.8 – 5 star rating on your listings. This will also ensure that guests recommend your listing to friends and family, come back to your property in the future. Reviews will also lead to a higher number of bookings.
Scaling your Vacation Rental Empire-
The vacation rental business is here to stay and it’s your time as hosts to maximize profits.
You already have one vacation rental property that you have reaped profits from, it’s now time to invest back into the business and grow your short term rental empire.