Are you struggling with a vacation rental in Spokane that’s not generating enough income? Don’t worry; you are not alone. Many vacation rental owners face this issue, and it can be frustrating and stressful. However, there are solutions that can help you turn things around and make your vacation rental profitable.
In this blog, we’ll discuss five solutions to help you with your low-earning vacation rental in Spokane, and how selling your property directly to REI Branded Home Buyer may be the best option for you.
1. Review Your Pricing Approach
We believe that your pricing strategy is one of the first things you should do if your vacation rental isn’t making enough money. In comparison to other rentals in the area, you might be charging too much or too little. This takes a lot of research and we at REI Branded Home Buyer highly recommend taking he time to find out what other vacation rentals in Spokane are charging for comparable properties by doing some research. Make the necessary price adjustments to your rental to make it more competitive with other nearby short-term rental properties.
2. Provide Extra Luxuries
If your vacation rental isn’t differentiating itself from the competition, think about adding extra features to draw in guests. For instance, you could offer pin ball machines, arcades added to game rooms that have a pool table and dart boards or even a hot tub. When comparing several vacation rentals in Spokane, these extra features might be the deciding factor for tenants. However, features like pin ball machines or a hot tub could lead to additional maintenance expenses. You want your rental to stand out in the vast sea of other vacation rentals in Spokane.
3. Marketing Your Vacation Rental May Need To Be Improved
Enhancing your marketing initiatives is an additional remedy. Verify that well-known vacation rental websites like VRBO, HomeAway, and Airbnb have your rental listed. To draw in prospective tenants, use excellent photographs (we have all seen the photos of short term rentals that look like amateur photographers have taken) think of all the blurry photos or the finger in the frame. Maybe a tool bag was left on the kitchen countertop when the maintenance man or woman was over while fixing the sink and they didn’t notice it in the picture or maybe they just didn’t look and posted the photo online in a hurry. Always remember that you are putting these pictures out to the world and anyone can see them. 1st impressions are everything. Don’t forget to write captivating descriptions. To improve your online visibility, you might also think about spending money on paid advertising. Almost all investors are intimidated by marketing cost. Just keep in mind that all you want to think about is that your marketing expenses won’t overwhelm your earnings.
4. Employ a Property Manager
Consider hiring a property manager if you’re having trouble running your vacation rental by yourself. Finding the right property manager can be a huge undertaking. Keep in mind that not all property managers manage short term rentals and also you should interview several property managers in Spokane before hiring them. We always say “Hire slow and fire fast’ is someone you hired is not doing what you asked them to do, it will be in your best interest to make split decisions quickly to pivot and save yourself some headache. From marketing and reservations to upkeep and cleaning, a property manager can handle it all. In the long run, it can save you time and stress, even though it might cost more. Again before you hire someone to take care of your house, make sure to carefully check references and reviews. This is extremely important. Property managers can make or break a Vacation Rental.
5. Sell Your Vacation Rental to REI Branded Home Buyer
If none of these options work for you and you’re tired of investing in a short-term rental property that isn’t generating any revenue, it might be time to consider selling your vacation rental. Selling your property directly to [business] can be a fantastic way to relieve stress and frustration related to your vacation rental. The process is easy and hassle-free, and REI Branded Home Buyer specialty is buying homes directly from homeowners in Spokane. Selling directly to [business] will save you money on commissions, staging, marketing, repairs, and negotiations. Your vacation rental can also be sold quickly and exactly as is. Selling your vacation rental to REI Branded Home Buyer can be a great way to get out of financial bind or if your situation changes unexpectedly. Give us a call today!