Lake of the Ozarks Rental Season
Effectively, the rental season at the Lake runs from Memorial Day Weekend through Labor Day Weekend. This past year, 83% of all our rentals occured during that time period. Within that rental season there is a nine week "prime" rental season that runs from the middle of June through the middle of August. Sixty-four percent of all our rentals occured during that short time frame. Compared with many other vacation areas, this is a very short rental season. Once you realize that 83% of all your rentals may occur in the span of 15 weekends, which represents only 29% of the entire year, you can prepare for that short rental season.
Reconsider Handing Out Discounts
During thr prime season, don't be so quick to give discounts. During those nine prime weeks, there's very little availability around the Lake, so there is not much need to discount. Also try to avoid shorter rentals durin that time. Depending on the size (number of bedrooms) of your property, you should not take a 2 night rental, especially with larger properties (4+ bedrooms). In 2013, our larger homes averaged 4.31 nights per rental, so taking a two night rental would mean giving up 50% of your potential income during that period. If you are going to discount, do so wisely. Obviously you will have to discount during the Winter months where almost any rental is like found money. During the Spring and Fall, prior to Memorial Day and after Labor Day, you may have to discount to compete with other rental properties at the Lake of the Ozarks. During the summer, a good time to discount is during the week. If you typically only fill up the weekends, then discounting Monday through Thursday may increase your rentals and fill your unoccupied nights.
Ensure You Have What People Are Looking For
The other way to maximize your property is by ensuring you have what the vacationing public is looking for in a vacation rental at the Lake of the Ozarks. These days you need to have WiFi, flat screen TVs, an updated nice looking decor and everything needs to be in good working order. If you don't, potential guests will pass you over for places that look nicer and have better amenities. These things are also important for building your repeat business clientele. In addition to what's inside your home or condo, people are looking for a great location and/or great amenities. Most people vacationing at the Lake of the Ozarks want to be right on the water, where they can sit out on the deck enjoying the view. If you have a condo you're renting rather than a home, people are looking for what the complex offers. Most people want a pool and owning a condo at a place with an indoor pool is a bonus because you can rent more often during the off season.
If you're in the market and looking for a great rental property or think you might have a great potential Lake of the Ozarks rental property, don't hesistate to give me a call at 573-365-3367. I would love to speak with you! Happy Renting!
Russell Burdette is the owner of Your Lake Vacation, a professional vacation rental management company at the Lake of the Ozarks since 1986. If you would like more info on renting your home or condo as a vacation rental, please call 573-365-3367 or email russell@yourlakevacation.com.
For more information please call us toll free at 1-877-284-0267!!
4571 Osage Beach Pkwy, Suite A
Osage Beach, MO 65065
Local - 573-365-3367
Fax - 573-365-5076
Osage Beach, MO 65065
Local - 573-365-3367
Fax - 573-365-5076
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