I had one potential owner call me and he wanted to know if he could expect 300 rental nights a year. I told him that if I could rent our properties for 300 nights a year that I could have retired a long time ago.
So when you have a limited rental season, such as we have, what can you do to increase your rental nights? You have to absolutely maximize your in season rental nights and then look at ways to attract rentals in the off season as well.
How Do You Maximize Your Summer Rentals?
First, if you are using your property at all, be smart about when you use it. On smaller homes and most condos you are mostly going to get weekend rentals. Therefore, you should avoid using your property on the weekends or at least use it only on the slower weekends when it possibly will sit empty. Usually the first two weekends of June and the last two weekends of August are slower due to the school schedules.
Secondly, during the peak season, have a minimum night requirement and stick to it as long as you can. You don't want to book a two night rental for a July weekend in January. If it is two days prior to the weekend, take it, but don't take it in January.
Another way is to realize there are only so many really good weekends available. Those weekends are typically every weekend in July and the first weekend in August. Those are the absolute prime weekends. You want to get maximum nights and maximum price for those weekends.How Do You Maximize Your Off Season Rentals?
Most rentals have seasonal pricing where the spring, fall and winter rates are lower than the summer rates. Beyond that, you can create packages of pay for so many nights and get a free night or some other type of discount. Keep in mind that most guests can only stay two to four nights in the off season.
One additional way to attract off season rentals is to offer something different, like a hot tub, game room, indoor pool, tickets to a show, mall discounts, restaurant discounts, gift cards, golf discounts, etc. You want something that sets you apart from other rentals or that adds value to the rental. If the price is the same, but you are offering additional discounts or amenities, then you will probably get the rental.
Russell Burdette is the owner/broker 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 Lake of the Ozarks condo or home as a vacation rental, give us a call at 573-365-3367!
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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