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| PhotoCredit: FunLake.com |
Using the Slow Season to Your Advantage
Over the next six months, we only bring in 6% of our annual income; however, in that same time period, we will book about 60% of all our business for the 2017 season! We try to use this slower time to our advantage. This is the time when we can take a look at our properties and see if there is anything that can be improved. We take a look at properties that need painting, new furnishings or if they need to get a flat screen TV, WiFi or other amenity that will help them rent their property.
The Importance of WiFi in Your Rental
One of the biggest factors that we can see from this past season is that people want and need to be connected. Looking at our rentals from this past season our properties that have WiFi available averaged 45.58 paid nights, while the properties that didn't have WiFi (six of them) averaged 26.17 paid nights. Even within the same complex, we had two units with WiFi which averaged 50.5 nights and two units without WiFi (which otherwise are just as nice) averaging 20 nights.
Some of our owners don't want to pay for the extra expense. the cost is around $600 per year for WiFi, but they are giving up about $2,500 in income. So you have to ask yourself, do I want to save $600 or make an extra $1,900? To me, it is a no brainer, but for some it seems to be a tough choice.
The Importance of Keyless Entry
A few years ago, when we were switching our properties over to keyless entry, I had a few owners that didn't want to pay for the new locks. So I told one owner that didn't really want the lock that I would charge him for the lock, but at the end of the summer if he didn't like it, I would refund all of his money and put his old lock back on. But if he liked it, he would buy me lunch. Even before the summer was over, I received a gift card in the mail for $25! So take stock of what you are doing and use this slower time to your advantage!
Property Management at Lake of the Ozarks
Your Lake Vacation is your premier property management company at the Lake of the Ozarks! We've been serving guests and owners since 1986. If you would like a vacation rental market analysis or more information on renting your Lake of the Ozarks home or condo as a vacation rental, please 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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