The rental model is a more reliable, consistent way to generate real estate income. However, it's not a decision you want to jump into without research.
Start with a list of goals and assessments.
For example, set a monthly (or yearly) income range. Apply different income models to see how you can generate that sum quickly and efficiently.
Next, assess the needs of the area and your target market. This can help you decide among month-to-month rentals, 6 to 12-month leases, and short-term rentals.
If you want to target the vacation market, then short-term property management is your best bet.
These rental contracts work best for people visiting Greensboro for the summer or visitors on business trips. If your rental is close to amenities like shops and attractions, you're more likely to maintain a steady stream of bookings and income.
Learn how to capture your ideal guest.
Assessing Short-Term Property Management Goals
Assess the area to understand what draws visitors to this particular location.
Greensboro, Georgia is home to summer boating activities, festivals, museums, and yummy restaurants. This will help you understand which months are peak seasons and which are shoulder seasons. In Greensboro, the peak season is summer, so you'll want to have your short-term rentals ready for festival attendees and families on vacation.
During peak season, you can price your rentals higher. Shoulder seasons are less crowded, thus, pricing your rentals lower than the summer market rate will keep those vacancies filled and passive income rolling in.
Don't forget about the business visitor crowd. This location is also home to industry conventions and people who travel for business. A short-term rental with an equipped home office would be an ideal draw for this demographic.
Promote the Right Experience
Once you've assessed the most lucrative market for your rental, your next step is to craft a marketing campaign to capture your ideal guest. Start by creating a demographic profile for your ideal tenant; this profile should include objectives, annual income range, gender, number of people in the household, occupation, and more metrics.
For example, if you've identified families on vacation as your target market, you should develop your marketing materials around this profile.
Consider social media sites like Instagram and Facebook. Instagram is perfect for showcasing high-quality photos of your short-term rental. You can even take professional-quality photos from your smartphone; use the same pictures for your vacation rental listings, as well.
Facebook works well for local marketing, especially if you want to attract families from neighboring cities. You can set up Facebook ads complete with photos and descriptions.
If you set up a Facebook page, you can even generate star reviews. User reviews are a vital part of any vacation-centered social media strategy.
Consider working with a property manager who's experienced with digital strategies, from listing software to Google reviews. They'll also conduct routine maintenance and home staging to ensure your rental looks its best.
Get More Bookings Today!
Take time to put together the perfect marketing campaign for your rental, and don't forget to consider the benefits of professional short-term rental management.
PMI Oconee is a vacation rental leader in the Greensboro area. Talk to one of our property managers to learn more about our services.
