Today I’m going to give you my tips for maximizing the return of your Telluride rental property:
You’ve invested in a Telluride property and you’ve chosen to share it with others by offering it for rent in the vacation rental market. You have many options to choose from, a professional management company or renting it on your own through platforms like VRBO and Airbnb. Regardless of how you choose to rent your property, be sure to do an annual checkup of important strategies to maximize the rental return on your investment. The components of this analysis should include a management performance evaluation, a marketing and pricing review and an appraisal of the property's condition and needed improvements. Completing this review on an annual basis will allow you to more fully enjoy the use of your rental home.
If your property is professionally managed, and there are several excellent rental management companies in Telluride to choose from, make sure you are satisfied with your current rental management company's performance. With so many good rental companies to choose from, you can afford to be picky about the company you and your property are partnered with. If it's time to change your management company, look for a company that is focused on providing 24/7/365 promotional marketing, booking and guest services. Your new company should give the best possible expert care for your property and specialize in executive level homeowner service and communication.
Owners who are making reservations and managing properties on their own should review their property's performance versus prior years. Metrics to look at should include the number of nights rented, average daily rent paid and total income net of maintenance and housekeeping expenses by the week. Identify the time periods that your property didn't rent and address your pricing and marketing targets accordingly.
Today's Internet-driven world allows owners to easily book and manage properties on their own. However, many owners underestimate the amount of time required to self-manage and are realizing that their time is better spent on other things. An effective rental management company can greatly ease the burden of owning rental property.
A professional management company will establish a year-round strategy to promote and book your property. They will compare your property's pricing to similar units and decide how to break out pricing seasons, yield management stay restrictions and seasonal targets like families when school is out, skiers in the winter and hikers, golfers and festavarians in the summer.
Your property should have its own competitive advantage. Is your property newly updated or renovated? Does it compete on lower pricing and value? Does it come with extras like ski passes or gaming systems that help set your property apart? Guest reviews of the destination and their accommodations provide powerful word of mouth advertising that can differentiate your property and make a large difference in the amount of bookings you receive.
Properties today should have large flat screen HD TV's in the living rooms and bedrooms, updated kitchens, bathrooms and bedding. Of course, fast and dependable Wi-Fi to support multiple devices is critical.
Assure to complete an annual maintenance punch list and solicit feedback from your rental manager and guests to communicate potential upgrades to you that will allow you to maximize your rental income and the enjoyment of your Telluride rental property.