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Dallas is one of the hottest tourist destinations in the United States. Each year, more than 22 million people from across the globe come to visit Dallas. The economic impact of tourism and vacationers is nearly $10 billion.
There are many reasons to vacation in Dallas. Sports fans come to root for the Cowboys or the Mavericks. Others visit the world-famous restaurants and attractions.
For these reasons, many investors are thinking about buying a property rental for vacations in Dallas. Read on for a comprehensive guide to maximizing rental income with your vacation property.
Develop a Reputation of Excellence
Vacationers have more information at their fingertips than ever before. After their stay, many people document their experiences on the internet or social media. This is especially true when a tenant has a poor stay.
It is essential to develop a reputation of excellence in the digital community. You want to strive for vacationers leaving 5-star reviews each time they stay.
This means under-promising and over-delivering on amenities. It also encompasses providing a spotless property with a seamless check-in process. Lastly, all maintenance issues should be taken care of promptly by the property manager.
Marketing Your Vacation Rental
Now that you have excellent reviews, it is time to start marketing your vacation rental. The objective is to get the word out about your vacation property and fill as many vacancies as possible.
Filling vacancies is the primary challenge of managing a short-term rental. This situation is much different than managing a long-term rental where the tenant is locked in for the year.
These days, real estate marketing is largely done in the digital world. Print advertisements are ineffective and do not reach the right audience.
Social media is one of the best places to advertise. Your property manager can create a marketing campaign that targets a specific audience.
Consider that your average tenant is 55 years old and drives into Dallas from the Midwest. You can select these filters with Facebook advertising and reach these people directly.
There are many other demographics to target. You can filter advertisement recipients by income level, location, age, marital status, and more.
Flexible Rental Pricing
As a short-term rental property owner, you must understand that each vacation is not equal. Some weeks are more desirable than others.
The weather is a primary driver of short-term rental demand. Dallas is blazing hot in the summer and many people do not want to vacation there. The preference in Dallas is typically spring or fall.
You may want to adjust your rental pricing to accurately reflect vacation demand. A property management company is in tune with seasonal demand. They know about local events that drive brief increases in demand.
Your Guide to Buying a Property Rental for Vacations
You now know how to maximize income on a vacation property. Steps like developing a marketing campaign and using flexible pricing go a long way.
PMI Big Tex has the experience and resources to fill your vacancies. If you are interested in maximizing income on a property rental for vacations, contact us at PMI Big Tex today to speak with an expert.
