Austin saw over 30 million domestic tourists in 2023 with millions more international visitors as well.
If you're an Austin property owner, these tourism numbers should signal a golden opportunity. Whether you're a property investor or an average homeowner, you can rent out your house for a major profit.
In today's post, we'll explain how to turn your house into a vacation home with a short guide. When you approach it the right way, you'll make plenty of extra income, so keep reading and let us help you get started.
Marketing Your Property
As you begin your journey toward being a vacation home owner, you'll need to take property marketing seriously. There are hundreds of existing short-term rentals in Austin, so standing out from the competition will require you to put resources into marketing.
It all starts with a solid property listing. A good short-term rental property listing contains plenty of professional real estate photos that show every important detail of the home. You'll also need a thorough description of the property, its amenities, as well as the local amenities.
When you're happy with your listing, post it on the rental platforms of your choice, such as Airbnb and VRBO. If you need to get more eyes on the listing, you can employ digital marketing tactics, like SEO and paid social media ads.
Pricing the Unit
The other thing that's going to help your rental stand apart from the competition is pricing. When you don't have reviews from former guests to lean on, you have to rely on competitive pricing to appeal to visitors.
This is where market research comes into play. Look at how much other similar listings are charging per night and base your initial rental prices on that. By offering competitive rates, you'll attract more cost-conscious vacationers.
It also helps to use sliding scale pricing. Even a tourist-laden city like Austin has busy and quiet times. Lowering your prices when it's slow and bringing them back up when it's busy will help you keep occupancy rates high and extra income in your bank account.
Guest Management
Getting renters into your short-term rental property is just the first step on the path. Once they're in the rental, it's your job to ensure your guests are having the best possible experience.
A lot of this can be done ahead of time. Make sure that you're providing your guests with all of the amenities they might need, from in-suite laundry to supplies from local businesses. Going above and beyond for your renters will secure you a positive rating when they leave.
Speaking of ratings, always encourage happy guests to leave your rental a great review. Securing good reviews will help you secure future guests without having to keep investing in property marketing.
Property Management Can Help You Rent Out Your House
Follow this guide and you'll rent out your house successfully. The more successful your Austin rental is, the more guests you'll obtain and the busier you'll be. If you're finding it overwhelming, it might be time to hire a property manager.
At PMI Austin Metro, we're Austin's top short-term rental property management company, offering help with everything from property marketing to guest management. Contact us today to learn how we can help you run your vacation rental.
