If you own a holiday property, you know that generating extra income is the aim of the game!
Your rental income needs to cover the running costs of your investment property and generate additional income to give you greater financial freedom. Most holiday-let owners stay on top of the essential maintenance tasks, like replacing leaky guttering. Yet this alone won’t help you increase your bookings or justify higher rental charges.
Instead, you need to think strategically to generate more income from your holiday let. That means investing in features that will increase your ROI, tapping into new rental markets, and giving your guests THE BEST experience possible.
Here are five effective ways to boost your holiday property’s profitability.
1. Renovate Your Property
One sure-fire way to increase your holiday let income is by investing in renovations. Modern, well-maintained properties tend to attract more guests and command higher rental rates. Consider updating the decor, modernising the bathroom, and ensuring that all the facilities (think routers, televisions, white goods, etc) are in excellent condition. Doing this won’t just give your guests a better experience; it will generate positive reviews, valuable word-of-mouth referrals, and encourage repeat bookings.
2. Add Popular Features
Help your holiday let stand out with popular features that guests are actively seeking. Hot tubs, king-size beds, and open-plan spaces are some of the most-requested features from holidaymakers. Investing in these facilities will set your holiday property apart from the competition and attract guests willing to pay more for those high-end creature comforts.
Top Tip: Improve your search engine results by using frequently-searched terms in your property listing. Potential guests will be more likely to see your property listing when they search on the internet.
3. Have a Strong Wi-Fi Connection
In this digital age, a decent Wi-Fi connection is a necessity, not a luxury. Holidaymakers rely on a strong internet connection to stay in touch with friends and family (and even work). They’ll also go online to order food, access streaming services and social media, and plan day trips. For these reasons, the presence (or otherwise) of a high-speed Wi-Fi connection can be a make-or-break factor when guests are choosing their accommodation.
4. Become a pet-friendly holiday let
Pets can create extra mess and damage, so some property owners have a strict no-pets policy. Yet this is disingenuous if you’ve got a good cleaning service and the necessary insurances in hand. That’s because pet owners are a growing niche market. What’s more, this demographic includes higher-income professionals and retired couples who may be willing to pay more for pet-friendly accommodation, and book stays outside peak season. Allowing pets will also broaden the booking potential of smaller properties that aren’t suitable for families and larger groups.
Top tip: Communicate your pet policy clearly in your listing. Including all deposits and pet surcharges. Don’t forget to mention pet-friendly amenities like an enclosed garden.
5. Allow Short Breaks
Flexible booking options open up new revenue streams for your holiday let. Think short breaks, like weekend getaways or midweek stays, which accommodate different guest preferences. Remember – not everyone wants (or can afford) the traditional 7-night stay. So, offering shorter breaks provides you with the opportunity tap into these markets AND fill gaps in your calendar, thus boosting your property’s earning potential.
And finally…
Generating more income from your holiday let means taking a proactive approach, anticipating your guests’ needs, and exceeding their expectations. By spending wisely on property upgrades, adding key features and offering more flexible bookings, you’ll encourage more bookings and command higher rental fees that will help your revenue soar!
Skies Holidays is an independent holiday letting agency based in Cumbria offering property management and property development services. We are a family-run company with a hands-on approach to property management that prioritises local knowledge and a personal touch.
Call us or visit our website for more information on our holiday-let portfolio. You can even use our Rental Income Calculator to find out how upgrading your property could boost your rental income. You can keep up with our latest news on Facebook, Instagram and LinkedIn
