2022 saw over 8 million visitors come to Galveston.
For property owners in Galveston, this is a great sign and a unique opportunity to turn your real estate into a vacation rental. Summer is the perfect time to capitalize on the influx of visitors coming to enjoy everything Galveston has to offer.
There are dozens of existing vacation rentals that you'll need to compete against, however. In today's post, we'll help you run a successful summer vacation rental by giving you some high-season rental tips. Read on and you'll be able to maximize rental income with the right summer rental strategies.
Invest in Marketing
Starting a vacation rental in Galveston is a great idea, but as mentioned above, there are already plenty of existing rentals. You'll need to get crafty if you're going to stand out from the competition, which means investing in marketing.
Marketing a vacation rental starts with a good listing. Write a detailed description of your property, its amenities, and the local area's amenities - nature, shops, restaurants, etc. Next, take plenty of professional-looking real estate photos that showcase your property in the best light.
Once you've got your listing, put it on the vacation rental platform(s) of your choosing. You may even want to think about things like SEO and paid ads to get more eyes on the listing.
Consider Your Pricing Strategy
You'll need to consider your pricing strategy. To compete with established rentals, it's in your best interest to offer competitive rates. There are multiple pricing strategies you can employ to maximize rental income.
Firstly, you should implement sliding-scale pricing. During peak season and the holidays, bring your nightly rates up, then bring them back down when it's slower. This ensures that you have bookings all year-round.
You can also offer discounts for early bookings and day-of discounts for vacant units. During the peak season, it's wise to implement a minimum stay policy that ensures you don't have unnecessary vacancies.
Prioritize the Guest Experience
When you're ready to welcome your first guests, it's your time to shine. You must prioritize the guest experience to establish yourself in the Galveston short-term rental market.
The key to a great guest experience is being available without being overbearing. Make sure your guests know you're there if they need you, but try to keep out of the way after that. As long as you've prepared a clean and amenity-filled unit, they should leave your rental satisfied.
After your happy guests check out, make sure to ask for a good review. The more good reviews you accumulate, the easier it'll be to secure bookings in the future without investing in marketing.
Hire a Property Manager for Your Summer Vacation Rental
If you nail your summer vacation rental strategy, you can make a killing in Galveston's thriving tourism market. The more guests you secure, the busier your life as a vacation rental owner will be. If you're having issues keeping up with the work, you may want to hire a short-term rental manager.
PMI Galveston Bay is the city's top vacation rental management group. We can handle every aspect of running a vacation retreat, from marketing to guest management. Contact us ASAP to learn how we can help you maximize your rental income.
