Do you own a vacation rental property in Eugene and it continually isn’t generating the income that you’re hoping for? If that’s the case, you’re not alone. There are many vacation homeowners that find themselves facing this issue, it can be an extremely frustrating and stressful situation. However, there a few immediate things that can help you in solving this dilemma and turn things around. In this blog, we’ll discuss five solutions to help you with your low-earning vacation rental in Eugene, and how reaching out to a local home buying company such as, Property Bridge may be worth doing.
1. Re-evaluate Your Pricing Strategy
First and foremost you will want to look into your pricing strategy regarding your rental because you may be charging too little or you may not realize that your are charging too much.The best way to find out if this is the case is to take some time to research similar vacation rentals in the area that have the same amenities and see if you are priced accordingly. Once you see what others are charging you will be able to adjust your pricing to match your competitors.
2. Improve Your Marketing Efforts
Another factor that can make a huge difference is being sure that you are marketing your rental to as many prospective customers as possible. Make sure your vacation rental is listed on popular vacation rental sites like Airbnb, HomeAway, and VRBO. Importantly, take high quality photos, even consider hiring a professional photographer, for your listing. In that same vein take the time to write compelling and quality descriptions of your vacation rental. It may even be worth hiring someone to set up and market your property for you. With that you’ll want to make sure your marketing costs don’t obliterate your profits, but an upfront const in marketing may payoff in the long run.
3. Offer Additional Amenities
Is your vacation rental standing out from the other similar rentals that you see being advertised? If not you may want to consider adding additional amenities to your property. For example, adding more games for guests, providing beach chairs, and/or giving access to an outdoor grill. These simple extra amenities could be the deciding factor for renters when choosing between multiple vacation rentals in Eugene. Keep in mind though, adding things like a hot tub or high activity lawn games may require more maintenance and cost to you, so be sure that you are not only pricing accordingly, but that any amenities that you add make sense for your rental.
4. Hire a Property Manager
If you’re struggling to manage your vacation rental on your own, consider hiring a property manager. A property manager can take care of everything from marketing and booking to cleaning and maintenance. While it may be an additional expense, it can save you time and stress in the long run. Be sure to thoroughly inspect reviews and references before hiring someone to manage your home, but it cannot be overstated how valuable a quality property manager can be.
5. Sell Your Vacation Rental to Property Bridge
If none of the above solutions work for you and you are tired of managing and sinking money into a short-term rental property that simply isn’t paying off, then it may be time to consider selling your vacation rental. Selling your property directly to Property Bridge can be an excellent option if you’re feeling frustrated or overwhelmed with your vacation rental. Property Bridge specializes in buying homes directly from homeowners in Eugene, and the process is hassle-free and straightforward. By selling directly to Property Bridge, you can avoid costly repairs, commissions, staging, marketing, and negotiations. You can also sell your vacation rental quickly and in as-is condition.
Selling your vacation rental to Property Bridge can be a great solution if you’re facing financial difficulties or a sudden change in circumstances. It can provide you with the cash you need to move on to the next chapter of your life.
If you are struggling with a low-earning vacation rental in Eugene, there are solutions that can help. Re-evaluating your pricing strategy, improving your marketing, offering additional amenities, hiring a property manager, and selling your vacation rental to Property Bridge are all viable options. Consider your situation and choose the solution that works best for you. Our team is happy to make you a fair and straightforward offer, free of any cost or commitment. Give us a call today to find out what we can offer you! (541) 224-6466