Owning a rental property can be a lot of work. However, the gain can be worth it if you put the work in. One of the most important steps in owning a rental property in a busy vacation market like the Seaside Heights real estate market is knowing what to do in the off-season. Even if you are not actively renting your property in the slower months, there is still a lot that can be done in preparation for the next busy season. However, if done correctly and at the right times, you can have your property booked all winter long.
The most important thing about managing a rental property is knowing when peak season starts and ends. If you are new to owning a rental property in a busy beach market like the Ortley Beach real estate market, check with one of our realtors about the on and off-season times. Being aware of this is important so you can price, market, and rent your property appropriately. Being unaware of when to change your prices and requirements makes it more likely that people are going to pass right by your rental property. If you do not adjust your rental appropriately at the right time, reservations will be scarce.
Secondly, it is more important during the off-season to give people reasons why they should rent your home. Research local events and activities and make sure you highlight them on your rental listing. Point out all the great restaurants and all the fun things there still are to do in the area. Marketing your rental in the off-season is sometimes more about selling the location than the home itself.
When the desire to rent a beach house wanes, property owners need to become a bit more flexible with their rental requirements. For example, rental property owners in the Lavallette real estate market should consider lowering the minimum number of nights required to rent in the off-season. Most reservations for the summer season will require at least a 5-night stay. During the colder months however, in order to maintain an income flow, reservations are more likely to be made for shorter amounts of time.
It is also helpful to recognize that your demographic of renters may be different in the slower months so you may need to update your marketing to reach those more likely to book a reservation. Where in the busy months your home may be best suited for families, in the colder months you may want to shut down a few rooms and rent out to smaller groups or couples.
Lastly, you may need to be a bit more flexible on your pricing. Consider that it may be better to offer a booking to someone who is only able to pay a certain amount than have no reservation at all. When you accommodate people the best you can, they will let their friends and families know how wonderful it was to deal with you. Free marketing by word of mouth is priceless. These renters are more likely to recommend your home to others when they have a good experience.
Competitive pricing and accommodations are key to locking in reservations during the slower rental months. If you are unsure of how to price your Seaside Park rental during fall and winter, give one of our experienced realtors a call. There is a fine line between pricing it too high and not charging enough. If you are seeking to keep your rentals up over the off-season, you need to ask for enough per rental to still cover your costs. Not pricing your property appropriately could result in losses over the colder months when you could still be making a profit. Think about offering promotions during the slowest weeks of the year. Everyone loves a sale and this will attract renters to your property. Another step you may want to take is removing the request reservation button on your listing and allow people to book immediately. The easier you make it for people to schedule the vacations the better.
Whether you choose to continue to offer reservations during your off-season, the slower months are a great time to take stock of your property and get ready for next season. Check all your linens and replace them as needed. Hire a cleaning company to do a deep clean of the entire property. Inspect all your appliances for wear and tear. Look over all your reviews and ratings from last season to identify areas that could be improved. Also, many people plan their summer vacations during the winter so while it is important to secure rentals now, the real money comes in the summer. Start boosting your listing now for next season. Highlight any imporvements your are making and make sure people know why they should rent your home over all others.