Tourism brought in over $1.5 billion to the Greensboro economy in 2022 alone.
You may not have thought that being a Greensboro property owner could make you money, but when you see the tourism numbers, it's evident that there's a market for short-term rentals. Starting a vacation rental property can bring in plenty of rental income on the side, but there's a lot to consider first.
In today's post, we'll tell you three things you should be thinking about concerning short-term rental management. Read on and you'll have the information you need to make this life-altering decision.
1. Can You Share Your Home?
The first thing to consider is whether or not you're ready to turn your home into a vacation rental. If you're offering up your family home to vacationers, where will you go or how will you divide the space?
A good vacation rental doesn't feel lived in. To attract guests, you'll need to de-personalize the house as much as possible by taking down photographs and artwork. When guests are there, it should feel like the property is theirs for the duration of the stay.
Fortunately, with short-term rentals, you can pick and choose when you list your home. If you want to make serious rental income, you'll need to make it available at the busiest times of the year and figure out how to share the property effectively.
2. Prepare for Competition
Although Greensboro's tourism is booming right now, that doesn't mean it'll be easy to rent out your home to tourists. When starting, you'll be faced with plenty of competition from other vacation rental owners. More established rentals tend to be more attractive to guests because they have lots of positive reviews.
To combat this, you'll need to invest in property marketing. You'll have to write an attractive property listing with a detailed description of the property and local area. You'll also need to take plenty of professional-quality photos of the property so guests know what they're booking.
Put your listing on the vacation rental site of your choosing. It may also be beneficial to invest in things like SEO and paid ads to put your listing in front of more eyes.
3. Hire Property Management
There are many reasons why hiring property management for your short-term rental is a good idea. If you own property in Greensboro but live elsewhere, the property manager can handle every aspect of running your vacation rental.
Even if you're based in Greensboro, property management makes your life easier, however. They'll market the unit, screen guests, and help facilitate a positive guest experience. Property managers can also deal with the financial side of running a short-term rental, leaving you to collect your rental income.
Getting Short-Term Rental Management from PMI Oconee
When you nail your vacation rental strategy, you can make significant income from your property. At the same time, you'll get busier and busier running your rental. If you're in over your head, hiring short-term rental management can alleviate your duties.
PMI Oconee offers all of the services mentioned above and more. We can help you secure guests and ensure a positive guest experience at your short-term rental. To learn more about what we do for our clients, contact us today.
