Have you considered starting a vacation rental hosting business in Memphis? In 2022, the city saw a record increase in the number of hotel rooms booked by tourists. No doubt this will continue to increase throughout 2024 and the foreseeable future.
This offers a great opportunity for vacation hosts in the city. However, how do you compete with the major hotels? How do you attract tourists to stay at your property?
This guide will show you the best vacation rental tips to build a sustainable business in Memphis. Here's what you must know.
Start Marketing Early
Your property might be the best place to stay during the summer. However, you need to start marketing as early as the spring. Many guests will want to book your property several months in advance. You might even find guests who'll pay an extra fee just to reserve your property as early as possible.
To succeed as a host, you need to communicate with potential guests early on. For example, make yourself available to answer any questions they may have about the property. Guests want to ensure they'll feel comfortable before agreeing to book your property.
Conduct a rental analysis first so you know how much to charge for rent. Do your research on how much vacation homes for rent cost during peak seasons.
Offer Travel Tips
One major factor for successful vacation rentals is that the hosts understand the city they live in. You can expect many guests who aren't familiar with all that Memphis has to offer, which is where you come in.
Make sure you advise your guests on what attractions they might want to see in Memphis. You can also suggest restaurants, shops, transportation companies, etc, to them.
You don't exactly have to be a tour guide, but your guests should feel comfortable asking you any questions about exploring Memphis. This alone can enhance their experience of living in the city.
Rental Property Management
The final step is to hire a rental management service for your vacation home. They can handle many of your most important tasks.
For example, they'll organize rental property inspections. These inspections will assess if your property is in the right condition for vacation guests.
If you're unable to communicate with guests, property managers can do this for you. Whether you need them when you're on a break or you need them full-time, they'll offer 24/7 services to your vacation guests.
Property managers are used by both new and experienced landlords. They're crucial for ensuring rental property success.
Succeed With Vacation Rental Hosting
If you follow the steps in this guide, you'll succeed with your vacation rental hosting efforts. Start by marketing your property before peak season. Make sure you offer travel tips to your guests.
However, to ensure continued success, you'll want to hire a property management company. They'll play a key role in building your rental business.
PMI Bluff City is a leading property management company serving landlords throughout Memphis, Tennessee. We have over 20 years of experience in the industry, and we'll be glad to help you.
