According to a September 2024 article by WREG.com, Shelby County, TN, whose county seat is Memphis, welcomed 13.5 million visitors in 2023. Tourists spent $4.2 billion in the county, of which 17%, or over $700 million, went to lodging expenses alone.
All those figures show how lucrative owning and managing a vacation rental property in Memphis can be.
However, standing out in the Home of the Blues's competitive vacation hosting market requires more than owning a property you can rent to travelers. Read on, as PMI Bluff City will discuss essential strategies to help you get started.
Location, Location, Location
Your path to vacation rental success hinges primarily on its location. If you're still in the process of buying a vacation home in Memphis to rent out, choose one close to:
- Iconic attractions such as Beale Street, Graceland, Memphis Pyramid, Sun Studio, and specialty museums
- Shopping and dining establishments, particularly Memphis BBQ joints
- Essential services, such as transportation systems, healthcare facilities, and fire/police departments
Even if you already own property in Bluff City, chances are, it's near one or more of the above. So, you can still use its location to your advantage by highlighting all the attractions and amenities nearby when creating listings and marketing your property on the best vacation rental platforms.
Set Competitive Pricing
To profit from vacation rental properties in Memphis, you must identify and set competitive rates, which you can do with a rental pricing analysis. It involves analyzing comparative properties, also known as "comps" (those in the same area with similar features and amenities). Knowing how much other hosts with comps charge can help you set the right price that attracts guests while ensuring a healthy profit margin.
Invest in High-Quality Listings and Intelligent Marketing
Invest time in creating compelling property listings with the following:
- Detailed descriptions
- Highlights of unique features of your property and the local area
- High-quality images and videos
Intelligent, innovative marketing is also one of the most effective Memphis rental strategies you should implement to boost rental income. It involves using social media platforms and local OTA (Online Travel Agencies) to reach potential guests.
Targeted ads are also wise, considering that, according to the Institute of Data, studies have shown that they can increase click-through rates (CTRs) by 5.3 times. Over one in three social media users also makes purchases through these ads.
Leverage Memphis Vacation Management Services
If managing your rental operations feels overwhelming, partner with Memphis vacation management experts. They're professionals who can handle every aspect of short-term rental property management, from marketing to maintenance. They can give you peace of mind and the freedom to enjoy your investment while ensuring it remains profitable.
Make Your Vacation Rental Property Succeed
Whether you're just entering the market or looking to improve your current operations, implementing the discussed strategies can help your Memphis vacation rental property thrive. So, start applying these insights and watch your rental property flourish.
If you're ready to partner with professional managers, PMI Bluff City is happy to help! Our owner, Darrell W. Harden, is a highly experienced property manager who brings over 20 years of vacation rental and business management expertise to the firm.
Speak with us today for a free property consultation and discover how we can help elevate your vacation rental journey!
