San Francisco is one of the most popular cities for tourists to visit. Last year, the city welcomed nearly 22 million visitors.
If you are someone that is interested in real estate, you may have thought about investing in property here. Then, you could start owning a vacation rental and let tourists stay there.
However, if you lack experience doing this, you may need a vacation rental management company to help you operate it.
What can vacation rental management do for you? These are some of the things that it can do for you.
Market Research
The first thing that a short-term rental management company can do for you is determine how much you can charge for a nightly rate. There are a few factors that go into this.
The main factors are where in San Francisco your property is located along with the size of the property. Are you near Union Square or Fisherman's Wharf? Or, is your property located on the outskirts of the city?
Having a convenient location allows you to charge a higher nightly rate because you allow your guests the ability to travel a short distance to their ideal tourist attractions.
Then, the size of the property comes into play because if your property is large enough, you may attract larger groups to it. If you have more bedrooms, families and friends may be willing to split the costs and as a result, you could charge a higher nightly rate.
Let's say that there is a hotel in downtown San Francisco that charges $300 per night. However, it can only fit two people. If you have a place in a similar location that has four bedrooms, you could charge more than $1,000 per night for that same location.
Do some market research on how much other properties charge in certain neighborhoods and for certain sizes.
Professional Photographs
Another thing that a rental management company can help you with is getting professional photographs of your property. They can hire a professional photographer to do this and post those pictures on several platforms to draw guests in.
Think of this as part of your marketing budget. Having quality photos will get people to notice your property instead of scrolling past it.
You could fill listings 68% faster if you have high-quality photographs compared to if you don't. At the end of the day, you need your property to jump off the page compared to its competition. Use any advantage that you can to get that edge.
Get Vacation Rental Management
These are two things that vacation rental management can help you with. Remember, if you have a new property, you need to find ways to make it stand out. Posting professional photographs of it online can help get it noticed by more people.
Then, you may need help with market research so that way you can maximize profits. This includes knowing what the market rate is for certain property sizes along with certain neighborhoods.
Are you ready to get started? Message us here with your questions.
