San Francisco brought in almost 22 million visitors in 2022 alone.
If you're a San Francisco property owner, these statistics should pique your interest. You've got a fantastic opportunity to capitalize on the city's booming tourism industry. Do it the right way and your real estate investment could become a real source of passive income.
Today, we'll give you a short guide for starting with a short-term retail property. Keep reading and you'll understand how to secure and manage guests, as well as the role a vacation rental management company can play in your success.
Marketing Your Rental Property
When you're starting, you're putting your new rental investment up against established vacation rentals. You'll need to find a way to stand out from the competition. The best way to do that when you don't have reviews to lean on is to understand how to market your rental.
It starts with your listing. The key to a great vacation rental listing is professional-quality real estate photos and a thorough description of your property, as well as the local amenities.
Once you've got a strong listing, post it on the vacation retail platforms of your choosing. You can push it further by investing in things like SEO and paid social media ads, which can put your rental in front of more vacationers.
Competitive Pricing
The other thing that can help you gain a competitive advantage is sliding scale pricing. Even a place like San Francisco experiences waves of tourism with slower periods mixed in.
When it's slower, lower your prices to appeal to the few people who are visiting the city. As it picks up, raise your prices back up to stay competitive with other similar rentals. Competitively pricing your rental will help you maintain a high occupancy rate.
Guest Management
Getting guests into your vacation rental is the first step, but it's only the beginning of your work as a property owner. You need to ensure your guests have the best possible experience in your rental from the moment they check in until they depart.
It's all about finding the balance between being present for their needs while also remaining invisible. They should feel like the rental is their private abode while they're there, but also be comfortable asking you any questions they might have about the property or the area.
When a satisfied guest checks out of your rental, always prompt them to leave a good review on the rental platform of their choosing. The more positive reviews you get, the easier it is to appeal to new guests. As the unit starts to sell itself, you'll get more rental income with less investment in marketing.
How a Vacation Rental Management Company Can Help
These tips will help you get started as a short-term rental owner. As your rental becomes more and more successful, you'll have a constant stream of guests staying there, which can become a lot of work. That's when hiring a vacation rental management company becomes a good idea.
At PMI SF Peninsula, we're San Francisco's top vacation rental manager. We can manage every aspect of your vacation rental on your behalf, leaving you to get all of the perks of vacation rental ownership without the fuss. Contact us today to learn how we can help.
