Austin, TX, has a vibrant music scene, many cultural events, and a booming tech industry. The real estate industry is also lucrative and will likely grow since Consumer Affairs predicts the short-term housing market will have a value of $81.63 billion by 2033.
Short-term rental management has become a popular venture due to the rising demand. If you're considering it, maximizing rental income and attracting guests should be priorities.
Here are three things to consider before starting vacation rental property management in Austin.
1. Local Regulations
Austin has regulations governing short-term rentals on factors like:
- Occupancy limits
- Noise regulations
- Minimum stay requirements
If you don't comply with the rules, you'll incur penalties or lose the right to rent out your property. Learn about the regulations affecting vacation rental management before launching. Besides, work with property managers since they understand the local rules and can help you stay compliant.
2. Effective Pricing
Setting fair prices for vacation rentals will improve competitiveness and attract more guests. Your prices should depend on the following:
- The location
- Size and amenities
- Season
Properties near downtown Austin or famous places like Zilker Park have higher demand. Even if you charge more than other owners in surrounding areas, you will still have a good occupancy rate.
Bigger properties with features like a hot tub or pool are attractive to guests, so they are often willing to pay more. However, they expect those without such amenities to charge less.
Many people visit Austin during spring and fall and when the city hosts the South by Southwest (SXSW) festival. Set your process higher in such seasons to maximize your property rental income.
3. Vacation Rental Marketing
Even if your Austin property is in a great location and has a fair price, it won't get booked if people can't find it. Good marketing is key to attracting guests and simplifying vacation rental management.
Here are some marketing ideas:
- Have good-quality pictures of the property
- Market your vacation rental online
- Write good descriptions
- Generate great reviews
Most short-term renters look at pictures of available accommodations to decide where to stay. Make your vacation rental property attractive by showing off the best features using high-quality pictures. You should also use these images when creating rental listings on online platforms.
When describing your property, focus on what makes it unique. For example, you can mention how close it is to downtown or has exciting amenities like a BBQ grill. Highlighting such features will make your property stand out and improve income generation.
Vacation rental reviews will reduce your marketing costs and boost business. As you plan to launch your property, strive to provide excellent customer service to get good feedback. Liaise with professional property managers to address issues like repairs quickly and customize services.
Short-Term Rental Management Made Easier With PMI ATX Properties
Starting a short-term rental in Austin can be a great way to earn money, but it's essential to be strategic. Understand the local laws, set fair prices, and invest in marketing to increase bookings.
If you're looking for full-service short-term rental management, PMI ATX is here to help. We use advanced tech to keep in touch with guests and ensure property owners know how their investments are doing. Contact us for a consultation.
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