The average house in California costs just over $760,000. While this is a substantially higher price than many other states, a more expensive home comes with greater rental income potential. There are certain nuances to be aware of, though.
It's essential to understand how to attract guests and handle rental bookings. We've put together a brief guide on managing bookings and reservations. Let's get started.
Identify Your Target Demographic
To minimize vacancies and maximize your income, do your best to identify your target demographic. This will help you advertise your property efficiently.
For example, your rental property might be in an area of Long Beach popular with people over the age of 55. They might also be from out-of-state. If you mainly target a younger audience, you may find it difficult to connect with the right guests.
To gain insight into who you should focus on, consider the demographic of the neighborhood and local attractions. You can also look at other rental properties in the area and see if they target a specific audience.
Set Ground Rules
Setting ground rules will save plenty of time on cleaning, organizing, etc. between visits. These should be nonnegotiable and prevent guests from causing complications during their stay. To clarify, you could prohibit guests from bringing pets, having parties, or smoking in the house.
Avoid getting too specific or strict with your rules. This could deter potential short-term renters and make it more challenging to keep your property occupied.
Once someone books a reservation, stay in touch with them as the date approaches. If they don't hear from you for months before their rental date, they might cancel their booking and choose another option. Provide as much information as possible before they have access to the property.
This includes info about the aforementioned ground rules, details about parking, etc. Be easy to get in touch with if they have questions or concerns.
Work with a Professional
Working with a professional property management company is the best way to become a successful host. They have the resources and tools necessary to find guests and accommodate their needs. There's something to be said about the weight taken off your shoulders, as well.
When searching for a property management company in Long Beach, look into their past reputation. See what previous clients have had to say about their experiences.
You should also ask about their costs and fees. The last thing you want is to encounter financial surprises.
Inquire about the services they provide. Will they market your property for you to prevent vacancies? How do they handle guest-related issues during short-term rentals?
Don't neglect to perform your research. This will go a long way toward finding the best option.
Managing Bookings and Reservations Is Simple
As long as you work with the right professional, you should have no issue managing bookings and reservations for your rental property.
Speak with a representative at PMI Harbor Beach today. Our professional team is ready to help you take your passive income to the next level.