Dallas is a hot market for travelers, attracting over 20 million visitors every year, according to Hotel Dive. The city is a hotspot for sporting events, entertainment, and business, so it's forecast to keep attracting lots of visitors long into the future.
Operating a vacation rental property in Dallas is a smart business move. However, don't expect to bank the big money if you're just sitting back and not putting any effort into maximizing rental income.
Facing stiff competition from hotels and other short-term rentals, hosts must find innovative ways to get more bookings. Keep reading for a few tips and strategies you can deploy.
Make the Most of the High Season
Like most cities and vacation destinations, Dallas experiences high and low travel seasons. Summer is the busiest month, as you'd expect, and spring also sees plenty of action. As the temperatures drop into winter, so does the number of visitors.
To maximize your income, it's important to make the most of the high season. Getting your property booked throughout the busy season is a good start, but it only means you're earning a steady income, not necessarily maximizing it.
A good strategy is to use peak season pricing. During summer, many travelers know the demand for the best accommodation facilities is higher, so they expect to pay higher prices. Don't shy away from increasing your nightly prices accordingly, but be careful not to overdo it, as too high a price can lead to a decline in bookings.
Know How to Attract Guests in the Off-Season
The off-season can be brutal for short-term rental owners since the number of Dallas visitors declines sharply. However, if you know how to play your cards, you can get a fair share of the few that come to the city.
You need to master the art of attracting guests in the off-season. In addition to offering attractive discounts, use targeted marketing. For example, if events are happening during winter, try partnering with the event hosts so that your vacation rental services are advertised to the attendees.
Another strategy is to switch your target to the local audience. If out-of-town or state visitors have dried up, why not entice the locals? Curate a package and market it effectively and you'll see some locals interested in staying in your rental.
Minimize Your Expenses
Running a vacation rental comes with several expenses, such as:
- Cleaning fees
- Property repairs and maintenance
- Marketing
- Guest screening
- Security services
- Utilities like electricity, internet, and water.
Keeping your operating expenses as low as possible is a good business practice. The goal is to widen your profit margin without necessarily needing to increase prices. As such, find opportunities to cut your costs, including using cheaper marketing methods and even doing some of the on-site tasks yourself.
Maximizing Rental Income Made Easier for Dallas Hosts
As a vacation rental host/owner, you're also an entrepreneur. And like all entrepreneurs, the mission is to increase profits. These tips will make maximizing rental income easier, but there's one more thing you can do to get the best results: hire a vacation property management company.
PMI Big Tex is a property management company that specializes in the Dallas-Fort Worth short-term rental market. We began hosting short-term rentals with our own property on Airbnb five years ago, gaining firsthand experience in owning and managing rentals in a competitive and increasingly demanding market.
Schedule a consultation to learn more about what we can do for your vacation rental.
