In 2022, Orlando was the most popular city to travel to for tourists across the United States.
What does this mean for a property owner in the city?
This means you can turn your home into a vacation property and earn a decent rental income. One of the best ways to succeed with this endeavor is to list your property on several platforms.
The biggest mistake that many property owners make is focusing on only one platform.
Here's our case for using various vacation rental platforms:
1. More Exposure
The first advantage is that you'll obviously get more exposure. You can also expect to get requests from different types of clients. These can include tourists, business travelers, and digital nomads.
Tourists may prefer to stay during a regular or long weekend, but usually not longer. Business travelers and digital nomads often like to stay longer.
You can consider short-term rental options for these types of travelers. You want to be able to showcase your property to this diverse range of potential guests and tenants.
2. Reducing Vacancy
What happens if you have an entire month or two without a tenant? Then all your profits will be used to cover the expenses of those months.
If you list your property on multiple vacation rental platforms, you'll decrease the chances of vacancy.
For example, you might get a one-month reservation via Airbnb. Next month, your property may have a guest who finds it via Booking.com.
You want to reduce the vacancy rate as much as possible. Your property should be as in-demand as the most popular hotels in Orlando.
3. More Income
Each platform might have a different spending average from their customers. You may be able to rent out your house for $1,500 per month using one platform.
However, another platform might attract potential guests willing to pay $2,000 per month for your property.
You'll also get ratings from your guests. But, of course, some guests never get around to rating their stay. What happens if one platform only has three reviews, whereas another has over a hundred?
If you only list your property on the first platform, it'll be pushed to the bottom of the search results. You also never know how a platform's policies can change to negatively affect you.
Platform A and Platform B can take a 20% commission. But what happens if Platform A increases its commission fee to 30%?
Once again, you want to have your property on many platforms to increase your potential earnings.
Choose Various Vacation Rental Platforms
Now you know the benefits of using several vacation rental platforms for your property.
You'll get more exposure for your property. If it's not found on one platform, it might be found on another.
It's also great for reducing vacancy rates. The more exposure it has, the less likely you'll have to deal with long periods without tenants. It's also the best way to increase your chances of earning consistent income.
Of course, you don't want to do this all on your own. PMI Orlando will help you with vacation property management.