If you own a second property in New Jersey that you're not using, you're missing out on additional income. Think about the expenses it takes to maintain a vacant unit, from taxes to utilities. It adds up!
Fortunately, you can start renting out your property quickly with the help of a short-term rental management company. Even better, this move could be the start of a blossoming real estate portfolio.
How much money can you make from this venture?
This amount depends on how much you're willing to invest in your property portfolio.
Recent data from the National Association of Realtors, one short-term rental alone can generate up to $56,000 on average. Short-term rentals in top destination spots can command even higher revenue.
Learn more about maximizing income from vacation rentals.
How to Grow Your Portfolio With Short-Term Rental Management
A strong portfolio is the only way to generate significant income from short-term rentals. Location plays a big role. When growing your portfolio, look at up-and-coming areas that are expected to draw in more crowds; getting a head start will help you score a more reasonable price before property values rise.
The above points speak to the importance of analysis. There are so many data points to consider.
Research the following:
- Popular vacation seasons
- Top Industries
- Local attractions
- Popular events (i.e., world series, festivals, etc.)
- Surrounding property values
- Rental price averages
- Appreciation rates
As you wait for vacation rental income to roll in, you can apply for a real estate loan to finance your next property purchase. There are several fees to consider, including real estate agent fees.
Market Your Vacation Rentals Effectively
Effective marketing is paramount to maximum income. It's all about investing your capital in the right avenues.
At this stage, consider working with a property management company, like PMI Saltwater, with proven marketing experience. Your property manager will use a combination of methods, from listing submission software to social media, to ensure your rental listing gets in front of your target market.
A cornerstone of vacation rental marketing is compelling photography. Property managers work with professional photographers to showcase your rental in the best light. Thus, property managers also follow rigorous maintenance protocols to ensure curb appeal is picture-perfect.
Property Maintenance Improves Profits
Excellent maintenance attracts serious renters who want the best vacation experience for them and their families. These experiences lead to top-rated reviews and the kind of word-of-mouth marketing that fills vacancies consistently. Consistent income is key for any top-performing portfolio.
The importance of property maintenance is another reason to hire a property management company. As your portfolio grows, you can't visit each property individually. One of the primary roles of property managers is to ensure each rental is in top shape; this includes conducting routine inspections for repairs and upgrades.
Upgrading your rentals with top-of-the-line appliances, plumbing systems, and HVAC units is vital for facilitating top-rated vacation experiences.
Start Building a Thriving Portfolio
Now is a great time to consider the possibilities of short-term rental management. Start by purchasing a vacation rental in a promising area. Next, invest in the right marketing strategies and stellar maintenance to attract only the best tenants.
Let PMI Saltwater help you grow a consistent real estate portfolio. Learn more about our services or call us today to speak to an expert.
