Are you a rental property owner wondering how to make more money from your business? Luckily, there are many ways to improve your chalet occupancy rates and increase your profits by making your chalet more attractive and unique.
This post will advise you on how to make these improvements, what you can do yourself, and who you can call for help. We’ve also gathered expert tips from our very own OVO Network Revenue Manager to help…
Increasing your profits
At OVO Network, we are strong believers in the power of aesthetics, with interior design being high on our list of priorities when it comes to attracting bookings.
It may sound obvious, but guests search for somewhere visually attractive when booking. Aim for a cosy, functional and authentic atmosphere. Don’t be afraid to put your own stamp on things – guests love an ‘Instagrammable’ feature!
If home styling isn’t your area of expertise, then bring in an expert who can help you apply your own tastes and preferences to the space.
When you make changes to your interior design, make sure you showcase them ! Quality photography is key to securing the maximum amount of bookings, find out more about holiday rental photography with our handy guide.
The competition for holiday rental properties is fierce. Nowadays, simply having a ‘nice’ property isn’t always enough to keep guests coming back.
Basic equipment such as kitchen utensils, a washing machine/tumble dryer and other home appliances are a must. But going that extra mile by providing novelty equipment that guests may not have at home will help you earn more.
Here are some ideas:
- A gym machine such as a treadmill or exercise bike
- Mountain bikes, road bikes or city bikes
- Additional kitchen equipment for ‘foodies’ such as a blender, air fryer, slow cooker or ‘Magimix’
- Outdoor facilities, for example, a pizza oven, swing set or fire pit
- Equipment for kids such as table tennis/football, games consoles or a trampoline
Although it may seem evident, you need to ensure your property is available to book. The more your property is available, the more bookings it will generate.
Additionally, you need to be flexible with times – if it is the low season, ensure that you allow for varying lengths of stay. This will help you make the most of the quieter times.
The next thing you can do is encourage your guests to leave a review to help enhance occupancy. Future guests will read these comments and wish for the same experience.
Managing your property rental business
It can be difficult to decide whether to manage your property yourself or with professional help.
This totally depends on you and the time and effort you are willing to put in.
If you’re already running your rental property, you will already have a system in place, but here are some advantages and disadvantages of both approaches to help you compare…
Managing the business yourself
- You have control – every step of the process can be managed by you.
- It can be more personal – as you welcome the guests and show them around your property, you become their first point of contact.
- You can save money – you will save on costs such as cleaning, laundering the linen and paying a third-party company to greet the guests, check on the property or market the business.
- It can be very time-consuming – especially if you have a full-time job alongside.
- You always have to be available – guests may need to call on you at any point if there is an issue or if they have a question throughout their stay.
- You may have fewer contacts – if you run the entire business yourself, it can be harder to market your property and optimise the occupancy rates yourself.
- You still have a good level of control – all decisions have to be confirmed by you, but someone is there to help you implement them.
- Marketing and advertising are done by professionals – this is key to helping you increase your bookings and isn’t easy to do without experience.
- You generate income without having to be involved – perfect if you want a totally hands-off approach.
- It costs more – paying a professional company or agency comes at a higher cost. However, they can help you achieve higher chalet occupancy rates, therefore it’s usually worth it.
- You need to pick the right team carefully – a bad choice could impact the attractiveness and reputation of your rental business.
Advice from our Revenue Manager…
We spoke to our Revenue Manager, Jessica, who works alongside the Account Managers at OVO Network to monitor the owners’ rental property performance and optimise their revenue.
Here’s what she had to say…
Is there anything in particular that can help increase holiday rental occupancy?
“I would suggest four things: Price your property competitively, provide attractive equipment, decorate/configure to suit all guest profiles and provide a seamless, positive guest experience.
The installation of unique equipment such as a hot tub or indoor pool can provide an experience in itself, which will add further enjoyment to the guests’ holiday. To suit a wide range of profiles, think about twinable double beds for example, as they allow the property to be attractive to both couples (double beds) and friends or colleagues (twin beds).
Ensuring that the guests have a great time could mean they become frequent and loyal guests for the years to come.“
How can OVO Network help a rental property owner earn more?
“OVO Network will optimise the property listing by making sure the presentation looks and feels high-end.
We use professional photographers as well as create floorplans, virtual tours, website copy and more. We can maximise the property’s visibility thanks to our targeted marketing and google referencing, making it easy to find online.
Each region has a dedicated account manager who knows the region and gives the owners specific and unique advice. Finally, OVO Network has an enquiry team working 24/7 to answer all questions.“
We hope that this post has helped you in the process of assessing how to make more money from rental properties. If you own a property in the Alps, why not see how much you could earn with OVO Network…