According to WBIR.com, the National Park Service (NPS) reported that the Great Smoky Mountains National Park saw 13.3 million visits in 2023 alone. Many of these visitors stay in Gatlinburg, TN, considering the mountain city resort serves as a gateway and base camp, with some of the park's entrances right in the heart of town.
So, if you have a property in Gatlinburg, why not offer it to some of the city's visitors and start making extra income?
Our team at PMI Smoky Mountains will help you get started with our vacation rental income tips, so read on.
1. Establish a Competitive Baseline Rate
Competitive pricing is one of the most effective rental practices to maximize vacation income generated by a property. It involves researching comparable properties, or "comps," near yours to see how much they typically charge.
Comps are vacation rental properties similar to yours in terms of:
- Location
- Condition
- Age
- Number of rooms
- Amenities (e.g., a fully-equipped kitchen, outdoor spaces, free Wi-Fi, etc.)
You can find comps through vacation rental websites like Airbnb and VRBO. Utilize their filters to narrow your search based on the above factors. Then, check their baseline rates and use them as guidelines when setting your vacation rental price.
2. Adopt Dynamic Pricing
Dynamic pricing can help boost rental income and occupancy rates throughout the year. It involves increasing or lowering rental prices based on the season and market demand for vacation properties.
Per NPS, the Great Smoky Mountains National Park's busiest months are May through October. Weekends and holidays are the busiest days. You can set higher (but still competitive!) rates during these peak tourist seasons.
Then, come low season, it's time to reduce your rental rates. Doing so can help you attract off-season visitors to your vacation rental home.
3. Create Descriptive Listings
Once you've established a pricing plan, the next step is to justify your rates by creating engaging listings highlighting your property's best features. Here are some vacation rental strategies to maximize marketing and visibility:
- Make the title of your property's listing descriptive and concise
- Enumerate your rental's best features and amenities
- Back listings with high-quality photos
- Provide information about the nearest tourist spots and attractions
- Give expert recommendations about nearby dining and shopping establishments
Being as descriptive as possible can help you get and convert more legitimate leads to actual bookings and paying guests.
4. Welcome Pets
Allowing pets on your property is also one of the most effective vacation rental profit tips. A good enough reason is that, per Dogster.com, over three-quarters of U.S. pet owners travel with their pets yearly.
So, by welcoming pets, you can expand your prospective guest pool and increase successful bookings.
Follow These Vacation Rental Income Tips
From establishing a competitive rate to adopting dynamic pricing and welcoming pets, these are just some of the most effective vacation rental income tips for boosting occupancy rates and profits. So, consider implementing these strategies as early as today.
However, if you want a more hands-free approach while still profiting from your Gatlinburg property, PMI Smoky Mountains is your go-to. Our company has consistently received 5-star reviews for our full-service vacation rental management solutions, including marketing, accounting, and premier guest services.
So, speak with us today for your free property consultation!
