Let’s start with the financial opportunity for Las Vegas homeowners currently renting to vacationers – or planning to. Statistically, your property sits in one of the world’s most in-demand locations. We’ll share what some of those statistics look like.
According to the Las Vegas Convention and Visitors Authority (LVCVA), 2018 Sin City visitor volume added up to a staggering 42,116,800 visits. The city’s available room inventory to serve those guests came to 147,238. And those visitors brought money: gaming revenues on the Strip and Downtown alone amounted to a cool $7.2 billion. That didn’t include food, drinks, shopping, entertainment, and other stuff.
As Las Vegas Airbnb property management professionals, we consider these figures a mixed blessing – because while the opportunity for homeowners is excellent, the competition is fierce.
On Airbnb, your Las Vegas vacation rental property obviously competes with other rental properties. But the competition doesn’t end there. Many Airbnb users compare private vacation rentals to hotel-owned properties. So, if your property is located within walking distance of, say, the Vdara, among many prospects, you may be competing against that hotel brand. But nail Airbnb property management and you’ll not only compete against the best of the best – you’ll win more than your share of business.
We’ll reveal what’s needed to make that happen and beat your competition at every level – including top hotel brands. But before we do the big reveal, we need you to promise not to become unsettled when you see everything involved. At the end of this post, we’ll reveal how to get it all done with minimal effort. Promise? OK, here goes.
For starters, optimal Airbnb property management means optimizing your property’s exposure. That means not simply relying on Airbnb to get the word out on your property’s availability. Yes, Airbnb is a vital tool in your vacation rental property management mix. But it’s by no means your only tool. Your property should be listed on 50+ sites. Each listing needs to be expertly written and take advantage of each site’s characteristics, to attract the maximum number of prospects. Photography should be shot by a professional experienced in making properties like yours look inviting.
But successful Airbnb property managers know vacation rental optimization doesn’t end there. Inquiries from prospects and requests from renters need to be handled promptly, accurately, and completely. If not, your ratings take a hit.
Rates you charge renters shouldn’t be static and should be optimized daily. Your property must stay consistently stocked with basic necessities. And it should be very clean – because thorough Airbnb cleaning with every turnover is a key contributor to high ratings. Renters expect cleanliness of vacation rentals to exceed their efforts at home and be on par with cleanliness found in well-run hotels. You also need to know when to make the right improvements to that existing vacation rental property. And if you’re in the market to buy another vacation rental, you should have a clear understanding of your potential return on investment before you buy.
Now, if all this seems beyond your own capabilities, we have good news. Many owners of Las Vegas vacation rentals find it highly cost-effective to use a full-service Airbnb property management company. We’re One Fine BnB, a leading Airbnb property management service headquartered in Las Vegas. We make it surprisingly easy for property owners to optimize earnings while avoiding common (and costly) mistakes.
Everything we’ve listed in this post can be handled by us, so you largely sit back and collect an electronic deposit each month. In short, we make it a breeze for you to relax and enjoy the owner’s life. Get more details on optimizing your vacation rental opportunity by downloading our guide, Capitalizing on the Vacation Rental Boom: 8 Keys to Success.