There are two ways to make more money from your vacation rental property.
1. Increase revenue and/or
2. Decrease expenses
Increasing revenue is accomplished by working towards the goal of having your property rented out the greatest number of days at the highest rate the market will bear. In order to accomplish this pricing must be correct and your property must be the most attractive relatively to the other properties in the market. Online marketing, professional photography, and a high number of excellent reviews are some of the more important things that help a vacation property become more attractive. Decreasing expenses will help net more income as well. The largest expense most rental property owners have outside of their mortgage is the management fee charged by management companies. If an owner is willing to help out a little managing their property, they can cut this expense dramatically. Managing the property themselves or hiring a Cohost to help with some of the management tasks can dramatically decrease the overall expenses.