A Collection of Ideas to Boost Your Vacation Rental or Resort Income
If you own a vacation rental or resort, you likely know that maximizing your income is crucial to the success of your business. As the vacation rental and resort industry grows more competitive, it's important to find additional revenue streams to remain successful. Relying on bookings as a single source of income can be risky, as changes in the market or unforeseen circumstances could jeopardize that income stream.
Furthermore, expanding your revenue streams can help sustain business growth even when your booking calendar is completely full. By expanding revenue streams, you can potentially increase your overall revenue and prepare for any unexpected expenses, slow seasons, or economic downturns.
Vacation rentals and resorts benefit from additional revenue streams for various reasons. These sources can help diversify income, increase profitability, and remain competitive in the market.
They can also assist in offsetting unexpected expenses, investing in property improvements, or expanding their offerings to attract new customers. By implementing multiple revenue streams, businesses can ensure stability and remain competitive in the industry.
One potential revenue stream for vacation rentals and resorts is to offer additional services, products, and amenities to guests. By offering these options, vacation rentals, and resorts can cater to a wider range of guests and increase their overall appeal.
Examples:
Offer guided tours or excursions in the surrounding area (ex: birding, waterfalls, hiking, fishing, snowmobiling, brewery tours, etc.).
Sell downloadable PDF Guides that detail specifics of the area with stories, local tips, outings, and resources. Guests can then use these to plan and execute their amazing vacation.
Offer custom itinerary planning services so the guest only has to show up and follow along as they experience a great vacation.
Provide transportation services to and from the airport or other local attractions.
Rent out a car, golf cart, or ATV to use locally during their stay.
Offer on-site activities such as yoga classes, children’s games, cooking lessons, or wine tastings.
Provide extra high-quality amenities such as spa services, private catered meals, or fitness facilities.
Offer concierge services to assist with booking tours, making reservations, activities, or transportation.
Rent out equipment, such as bikes, kayaks, boats, or snowboards.
Offer pet-friendly accommodations and pet welcome kits to attract travelers with furry friends.
Sell branded merchandise online and on-site. Guests not only love these items to use during their stay but also love to purchase them for gifts. Hooded sweatshirts, hats, mugs, and t-shirts do well.
Booking enhancements such as pool heating, special occasion setup, welcome package, holiday decorations, custom charcuterie board, bonfire setup, first night meal, etc.
Another option is to engage with the local community to build on the slower seasons and keep your property top of mind with the locals. This not only provides additional revenue for the resort but also helps to promote local businesses and attractions, creating a mutually beneficial relationship.
Examples:
Partner with local businesses and attractions to offer discounted packages to guests.
Partner with local artists to display and sell their work on your property with a commission.
Host community events, such as weddings, small celebrations, special dinners, classes, networking gatherings, or retreats.
Additionally, vacation rentals and resorts can consider offering long-term rentals or corporate retreat packages. These could include add-on services such as laundry, grocery shopping, upgraded technology access, etc. These types of bookings often provide a more stable source of income and can be particularly attractive during times of economic uncertainty.
By offering these additional services and amenities, you can not only increase revenue but also provide a more memorable and enjoyable experience for your guests. No matter what revenue stream is chosen, it's important for vacation rentals and resorts to continually assess their offerings and adapt to changing market conditions to remain competitive and profitable.
