You might ask, so how can you maximize the return on your investment property? We have listed just a few ideas that could help substantially. Follow our tips below, and you will be well on your way to making your vacation rental is as profitable as possible.
1. Incorporate Amenities Guests Want
The best way to maximize the return on your cabin rental is to make sure that it has everything guests are looking for when they come to Gatlinburg for their vacation. This includes checking that your rental is equipped with the right amenities and luxuries that Smoky Mountain vacationers have come to expect. This not only helps your cabin compete with the thousands of other rental options on the market, but can help separate it from the many other units.
The main amenities that guests look for in a Smoky Mountain cabin rental are:
- Outdoor hot tub
- Fireplace
- Mountain Views
- Pool Table
- WiFi
- Cable or Satellite TV
2. Energy-Efficient Updates
It is amazing how just a few simple energy-efficient updates can really increase the profitability of your cabin rental. The idea being that the less money you have to put into your cabin every month, whether it be maintenance costs or energy bills, the more you can increase your profit margin.
A few energy-efficient updates that we suggest cabin owners consider include:
- Nest Thermostat
- Nest Thermostats can easily save cabin owners over 20% on their energy bills each year because they allow owners to control how much energy is and isn’t being wasted inside their rental. These thermostats can be controlled remotely on any smartphone or tablet device.
- To learn more about the Nest Thermostats, visit their website at https://nest.com.
- LED Lights
- LEDs are an intelligent substitute for cabin owners looking to cut energy costs inside their rentals. Not only do these bulbs last between 35 and 50 times longer than their competitors, but they also only require a fraction of the energy. While start-up costs can seem high, the long-term savings may be worth it to you.
- Calculate how much money you can save by switching to LED lights here: https://www.ledwaves.com/led-calc.html
- Adjust the Water Heater’s Temperature
- Did you know that cabin owners can lose up $60 every year because their water heaters are set too high? While most rentals only require a water temperature of 120 degrees, most manufacturers set their tanks to 140. By reducing the heat a few degrees, you can save quite a bit of money over the lifetime of your investment.
- Another way to save money on your rental’s water heater is to invest in an insulated blanket. Specifically designed to keep up to 25%-45% of your tank’s heat inside, these blankets are just another way you can cut down on the energy cost of your cabin.
3. LOCAL Property Management Company
Last, and possibly most important, a good way to ensure your rental property creates as much income as possible is to list it with a reputable local property management company. You want to work with a company that is willing to go above and beyond to help your rental stand out among the competition in the area!
Things to look for in a reliable property management company are:
- Innovative Marketing
- Quality Customer Service Ratings
- Experience
- Great Reputation
If you would like more info on ensuring that your Smoky Mountain cabin brings in the highest return on investment possible, feel free to swing by our office or simple give us a call and chat with us!