7 Ways to Get the Most Out of Your Rental Arbitrage Property

I can’t sing the praises of rental arbitration enough. There are so many positives when it comes to building a rental arbitration business. I’ve spoken before about the basics of rental arbitrage and how to be successful at it, but today I want to share with you 7 ways to get the most out of your rental arbitrage property.

1-Reach Your Ideal Guests with a Nightly Minimum

Did you know that many listings set a minimum number of nights that a renter has to stay in order to rent the property? Have you done this with your rental arbitrage property yet? If you haven’t, I definitely recommend you look into this. You can set a nightly minimum that is dependent on different seasons of the year or you can have the same one year-round. Check the Bnb market near you to determine what is best. And don’t forget to account for the minimum nights each month your property needs to be booked for you to make a profit!

2- Making Sure the Price is Right at Your Rental Arbitrage Property

There is more than you think that goes into pricing your rental arbitrage property correctly. Whenever I’m asked what price is best for a new bnb rental property, I always say to not be the cheapest option out there. Set up a nice, clean, comfortable home and put your pricing at the top of the range. Be confident in what you are offering. People will pay more for cleanliness and comfort. Don’t underestimate your ideal customer by pricing your property too low!

3-Dynamic Pricing Tools

Dynamic Pricing is a term that refers to changing the price of an item or product based on external factors. When we are talking about rental arbitrage properties, dynamic pricing tools are used to determine what rates to charge year round at your property. If your Bnb property is more popular in the summer, raise the rates to take advantage of this. Then, you can lower them in your off season to encourage renters to come when it’s not as busy. Renters will feel like they are getting a good deal on a hot summer property and you will keep earning a profit during an otherwise slow period of business!

4- The Right Photos Can Pay off

With our visual world, people expect to see good pictures of the property they will be renting from you. In my experience, hiring a professional photographer to take pictures of your Bnb property will run about $150. Be sure to get good photos of your property before you list it online. Yes, this is an added cost at the beginning of launching your rental arbitration property, but it will pay for itself over and over again. By using high quality photos of your property in the listings online, you will be able to showcase the best features of your property and the things that your ideal renters are looking for. You’ll also be able to raise the amount you can charge each night, which will increase your overall profits.

5- Showcase the Amenities

Along with showcasing the interior of your property, you can’t forget about what other features you have to offer with your property. Is it in a community with a pool or rec center? Are there walkable shops close by? What other amenities and activities are near the property that your Bnb renters would love to take advantage of? Highlight those things in your listing. Be sure to include photos, too.

6- Share the Floor Plan

When renters are looking at your Bnb property, they want to know where everything is and where they will sleep. This is especially important if you are hoping to attract families to your property. Parents will need to know how many beds are in the property, and where they are located within the rental unit. You can make a simple floor plan in Canva showing where beds are located within the unit. Don’t forget to include where parking is located and any other info the renters will need to know.

7-Showcase Your Sizzle

What makes you stand out? Is it a picnic table on the back deck? Do you have a foosball table in the bonus room? Is your property close to an entertainment venue? Find a way to highlight these. Does your unit have a deck that is bigger than average? Do you have an amazing view or a pool table in the basement? Or, is your rental close to a popular shopping area or located near a theme park? Whatever it is that makes your unit stand out from the competition should be highlighted in your Bnb listing description. Again, add photos or even a map to show off your unique location.

Bonus- You Can Use the Property Yourself

Here’s a bonus tip. Don’t forget that you can use the unit yourself! One way to get the most out of your rental arbitrage property is to take advantage of it’s amenities for yourself and your loved ones. Now, you don’t want to do this all of the time or you won’t make any profit. But if you plan ahead and manage your bookings well, you will be able to enjoy your rental arbitrage property while still making money.