Extra income is always a bonus in life. The challenge comes in keeping it simple and timely. Out of ideas? You’ve come to the right place.
What’s the idea?
Vacation rentals in Vail. You may have seen buzzwords surrounding regulations, short term rentals, the platforms they are listed on, etc. But what no one seems to talk about is the incredible income potential they provide! The best part? The type of income provided by these rentals is largely passive income. This means you can do whatever you want and still make money (even while you sleep).
You may be thinking, “Well, I make a salary so there is no way it is as stable as that!” This would be correct; but you don’t have to quit your job to do this. In an area with immense economic traction (Vail) at peak times, the income made off of these visitors more than makes up for the down-times.
How Do You Make It?
Look, we know you just want to know how much you can make. If this is you, skip down to the next section. If you like knowing how it works, stick around!
Making money from vacation rentals is not simple. From the outside it looks like all you do is take a few pictures, list them on Airbnb, and make 100k a year. This is not the case, in fact it’s often a fantasy that leaves users disappointed when they make 5k instead of 50k! We can help with that. Although we will not go into immense detail in this article (we have others that explain everything), we can do a brief overview so you get a general idea.
Running a successful vacation rental consists of a few main things just like any other business. At the core, these can be categorized as operations, marketing and customer service. Now of course you can introduce sales, strategy, and even IT, but these are all things Away Agents handles when you sign with us! To give an example of what it takes, you have to run your listing (operations) which includes cleaning, optimizing, messaging, managing bookings, etc. Then you also have to market it (marketing) which means taking pictures, editing them, adding descriptions, listing on as many platforms as possible, etc. And last but not least, it is critical to support your guests (customer service) which includes being hospitable, responding to questions, reviewing them, and more! Did we mention all of these are just bare necessities to run a vacation rental successfully?
How Much Do You Make?
Congrats, you made it to the good stuff! Ready to see what your reward is (or would be)?
According to one study, a three bedroom in Vail earns an average of $42,665 a year, or $65,422 a year if you’re in the 75th percentile of successful owners. Across all rentals, the average length of stay is 3.5 days in the low season and the average daily rate is $225. In the high season, that rises to 5.2 days and $530 a night! Of course, there is a lot that goes into this but we have articles explaining Average Daily Rate and more. Feel free to check them out!