If you’re reading this, you probably want to make more money. But how does it work with VRBO?
An Intro to VRBO
Vacation rentals have become more popular every year since the advent of Airbnb in 2008, and for good reason. They’re a great way to make additional income and have some flexibility with your greatest asset.
VRBO stands for “Vacation Rental by Owner” and is both used as a general and branded phrase. In the general sense, any short term listing could be seen as a VRBO, but it also refers to VRBO.com/HomeAway.com. If you’re an owner of property, you can participate!
How much could you make?
The amount of income generated by your rental is determined by the Average Daily Rate (ADR) and occupancy of the area you are operational in. Eagle-Vail (EV) is an amazing place to start. With an annual ADR of $502 and annual average occupancy of 39% you could be grossing $71,459 per year; however, this is the average for all properties not factoring mortgage costs and a majority of real estate in the area is less than affordable. So what about properties of each size? A 1 bedroom on average grosses $27,319 annually while a 2 bedroom could produce a whopping $62,000! Above a 2 bedroom,the local real estate begins to become a rather serious investment. For this reason, we would love to do some custom projections for you! Visit awayagents.com or call 612.246.4942 to get started.
VRBO & Homeaway Tips
Managing yourself? Be sure to use the tools provided to gain an edge over the competition! HomeAway offers unique property metric features such as market ranking, monthly impressions, and comp sets. For example, comp sets allow you to see what similar properties in Eagle-Vail are charging per night so you can offer a competitive price or features.