As a holiday let owner, it’s natural to feel concerned about changes in the sector. However, the popularity of staycations and the holiday letting industry remains stronger than ever, with North Wales sitting in the top ten highest earning regions to own a holiday let.
To make your holiday let more profitable, knowing what your guests want and offering value for money is key. With just a few smart tweaks, you can not only increase your holiday let earnings, but also create memorable experiences, leading to repeat bookings and glowing reviews for years to come.
As experts in this industry, this blog will dive into effective ways to maximise your holiday let income…
Thinking of buying a holiday let? Understand your market
It’s important that you pick a location that suits both you and your target audience. To ensure your holiday let is in a prime location, start by researching local demand using tools like AirDNA. These platforms provide valuable insights into market trends, including occupancy rates, average daily rates, and competitive pricing.
Identify things that draw visitors to the area, our Guide to the Top Things to do in North Wales highlights notable places and attractions that holiday makers may want to visit. Positioning your property in high-demand areas can help optimise rental income and ensure consistent bookings year-round.
If you’re considering setting up a holiday let business, here are 7 Things To Consider before you begin.
Add these top 3 most popular property features:
1. Hot Tub
And relax… There’s a reason why the most searched for feature on our website is a hot tub. Adding one to your holiday let can boost its appeal as it enhances the guest experience by offering a luxury feature, attracting more guests and allowing you to charge higher rates.
While a hot tub can help your property stand out from competitors and extend its seasonal appeal, it does come with added maintenance and safety requirements. However, with proper care, the increased demand and higher pricing can make it worth the investment.
Learn more about the impact of adding a hot tub in our Increasing Your Holiday Let Bookings with a Hot Tub blog post, courtesy of Concept Spa.
2. Good Wi-Fi
There’s nothing worse than connecting to slow Wi-Fi. Especially when you’re on holiday somewhere new and trying to search for ‘pubs near me’. Having good Wi-Fi in a holiday let is essential because it enhances the guest experience and meets modern expectations.
Many holidaymakers rely on internet access to stay connected with friends and family, as well as stream their favourite films on cosy evenings or if the weather isn’t great. Your income can increase by 55% just by offering Wi-Fi, making it a simple and inexpensive way to increase your holiday home income.
3. Log Burner or Open Fire
A log burner adds a cozy, rustic charm to your holiday let, making it more appealing, especially in colder months. Because what’s better than relaxing in front of the fire after a chilly day in the mountains?
A log burner enhances guest comfort and encourages year-round bookings, allowing you to charge higher rates. The warmth and ambiance also serve as a great marketing feature for off-peak periods, helping your property stand out.
Consider the following to appeal to a wider audience:
Accept Pets
With 60% of UK households owning a pet, not accepting guests’ furry companions means you’re excluding a significant portion of your potential market.
According to a Sykes report, the top two things that Brits want to do on a staycation is 1. coastal walks and 2. countryside walks, meaning they’re most likely want to bring their dogs along too. Pet-friendly properties can generate up to 15% more revenue because you’re tapping into a larger market, making it an important factor to consider if you’re looking to maximise your holiday cottage income.
To cater to pet owners, consider making a few thoughtful adjustments, such as providing pet beds, feeding bowls, waste bags, and even a small treat in the welcome pack to make pets (and their owners) feel right at home.
Offer flexible short breaks
Offering short breaks has become crucial in response to the growing demand for flexibility. Many travellers prefer shorter, spontaneous getaways, making your property more appealing to weekenders and those with limited time. In today’s climate, budget-conscious holidaymakers often opt for shorter stays to manage costs.
While it may seem that short breaks could reduce your more profitable week-long bookings, they can actually help maximise occupancy and revenue by filling gaps between longer stays, particularly during off-peak seasons.
Multiple bookings per week
Similar to accepting flexible short breaks, accepting multiple bookings in a week can really boost your holiday let profits. This is a popular option for owners who accept short breaks, as flexible booking options can help attract year-round occupancy rates and can boost low season holiday let bookings.
Make your property stand out
While traditional holiday cottages are always popular, offering something unique can make your property shine. Offering a quirky stay with a one-of-a-kind feature will no doubt help you stand out from the rest, instead of being a choice between a handful of similar properties.
These unique selling points play a crucial role in attracting potential guests, especially when 54% of travellers choose a holiday property based on its appearance rather than its location. Always highlight the unique features that set it apart to capture the attention of travellers.
Head to our Making Your Holiday Cottage Stand Out blog post for some more tips on making your property let stand out from the crowd.
Reactive pricing: Utilise competitive pricing strategies
Super Income Maximisation
By choosing our Super Income Maximisation pricing strategy, you could increase your holiday let revenue by 42% and bookings by 44% compared to standard pricing models.
This strategy actively monitors booking trends and demand, adjusting rental prices dynamically. During peak demand, prices can rise by as much as 50% above the base rate, while during slower periods, they may decrease by up to 20% below the base rate, with off-season reductions limited to a maximum of 10%.
Setting the right price for your holiday home is crucial for boosting your holiday let profits. Partnering with a professional holiday letting agent like Menai Holidays, allows you to benefit from our top-notch revenue management system, which continuously adjusts rental prices to match market trends and demand. Owners who let us handle their pricing can see an average revenue increase of 26%.
Other tips to ensure repeat bookings:
Personal Touches
Adding personal touches to your holiday let can significantly boost repeat bookings by creating a memorable and personal experience for guests. Thoughtful gestures, like a personalised welcome pack that includes Welsh goodies from local businesses, or tailored recommendations of things to do, make guests feel special and valued. This kind of attention to detail leaves a lasting impression, increasing the chances they’ll return for future stays, as well as write a glowing review.
Comfort is key
Even the most luxurious, perfectly located property can fall flat if guests can’t get a good night’s sleep or relax in comfort. No matter how fabulous your decor, if the beds, sofas, and chairs aren’t comfy, your guests might be counting sheep instead of counting the days until their next stay. While it’s tempting to cut corners on some furnishings, it’s important not to skimp on comfort. We always suggest investing in high-quality soft furnishings. After all, a well-rested guest is a happy guest!
Cleanliness
A clean holiday let is essential for a positive guest experience. Think of it as rolling out the red carpet, guests expect a pristine space, and anything less can lead to bad reviews. A tidy, fresh environment shows you’ve got your act together and care about their stay. Plus, a spotless space keeps things like allergies and germs at bay.
Feedback and Reviews
Asking for reviews is vital for your holiday let’s success. Positive reviews build credibility, attract more guests, and improve your listing’s visibility on booking platforms. Plus, feedback helps you tweak and improve your holiday home, while happy guests are more likely to return. Head to our blog How To Improve Your Holiday Let Guest Reviews for 5 of our top tips on ensuring great reviews.
Conclusion
Maximising your holiday let income is about giving guests what they want. Whether it’s adding a hot tub, fast Wi-Fi, or welcoming furry friends, small changes can drive up bookings and revenue. Understand your market, use smart pricing, and offer great guest experiences, and you’ll keep your property booked all year-round, while building a loyal customer base that keeps coming back for more.
Want to know more about holiday letting and how to get started? Take a look at Our Beginners Guide to Holiday Letting.
