July 2023 Summer Cash Flow: Tips & Tricks - Monthly Newsletter

July 18, 2023 in Newsletter

July 2023
Monthly Newsletter
Ridge Lending Group

Summer Cash Flow: Tips & Tricks for Maximizing Your Non-Owner Occupied Vacation Rental Profits!

Greetings from RLG! We hope this newsletter finds you well as the summer season kicks into high gear. This month, we’re excited to share valuable insights (full disclosure some of these came straight from Dear Google and I love them!), tips, and tricks on how to maximize the cash flow of your short-term vacation rental properties during these peak months.

So, let’s dig in and make this summer your most profitable one yet! Some of these are obvious while others I think will be new ways to optimize for ‘zero vacancy’ 😊. And for those that have yet to plant any STR (Short-Term Rental) seeds, some of this will be valuable to you as well for future use/ideas on how to best maximize returns.

Scroll to the bottom to see the winner of last month’s “Caption Contest” & to see July’s Contest and Prize!

Optimize Your Listing: Make a lasting impression by optimizing your property listing. Craft a captivating description, highlight unique features, and include high-quality photos that showcase the best aspects of your NOO rental. Remember, an appealing listing can attract more bookings and boost your cash flow.

Strategic Pricing: Set competitive rates for your vacation rental by researching similar properties in your area. Consider peak seasons, holidays, and local events when adjusting your pricing strategy. Offering occasional promotions or discounts can also help attract more guests during slower periods.

Create Unforgettable Experiences: Elevate your guests’ experience and foster positive reviews by going the extra mile. Provide a warm welcome package, offer essential amenities, and share local insider tips to help guests make the most of their stay. Satisfied guests are more likely to return and recommend your property to others.

Embrace Technology: Simplify your operations and save time with vacation rental management software. These tools automate bookings, reservations, and communication, ensuring a seamless guest experience from start to finish. Focus on delivering exceptional service while technology handles the administrative tasks.

Harness Online Platforms: Leverage the power of vacation rental platforms to increase your property’s visibility. Optimize your listings with engaging descriptions, appealing photos, and accurate availability calendars. Instant booking and secure payment options can also boost your booking rates.

Marketing Magic: Establish a strong online presence for your NOO (Non-Owner Occupied) rentals through social media channels and a dedicated website. Engage with potential guests by sharing captivating content, highlighting local attractions, and showcasing the unique features of your properties. Positive reviews and testimonials can be powerful marketing tools.

*Collaborate and Connect: I especially love this one and suspect it’s not commonly used, which gives an even greater advantage. Forge valuable partnerships with local businesses and attractions. Collaborating with tour operators, restaurants, and nearby establishments can create a network of referrals, generating additional exposure and bookings for your vacation rental properties.

Maintenance Matters: Ensure your property is well-maintained and in top condition. Regularly inspect and address any reported maintenance issues promptly. A well-maintained property not only enhances guest satisfaction but also protects your investment and reputation.

*Curate Special Packages: This one is cool too but suspect it takes quite a bit more effort to do it right. Stand out from the competition by offering unique packages or experiences tailored to your guests’ interests. Partner with local service providers to offer guided tours, exclusive access to events, or curated experiences that make their stay truly unforgettable.

Extend the Booking Season: Don’t limit yourself to just the summer months. Explore ways to attract guests during off-peak seasons. Promote your property as a cozy winter retreat or a serene autumn escape. Market the distinct charms and activities that make your property a desirable year-round destination.

Remember, success in the STR market comes from a combination of attention to detail, exceptional guest experiences, and strategic marketing. By implementing these tips and tricks, you’ll be well on your way to maximizing your cash flow and enjoying a rewarding summer season.

As always, the team at Ridge Lending Group is here to support you on your journey. If you have any questions, need further guidance, or want to explore new opportunities, please don’t hesitate to reach out to us. We’re here to help!

Wishing you a summer filled with profitable ventures and happy guests.

Call us at 855-747-4343 (74-RIDGE) or email info@RidgeLendingGroup.com

Want to apply to get started first? Click to apply here

⬇️ CONTEST INFORMATION ⬇️

July 2023’s contest is an Investment Story Contest. Comment on any of our social media pages or reply via email with the best story about your first investment experience. Winner will get a mortgage rate buy down. 50 bps or 0.5% credit toward rate buy down.
Instagram, Facebook, LinkedIn, RLG Community

The winner of last month’s ‘Caption This’ Contest is Evan O’Brien! Congratulations Evan, you win a $250 gift card to Home Depot. Thank you to everyone who participated.

” That’s not what I meant by balloon payment”
Honorable mention to Michael Crook’s caption ” But will it appraise?”

Ridge Lending Group is in 48 states, helping you with your purchase, refinance or even a HELOC on your Investment, Primary or Secondary Properties. There is a reason that we are the #1 choice for so many repeat clients and referrals. Ridge Lending Group remains a standout leader in the industry by providing the most competitive programs and rates and unsurpassed customer service.

We have been here to help you for over 40 years. We know how to help you and your specific situation. Purchasing, Renovating, Delayed Refinance Strategies, Cash-Out Refinances, HELOCs and HELOOANs, Non-Recourse Loans, Debt Service Coverage Ratio Loans, and so much more

You can find current information to help you in the Community made specifically to keep you updated and informed. If you are not part of it yet, you need to be. Join here . Or you can find the latest educational episodes here on the Ridge Lending Group Youtube and Podcast channels.

You can also submit a scenario for us to review and help you figure things out -https://ridgelendinggroup.com/submit-a-scenario/

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