Are you struggling with a vacation rental in Milwaukee that’s not generating enough income? Don’t worry; you’re not alone. Many vacation rental owners face this issue, and it can be frustrating and stressful. However, there are solutions that can help you turn things around and make your vacation rental profitable. In this blog, we’ll discuss five solutions to help you with your low-earning vacation rental in Milwaukee, and how selling your property directly to Northwoods Property Resources may be the best option for you.
1. Re-evaluate Your Pricing Strategy
One of the first things you should do if your vacation rental isn’t generating enough income is to revisit your pricing strategy. Pricing is critical, as setting rates too high can drive potential guests away, while rates that are too low may leave money on the table. To fine-tune your pricing, you can use tools like AirDNA or PriceLabs, which provide data on local market trends, average nightly rates, and occupancy levels for Milwaukee vacation rentals. For instance, if your rental is in the Third Ward area, you can compare your pricing with similar properties nearby to identify opportunities for optimization.
Additionally, consider implementing dynamic pricing, where nightly rates adjust based on demand, seasonality, and local events. For example, during Milwaukee’s popular Summerfest or Brewer games, demand spikes, and you can raise your prices accordingly. Adjusting rates even by $10–$20 during peak times can significantly impact your overall revenue.
2. Improve Your Marketing Efforts
Another way to increase your vacation rental’s profitability is by stepping up your marketing efforts. Beyond listing your property on platforms like Airbnb, VRBO, and Booking.com, consider creating a direct booking website to save on platform fees and retain more control over your pricing and policies. Tools like Lodgify or Hostfully make it easy to set up a professional website without technical skills.
When it comes to photos, use natural light and hire a professional photographer if your budget allows—properties with high-quality images typically receive 20–30% more bookings, according to Airbnb. Additionally, write descriptions that highlight unique features of your property. For example, instead of saying, “Cozy two-bedroom apartment,” try, “Relax in a stylish two-bedroom retreat just minutes from Milwaukee’s historic Third Ward, complete with a private balcony and stunning city views.”
Finally, consider experimenting with social media advertising on platforms like Facebook and Instagram to target specific audiences. You can run campaigns showcasing your property’s unique features, targeting users searching for Milwaukee stays. Just monitor your return on investment to ensure your marketing spend aligns with your income goals.
3. Offer Additional Amenities
If your vacation rental is not standing out from the competition, consider offering additional amenities to attract renters. For example, you could provide beach chairs, bicycles, or a grill for outdoor cooking. These extra amenities could be the deciding factor for renters when choosing between multiple vacation rentals in Milwaukee. That said, amenities such as a hot tub or lawn games may result in extra maintenance costs.
4. Hire a Property Manager
Managing a vacation rental can be overwhelming, especially if you’re juggling multiple responsibilities. If you find it challenging to keep up with bookings, cleaning, and guest communication, hiring a property manager might be the right solution. A professional property manager can handle everything—from crafting high-performing listings to scheduling maintenance and responding to guest inquiries—allowing you to focus on other priorities.
However, property management comes at a cost, typically around 10–25% of your rental income, depending on the services provided. To ensure you’re getting value for your money, thoroughly vet potential managers. Look for professionals with strong reviews, local market knowledge, and experience managing vacation rentals in Milwaukee. For example, some managers specialize in high-end properties, while others focus on budget-friendly listings.
If you’re hesitant about committing to a full-time property manager, consider outsourcing specific tasks like cleaning or guest communication through platforms like Turno or Breezeway. These tools allow you to delegate certain responsibilities without the expense of full-service management.
5. Sell Your Vacation Rental to Northwoods Property Resources
If none of the above strategies work for you and your vacation rental continues to underperform, it may be time to consider selling. While traditional real estate sales are one option, selling directly to a company like Northwoods Property Resources could be a quicker and more straightforward solution. They specialize in buying properties as-is, meaning you won’t need to spend time or money on repairs, staging, or marketing.
Before making this decision, take some time to evaluate your property’s value. Use online tools like Zillow or consult a real estate professional to get an estimate. Keep in mind that selling directly to an investor or property buyer often involves trading some market value for convenience and speed. If this trade-off aligns with your goals—such as reducing financial stress or freeing up capital for other investments—it might be the right move.
As someone who has worked with vacation rental owners in Milwaukee, I’ve seen this option work particularly well for those facing urgent financial pressures or needing to relocate quickly. Just be sure to ask questions about the offer process and compare multiple buyers to ensure you’re getting a fair deal.
Selling your vacation rental to Northwoods Property Resources can be a great solution if you’re facing financial difficulties or a sudden change in circumstances. It can provide you with the cash you need to move on to the next chapter of your life.
If you are struggling with a low-earning vacation rental in Milwaukee, there are solutions that can help. Re-evaluating your pricing strategy, improving your marketing, offering additional amenities, hiring a property manager, and selling your vacation rental to Northwoods Property Resources are all viable options. Consider your situation and choose the solution that works best for you. Our team is happy to make you a fair and straightforward offer, free of any cost or commitment. Give us a call today to find out what we can offer you! (920) 851-9727