Tourism is a vital staple of Milwaukee's economy. In fact, the city's tourism industry contributes more than $4 billion to the local economy per year.
The city is home to the world-famous Harley Davidson Museum. Visitors enjoy Milwaukee's renowned art museums, historical mansions, and cathedrals. Families also enjoy thrilling attractions like Six Flags, American Family Field, and the Milwaukee Zoo.
The above itineraries are just a few reasons to jump into the city's vacation rental scene.
If you own a second home or want to build a vacation property profile, don't miss these strategies for maximizing rental income.
Rental Property Management
First, invest in a vacation rental management solution that works to increase rental revenue. There's no substitute for experience. Property management companies offer the services you need to fill vacancies quickly with the right tenants.
As a rental owner, you'll quickly learn there's no substitute for a responsible tenant, either. That's why property managers invest time and resources into finding responsible tenants who follow rules for rent collection and behavioral standards.
Property owners enjoy the following services:
- Property inspection and maintenance
- Vacation property marketing
- Guest placement
- Guest maintenance request system
- Financial reporting
- Guest communication
- Lease administration
A full-service solution lets you focus on what you do best, scaling your rental portfolio. A property manager does all the work for you, including forging professional connections with local vendors. Access to the city's best technicians and contractors is vital for growth.
Having a professional stamp of approval from a property management company builds trust with guests. Staying in a safe, secure, and pleasant rental is important for the vacation experience.
Optimize Rental Pricing
Vacation real estate experts can also help you set strategic pricing for revenue growth. You need competitive pricing that also follows the state's rules for vacation rental pricing. Following compliance regulations to the letter is another reason to hire a team of professionals.
Milwaukee's peak vacation months are June, July, and August. You'll find a lot of visitors renting kayaks and boats for lake trips. It's customary to price your rentals higher during peak season to boost rental income.
This doesn't mean you have to put your vacation rental portfolio on hiatus during the off-season. This is quite the contrary!
Enough visitors flock to Milwaukee during the shoulder season months of fall and winter.
Milwaukee's scenery is beautiful during fall. Visitors enjoy a rainbow of golds, reds, and purples with speckles of summer green. This is also called the "leaf peeping" season.
Of course, there are plenty of snowy activities to enjoy during Milwaukee's winters. Make sure your vacation rental is equipped to keep guests warm and cozy.
You can price your rentals a little lower during shoulder seasons to keep those vacancies filled.
Start Maximizing Rental Income
Kickstart your vacation rental portfolio with the landlord tips above. Remember to pair them with creative marketing strategies and guest placement services to optimize revenue.
PMI of Greater Milwaukee is committed to maximizing rental income through a full suite of property management services. We're a team of certified professionals committed to the community through real estate brokerage, customer service, and best management practices.
Schedule a consultation to discover the promise of your vacation rental!
