While a timeshare plan may seem like an entirely new concept for some, it has been around for over fifty years. The first timeshare investment plan came out in the year 1969. Since then, it has grown in revenue as a very profitable investment choice. Especially for businesses that have chosen to go the timeshare route, it has proved to be a satisfactory investment and a good option in the industry.
Many benefits come along with investing in a timeshare property. First, it guarantees vacation time for the owners of these investments. As a corporation, when you invest in timeshare resorts, you can also have access to bigger rooms with better amenities. Another essential benefit is that you can exchange any of your timeshare resorts with other timeshare investors or businesses.
To enjoy these benefits, however, one must first strive to increase rental bookings and some of the best tips for doing that will be discussed here.
First, A Quick Background On Timeshare Investments
Before proceeding with the many ways to increase rental bookings of your timeshare investment, it would be worthwhile to consider the background of timeshare investments. While these have long been in existence, not many have the proper knowledge of this investment plan.
A timeshare investment refers to fractional ownership of a property. Generally, you’re paying for the time that you’re going to use the property. For instance, you purchase one week at a timeshare resort every year. So, this means that you own 1/52 share of the resort, while other timeshare investors or businesses buy the remainder.
For that week or period that you own the property, you can do anything you want. You can use it for yourself. Or, as a business entity, you can also have it rented out to earn a profit.
Now, The Ways To Increase Your Rental Bookings
Because this is a form of investment, the goal is to earn a steady income from it. Some of the best means for you to increase your rental bookings are the following:
Trade Your Timeshare With Others
One of the best ways to increase the rental bookings in your timeshare property is to trade it with other businesses. Here, the most common route to take is to exchange your timeshare at another resort, belonging to another company when you’re not using it. While you’re at it, you may also want to exchange timeshare travel tips with other companies, so you can also apply them as needed.
This works to your advantage, especially when you’re facing difficulty in renting out your property. The connections that another business or investor may have can open up doors of rental opportunities for your property that you previously didn’t have.
When you’re in the pursuit of making your timeshare property a more profitable investment, you’re going to need to plan and strategize as you would with any other business. The general approach that you should consider is to plan ahead for at least a year – advertise your properties and have them rented out as early as a year in advance. In doing so, you can even attract more potential guests by providing perks and other discounts.
Invest In Locations You Love
Just as is the case with any other investment plan, you can’t really put in time and effort to make it a lucrative choice for you if you don’t love the location of the property per se. As the owner, if you enjoy the location of your property, then you can genuinely convince others of its value as well.
It speaks to other businesses or investors when they see that the owner enjoys the perks that come along with renting the timeshare property, and makes it easier for you to promote it. So, you have to choose one that you know you’ll truly love for many years to come.
Price Your Property Competitively
The rising popularity of Airbnb and other providers works both as an advantage and a disadvantage. Though these types of vacation properties are now becoming more well-known, it also means that your property must be positioned in a way that enables you to compete with their price.
To ensure that your timeshare investment increases in bookings, do price it competitively. Compare the rates offered by other properties and businesses surrounding your property, at that time of the year that you also own and have full control over the property.
With these tips, now your timeshare investment can become a profitable venture for your business. Particularly at a time when luxury hotels have been impacted by COVID-19, this is an opportunity for you to increase your revenue by offering affordable alternatives. With proper sales tactics and rental booking strategies, you can make your timeshare investment a lucrative one. If you’ve long wanted to increase the earning potential of your assets, these tips are an excellent place to begin your pursuit.