According to GulfCoastMedia.com, Baldwin County had 8.4 million visitors in 2023, who spent $6.7 billion here. Thanks to their visitation and spending, they helped 55,000 people in Gulf Shores, Fort Morgan, and Orange Beach earn a living in the area's tourism sector.
If you're a homeowner in Gulf Shores, you can also contribute to and benefit from the city's local tourism economy. One way is to generate rental income from your property.
Join the PMI Gulf Shores team as we divulge home-sharing tips in this Gulf Shores vacation guide to help you get started.
Ensure Your Home Meets Building and Safety Codes
Ensuring your property meets all local and state building and safety codes is among the most crucial vacation home rental tips. Doing so satisfies one of the city's short-term rental licensing ordinance requirements. An authorized inspector will inspect your home before the city issues an STR permit.
Once you have the license, you must schedule your property for re-inspection every three years. So, to avoid issues with renewals, keep your Gulf Shores vacation rental property in top condition. Doing so will help keep it safe, habitable, and valuable while giving your guests a 5-star experience.
Establish a Reasonable Rental Rate
If you rent out your vacation property, your primary goal should be to maximize rental income. However, this doesn't mean you should just charge whatever you want.
Overcharging will only put off potential guests. Conversely, undercharging will result in little to no profits. To avoid this, conduct a vacation rental analysis, which involves researching comparable properties and then using their rates as the basis for yours.
Develop an Effective Marketing Strategy
Once you've determined a rental rate, the next step is to justify it with effective vacation rental marketing strategies. You'd want to create engaging property listings that describe your property and highlight its best features. Doing so will help potential guests understand the reasoning behind your pricing and why it's an excellent deal for their holiday.
For example, in your property listing, you can tell guests that your home is:
- Ideally located and just steps away from Gulf Shores' snow-white sand beaches
- Pet-friendly with a private balcony or patio offering majestic views of the sunrise or sunset
- Equipped with a full-service kitchen, Wi-Fi, intelligent security technologies, and other amenities
To further increase your property's traction, ensure you back your listings with high-quality photos and videos. Visual aids can help your guests imagine themselves having a lovely time in your vacation home.
Start Earning Income With These Home-Sharing Tips
As you learned through our home-sharing tips, generating income by turning your property into a vacation rental starts with adhering to the city's STR licensing ordinance. Afterward, you should determine the right rental price. You can then market your property with engaging yet factual listings and descriptions.
For the simplest way to earn vacation rental income, consider partnering with PMI Gulf Shores. Our founder, licensed real estate agent Louise Beese, has 20+ years of experience in business operations and management. We can help your home-sharing business thrive.
Get started today by contacting us and requesting your free property consultation!
