The Ultimate Guide to Short-Term Rental Management in Bend, Oregon
Why Choose Bend for Short-Term Rentals?
The Magic of Bend
First off, why Bend? Simple: People love it here. From the pristine lakes to the snow-capped peaks of the Cascades, this place is an outdoor paradise. And guess what? That translates to rental income.
Tourism Stats Don't Lie
According to the latest figures, Bend welcomes over three million tourists annually. Three million! Now imagine capturing even a tiny fraction of that foot traffic in your rental properties. That's the golden ticket, my friends.
Bend isn’t just another town; it's an experience. Between the Bend outdoor adventures and the vibrant arts scene, it's a magnet for vacationers. This means that while there's a considerable pie to share, there's also intense competition in the short term lodging market. Every detail counts, from your property photos to how swiftly you respond to guest inquiries. With a vacation rental manager in Bend, your Bend, oregon short term rental property stands out, ensuring that you capitalize on Bend's tourism influx.
The Best Neighborhoods to Invest in a Vacation Rental in Bend, OR
When it comes to investing in a vacation rental in Bend, not all neighborhoods are created equal. Some offer higher returns on investment due to their popularity with tourists, while others may provide a more laid-back experience but with less footfall. As someone who has been in the vacation rental management business in Bend for years, I've got the inside scoop on where you should consider investing. Let's dive in.
Downtown Bend
Advantages:
Tourist Magnet: Downtown is where the action is—shops, restaurants, and the Deschutes River. Tourists love the convenience.
High Occupancy Rates: Due to its popularity, you can expect higher occupancy rates.
Considerations:
Pricey Real Estate: Higher property costs mean a more substantial initial investment.
Regulations: Be prepared for stricter regulations and licensing requirements.
Old Mill District
Advantages:
Scenic Beauty: Located along the Deschutes River, properties here often come with gorgeous views.
Family-Friendly: Close to parks and recreational activities.
Considerations:
Seasonal Traffic: Summertime and holidays bring the crowds, but it can be quieter during the off-season.
Westside Bend
Advantages:
Local Vibe: Less touristy than other parts of Bend, offering a "local" experience.
Diversity of Property Types: From modern condos to rustic cabins, there’s something for everyone.
Considerations:
Distance from Main Attractions: Guests may need to drive to reach downtown or other key attractions.
Sunriver
Advantages:
Resort-Like Amenities: Often comes with access to pools, tennis courts, and golf courses.
Great for Large Groups: Ideal for family reunions, corporate retreats, etc.
Considerations:
HOA Fees: Homeowner Association fees can be high, eating into your profits.
Southeast Bend
Advantages:
Affordability: Property prices tend to be lower.
Suburban Calm: Offers a quieter, more residential experience for guests.
Considerations:
Car-Dependent: Guests will likely need a car to access most attractions.
North East Bend
Advantages:
Rapid Development: This area is undergoing significant growth, bringing in new commercial and recreational amenities.
Affordable Investment: Generally more budget-friendly compared to the bustling downtown or Old Mill District.
Considerations:
Emerging Area: Being an area still in development means it's less established for vacation rentals, which could be a risk.
Transport: While public transport is improving, guests may still prefer to have a car for convenience.
River West
Advantages:
Scenic Charm: Situated close to the river, many properties offer beautiful views and easy access to water-based activities like kayaking and fishing.
Proximity to Downtown: While being a bit quieter, it's still within walking distance to downtown amenities.
Considerations:
Limited Availability: Properties here are often in high demand, making them more expensive to acquire.
Parking: The area can be congested, especially during peak seasons, making parking a potential issue for guests.
Time = Money
In my early days, between juggling my day job and managing my rental, I missed out on countless opportunities. It wasn’t just the lost booking when I was off on a Mt. Bachelor skiing weekend; it was the cumulative hours I wasn’t even aware I was spending. This is where a vacation rental manager in Bend can be a game-changer, making sure every Bend tourist finds a suitable match in your property.
Real 'Time Cost'
Handling a vacation rental in Bend is a dynamic task, one that demands significant dedication and a diverse skill set. It's easy to miscalculate the hours spent on myriad tasks related to your property's success.
Begin with the basics: listing updates, guest communication, and booking management. While these might seem straightforward, ensuring that your Bend Airbnb is listed with accurate, appealing, and up-to-date information across multiple platforms like Airbnb, VRBO, Booking.com, etc., is a task in itself. Add in the necessity of promptly replying to inquiries to maintain high response rates (a metric often favored by booking platforms) and you quickly realize the significance of the time investment.
Beyond this, property maintenance can't be overlooked. Coordinating cleanings between guest stays, scheduling regular maintenance, and addressing unexpected issues like a sudden appliance malfunction or plumbing issue, often require immediate attention. And if you're aiming for stellar reviews? You'll also be investing time in thoughtful guest experiences, perhaps curating a guide to Bend's attractions or arranging special welcome packages.
But it doesn’t end there. Consider the time spent analyzing competitor listings in the Bend area, staying updated with local regulations that might affect short-term rentals, and even the hours poured into understanding market pricing dynamics, especially during Bend's peak tourist seasons.
Now, calculate the opportunity cost: What could you have achieved with those hours? Perhaps another business venture, more family time, or even just some well-deserved relaxation. Hiring a vacation rental manager in Bend not only saves you these countless hours but also ensures that each task is handled by an expert with a deep understanding of the Bend rental market. They leverage industry best practices, local insights, and their expertise to manage your property efficiently, ensuring its success without eating into your personal time.
In essence, while the surface-level costs of not having a vacation rental manager might seem limited to potential revenue loss, the real 'time cost' is multifold, affecting both your personal life and the potential growth of your vacation rental in Bend's bustling market.
Navigating Bend's Rental Regulations
From zoning regulations to licensing, Bend’s rules for vacation rentals can be a maze. Missteps aren't just about potential fines; they can jeopardize your property’s rental status. There is a lot of confusion about these rules, so I advise checking out the City of Bend Permit center website to get more specifics, or contact the planning department.
Effective Airbnb/VRBOListing Practices for Central Oregon
Listing your short term rental in Bend on platforms like Airbnb and VRBO is a crucial first step, but how you present your property can make or break your success in this competitive market. A short term rental manager in Bend specializes in creating listings that not only capture attention but also convert lookers into bookers.
Firstly, photography is key. High-quality, well-lit photos that showcase the unique features of your Bend rental property are non-negotiable. Whether it's the cozy fireplace for winter stays or the outdoor patio perfect for summer BBQs, every detail counts. It's not just about aesthetics; these images provide potential guests with a virtual tour, setting expectations that your property must then meet or exceed.
Pro Strategy: Twilight hour photos tend to get more clicks on Airbnb/VRBO.
Next, the property description. This is where a short term rental manager can really shine. The perfect listing description is a blend of engaging storytelling and essential information. It highlights the unique selling points of your property, whether that's proximity to downtown Bend, breathtaking mountain views, or unique amenities like a private hot tub. A Superhost knows how to use the right keywords naturally, making your listing more discoverable on platforms like Airbnb and VRBO, which can result in higher rankings and ultimately more bookings. You can use a tool like Rankbreeze to find relevant high performing keywords and sprinkle them into your listing. Also, checkout our free listing audit for more ideas.
Additionally, understanding the algorithmic nuances of platforms like Airbnb and VRBO can set your listing apart. For example, regular updates, prompt response rates, and active engagement with the platform (such as updating availability calendars or offering seasonal discounts) are often rewarded with better visibility. A short term rental manager well-versed in these platforms' algorithms ensures your property stays at the top of search results, maximizing your exposure in the Bend vacation rental market.
In a market as competitive as Bend, Oregon, your listing is your calling card, and it has to stand out. Utilizing a short term rental manager in Bend for crafting and maintaining an effective listing can make the difference between sporadic bookings and a consistently booked calendar.
Revenue Management Strategies for Bend Vacation Rental Owners
Pricing for short term rentals is far from static; it's a dynamic game influenced by numerous variables. Demand for accommodations can vary due to local events, seasonal changes, and even day-of-the-week trends. For example, during the Bend Film Festival, demand can peak, leading to higher achievable rental rates. But how do you navigate this ever-changing landscape? This is where short term rental managers, armed with data analytics tools, shine.
One popular approach is to use dynamic pricing software like Pricelabs or Wheelhouse. These platforms assess real-time market conditions, evaluate local supply and demand, and even consider factors like local events and weather to suggest optimal pricing strategies. For instance, they may recommend setting a higher price during the bustling summer months and offering discounts during mid-weeks to attract more bookings.
Additionally, Pricelabs is well-known for its advanced customization features, allowing a more tailored approach to your property's specific situation. On the other hand, Wheelhouse offers market reports that keep you informed about the performance of similar properties in your area.
A short term rental manager in Bend would not only implement such dynamic pricing strategies but also monitor them continually for effectiveness. They might run A/B tests comparing different pricing models, adjust for sudden changes in demand—say if a big event is suddenly announced—and tweak pricing thresholds for last-minute bookings to ensure maximum occupancy.
It's not just about raising the price when demand is high but also knowing when to lower it to avoid vacant nights. With an experienced short term rental manager in Bend using advanced pricing tools, you can rest assured that your property’s pricing is always optimized, ensuring you don't leave money on the table.
I plan on giving an advanced tutorial on revenue management in Bend in the future.
Elevating Guest Experiences in your Bend STR rental
Local Experiences Make a Difference
Ever heard the saying, "When in Rome, do as the Romans do?" Well, it applies to vacation rentals too. Offering local experiences can set you apart. I once partnered with a local brewery to provide a 'Brewery Experience' package for my guests, and let me tell you, the bookings skyrocketed.
Amenities Matter
Last summer, I decided to install hot tubs in two of my properties here. Expensive? Yes. Worth it? Absolutely. The reviews poured in, and now those properties are the first ones to get booked every season. Downside- we spend an extra $150/month to maintain. Upside? We get an extra $25-$50 per night stay. That’s an additional $525 - $1,000/month in earnings with a 70% occupancy rate. (Which, occupancy goes up with a hot tub)!
Local Partnerships: An Untapped Revenue Stream
Before I collaborated with local Bend businesses, I didn’t realize the potential of upselling. Guided tours, special packages with local cafes, spa days – these not only enrich guest experiences but boost your revenue. You can use a tool like Hostfully which automatically sells various packages in Bend for Kayak Tours, mountain biking, etc.
Create Mutual Benefits with Local Bend Businesses
One of the best moves I ever made was partnering up with a local cafe. They offered my guests a 10% discount, and in return, I left their menus in my properties. It’s a win-win. You can do this with breweries, breakfast spots, music stores, you name it.
Maintenance and Upkeep Costs
The dripping tap that became a plumbing nightmare is a personal story I’ll never forget. Maintenance isn't just about fixing things; it’s about preemptive care.
Quick and Efficient Turnovers are Key
Alright, if you're managing multiple properties, you know that turnover days can be, well, hectic. I used to dread the back-to-back bookings until I streamlined the entire process. How? Checklists. I know it sounds simple, but having a cleaning and restocking checklist for my cleaning crew turned chaos into clockwork.
Preventative Maintenance Saves the Day
Ever had a broken HVAC unit in the peak of Winter? I have. And it was not pretty — guests were unhappy, and I had to rush to get it fixed, costing me a pretty penny. After that, I decided to do a bi-yearly check on all major appliances and fixtures. This little trick has saved me more times than I can count. A company like Central Oregon Heating and Cooling offers biannual maintenance checks on your HVAC system.
Pro-Strategy: Always have multiple space heaters or fans on hand in case of an emergency (like the heater going out on Christmas)!
Quick Tips: Time-saving Management Hacks for your Short Term Rental from a professional STR manager
Streamlined Check-In/Check-Out
Consider a lockbox or a smart lock system. Not only does it make check-ins smoother, but it also frees up a ton of your time. I switched to smart locks last year, and the amount of time I’ve reclaimed is astounding. Schlegg is a great choice and integrates with many different property management softwares.
Automate, Automate, Automate!
If you haven't hopped on the automation train yet, it's time. Automated guest communication via property management software can save you hours every week. I personally use Hostfully. I've set up automated messages for welcome instructions, reviews reminders, and even an automated 'help' hotline for guests.
Put your short term rental on multiple platforms (not just Airbnb)
According to Airdna, only 20% of listings are on both Airbnb and VRBO. Meaning there is a lot of opportunity to increase the number of eyeballs to your home. A property management software like Hostfully can list your home across multiple platforms.
Local Marketing: Get the Word Out in Bend
Leverage Local Events
Bend has some fantastic local events that draw crowds. Whether it's the Summer Festival, BendFilm Festival, or the Saturday Market, there's always something happening. I make it a point to market my properties aggressively around these events. Think special packages or time-sensitive discounts.
Social Media is Your Friend
I used to be skeptical about social media until my daughter convinced me to create an Instagram account for my rentals. Posting pictures of the scenic views, the cozy interiors, and the happy guests garnered me quite a bit of attention. Plus, it's free!
The Importance of Reviews and How to Get Them
Why Reviews Matter
Let's be real. When was the last time you booked a place without looking at the reviews? Exactly. Reviews can make or break your listing. The most important review Airbnb looks at? Cleanliness.
How to Encourage Reviews
One thing I do is send a personalized thank-you message after each guest's stay, along with a gentle nudge to leave a review. It's simple but effective. I've also experimented with offering a small discount for future stays if a guest leaves a review, and I've seen a good rate of return on that.
Prepping for the Off-Season: Keep That Revenue Coming!
Off-Season Discounts, Yes or No?
Contrary to popular belief, discounts during the off-season are not always the answer. Instead, I focus on value-added services, like a free ski pass or a complimentary dinner at a local restaurant.
Local Partnerships Shine in the Off-Season
Remember those local partnerships I mentioned? They become even more crucial during the off-season. I've found that bundled deals—like a two-night stay with a free wine-tasting experience—can significantly boost off-season bookings.
Bend Vacation Rental FAQs: Quick Answers to Burning Questions
"Do I Need an LLC for My Rentals?"
This is a question I hear all the time. While I'm not a legal expert, I can tell you that having an LLC has given me some peace of mind when it comes to liability. Consult with a local attorney to see what's right for your situation.
"What About Taxes?"
Ah, taxes—the unavoidable reality. Deductions can be your best friend here. Make sure you're keeping tabs on your expenses: cleaning, maintenance, even that coffee you bought for your cleaner counts. It adds up. Also note, Bend has a 11.9% total gross revenue tax for your listing.
"Is Offering Discounts a Good Idea?"
Discounts can be a double-edged sword. While they may get you more bookings in the short term, they can also devalue your property in the eyes of potential renters. Use them sparingly and strategically—like during the off-season to attract more bookings. I prefer to rely on length of stay discounts and increasing average order value by incentivizing people to stay for 4 days or more.